Tue, Sep. 1, 6:38 PM
- Qihoo (NYSE:QIHU) is up 2.5% after hours after beating Q2 EPS estimates and posting in-line revenue. Like several other U.S.-traded Chinese companies, Qihoo has declined to provide guidance in its Q2 report, after doing so in prior quarters.
- Top-line performance: Online ad revenue +71.6% Y/Y to $293.9M. Internet value-added service revenue -16.4% to $122.2M. The former was boosted by search ad growth; the latter fell due to the government's suspension of online lottery sales.
- Metrics: Total users of Qihoo's PC products/services rose by 11M Q/Q and 18M Y/Y to 514M. Users of Qihoo's 360 Mobile Safe product rose by 21M Q/Q and 158M Y/Y to 799M. Monthly active users for Qihoo's PC browsers - they drive search/home page traffic - rose by 12M Q/Q and 43M Y/Y to 388M. Average daily clicks on Qihoo's 360 personal startup page fell by 13M Q/Q and 72M Y/Y to 677M.
- Financials: Gross margin fell to 76.2% from 79.3% a year ago. Operating expenses (non-GAAP) rose 27% Y/Y to $232.5M. Qihoo ended Q2 with $1.3B in cash/investments, and $1.6B in long-term debt.
- No decision is said to have been made regarding the $77/share going-private offer Qihoo received in June.
- Q2 results, PR
Tue, Sep. 1, 6:00 PM
Mon, Aug. 31, 5:35 PM
Tue, May 19, 7:17 PM
- Qihoo (NYSE:QIHU) is guiding for Q2 revenue of $435M-$445M (+37%-40% Y/Y), in-line with a $437.2M consensus and favorable at the midpoint.
- Lifting Q1 EPS: Operating expenses (non-GAAP) rose 35% Y/Y in Q1 to $209.7M, a marked slowdown from Q4's 84% and Q3's 110%, and below revenue growth of 45%. GAAP sales/marketing spend totaled $90.6M, G&A $27.8M, and R&D $112M. Also helping: Gross margin was 79.3%, down from 81% a year ago but up from Q4's 76.1%.
- Online ad revenue rose 75.1% Y/Y to $245.3M; Internet value-added services (IVAS - gaming-dominated) rose 7.1% to $133.7M. Rising search and mobile ad sales fueled the ad growth; IVAS revenue was hurt by "soft business trend in Web games" and the March suspension (following government mandates) of online lottery sales.
- User metrics: Total users of Qihoo products/services rose by 8M Q/Q and 24M Y/Y to 503M. Smartphone users of Qihoo's 360 Mobile Safe app rose by 34M Q/Q and 240M Y/Y to 778M. Monthly active users of Qihoo PC browsers rose by 15M Q/Q and 35M Y/Y to 376M. Average daily unique visitors for Qihoo's 360 browser startup page rose by 1M Q/Q and 11M Y/Y to 133M. Qihoo asserts its 360 Mobile Assistant app store "continued to maintain its leadership position in Android app distribution in China."
- QIHU +1.2% AH to $59.48.
- Q1 results, PR
Tue, May 19, 6:01 PM
Mon, May 18, 5:35 PM
Tue, Mar. 10, 11:23 AM
- Up AH yesterday following its Q4 beat, Qihoo (NYSE:QIHU) has fallen to fresh 52-week lows today.
- JG Capital's Henry Guo thinks Qihoo's Q1 guidance (though above consensus) may have left investors wanting more. But he expects a 2H growth pickup.
- Guo: "While Q1 2015 guidance implies significant growth deceleration, we believe it is mainly due to seasonality (Web games and enterprise security) and lottery business disruption ... For the second half of 2015, we see multiple revenue growth drivers, including further desktop search monetization ramp-up, increasing medical/pharmaceutical search contribution, mobile search monetization traction and enterprise security revenue."
- Shares now go for 12x 2015E EPS and 9x 2016E EPS. Estimates have fallen slightly post-earnings.
Mon, Mar. 9, 6:37 PM
- In addition to beating Q4 estimates, Qihoo (NYSE:QIHU) is guiding for Q1 revenue of $375M-$380M (+41%-43% Y/Y), above a $374M consensus. Meanwhile, with a prior $200M buyback recently used up, a new $200M buyback has been authorized.
