Qihoo 360 Technology Co Wednesday revealed its unaudited financial report for the first quarter of 2011, which showed that the company's revenue increased by 136 percent to $22.9 million compared to the same period last year. However, net losses soared from $1.5 million to $21.4 million, as a result of expenses.
The New York Stock Exchange (NYSE)-listed company highlighted that it had seen the number of its monthly active users reach 345 million by the end of the first quarter, up 19 percent from 290 million at the end of last year.
According to Zhou Hongwei, CEO of the Beijing-based online security software provider, Qihoo 360 is also gearing up for a series of development plans, including establishing a social network based on its website games, offering mobile phone solutions, and working on a group-buying platform.
"The company's main revenues come from online advertising and web games, which are relatively stable businesses," Shen Zheyan, an industry analyst at CIConsulting, told the Global Times Wednesday.
Shen said the company's free-of-charge security products plus Internet value-added services have proved popular with consumers, inspiring confidence in Qihoo's future potential.
"Social networking services and a group-buying platform will also stimulate Qihoo's future development," he said.
In its initial public offering on the NYSE on March 30, Qihoo's share price more than doubled.