- After rising 110% Y/Y in Q3, operating expenses (non-GAAP) rose 84% Y/Y in Q4 to $201.2M (compares with 95% revenue growth), and were up less than 1% Q/Q. A mix shift towards and search ad and mobile revenue continues pressuring gross margin: It fell to 76.1% from Q3's 77.3% and the year-ago period's 86.4%.
- Search and mobile growth drove an 70.8% Y/Y increase in ad revenue to $243.2M. Mobile gaming growth led Internet value-added service (IVAS) revenue to rise 112.2% to $167.4M; PC gaming was weaker than expected. Enterprise security product sales (launched in Q4) were better than expected.
- Total monthly active users of Qihoo's PC products rose to 509M from Q3's 495M and Q4 2013's 475M. Smartphone users of Qihoo's Mobile Safe app rose to 744M from 673M and 467M. Average daily unique visitors to Qihoo's 360 browser start page rose to 132M from 129M and 119M.
- President Xiangdong Qi: "Both search and mobile app store businesses more than tripled [in 2014] and have ramped up faster than expected ... We are streamlining our monetization system into a fully integrated structure that seamlessly covers PC and mobile, and web and apps."
- QIHU +5.3% AH to $50.15. Shares remain down 28% from where they traded at the time of the Nov. 24 Q3 report.
- Q4 results, PR
Mon, Mar. 9, 6:02 PM
Sun, Mar. 8, 5:35 PM
Nov. 24, 2014, 5:40 PM
- Qihoo (NYSE:QIHU) expects Q4 revenue of $410M-$415M, above a $405.1M consensus.
- While top-line performance remains strong, gross margin remains under pressure: It fell to 77.3% in Q3 from 79.1% in Q2 and 86.2% a year ago. Last quarter, Qihoo suggested search monetization costs and product mix changes were pressuring margins.
- Also: Opex rose 110% Y/Y (above rev. growth of 100%) to $200.1M, due to a 226% increase in sales/marketing spend to $91.5M.
- Total monthly active users of Qihoo's PC products amounted to 495M in September, down 1M Q/Q and up 30M Y/Y. Users of Qihoo's Mobile Safe app rose by 32M Q/Q and 265M Y/Y to 673M. Daily unique visitors to Qihoo's browser start page averaged 129M vs. 128M in Q2 and 126M a year ago.
- The company says its 360 Mobile Assistant Android app store (competes against Baidu and Tencent) continues to lead the Chinese market, and that it has received "very encouraging responses" to display and search ad platforms launched at the end of Q3.
- QIHU nearly unchanged AH. Q3 results, PR.
Nov. 24, 2014, 5:01 PM
Nov. 23, 2014, 5:35 PM
Aug. 25, 2014, 1:11 PM
- Though Qihoo (NYSE:QIHU) beat Q2 estimates and offered above-consensus Q3 sales guidance, its gross margin fell to 79.1% from 79.5% in Q1 and 88.3% a year ago. In addition, opex rose 19% Q/Q and 114% Y/Y to $208.3M on the back of a 254% Y/Y increase in sales/marketing spend.
- Online ad revenue +22.3% Q/Q and +89% Y/Y to $171.3M thanks to search and mobile ad growth. Internet value-added service revenue +17.2% Q/Q and +140% Y/Y thanks to PC/mobile gaming growth.
- Total monthly active users of Qihoo's PC products totaled 496M in June, up from 497M in March and 461M a year ago. Smartphone users of Qihoo's 360 Mobile Safe app rose to 641M from 538M in March and 338M a year ago.
- Daily unique visitors for Qihoo's 360 browser home page grew to 128M in Q2 from 122M in Q1 and 114M a year ago. Average daily clicks for the page grew totaled 749M, up from 590M a year ago but down from 772M in Q1.
- Citi estimates PC search revenue (boosted by share gains) rose 52% Q/Q to $62M (20% of total revenue), and that mobile revenue rose 16% Q/Q to $68M, with 67% coming from games. At the same time, it expects heavy spend to result in op. margin falling to 25% in 2014 from 34% in 2013.
- Q2 results, PR
Aug. 24, 2014, 11:11 PM
Aug. 24, 2014, 5:30 PM
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