Qihoo 360 Expects 85% Surge in Revenue
Qihoo 360 Technology Co (NYSE: QIHU), a leading Chinese computer security software developer, expects this year's revenue to jump 85% as its free antivirus software grows more attractive to advertisers, CFO Alex Xu said, referring to analyst estimates. Qihoo 360's browser captured a 36.2% market share in China as of the end of March, ahead of IE's 33.2%. Earlier this week it launched an online service that can solve software problems with the most relevant solutions from its massive database.
Ctrip Q1 Net Profit Falls 28%
Ctrip.com International Ltd (Nasdaq: CTRP), China's biggest online travel service provider, posted $153 million in revenues and $27 million in net profits for Q1 2012, down 2% and 28% respectively from the same period a year ago. A reduction in demand for business trips during the Chinese New Year holiday was blamed for the decline.
NetEase Q1 Net Profit Rises 28%
NetEase.com Inc (Nasdaq: NTES), a Chinese web portal and online game operator, posted $318 million in revenues and $150 million in net profits for Q1 2012, up 33.3% and 27.8% respectively from the same period a year ago, fueled by the strong performance of its self-developed online games.
Mecox Lane Moves Closer to Delisting
Mecox Lane Ltd (Nasdaq: MCOX), a Chinese online clothing retailer that operates M18.com, posted a $4.2 million net loss in Q1 2012, 7.6% worse than Q1 2011, as it continued to attract customers with huge discounts. The company, which started floating in New York 18 months ago, faces possible delisting as its share price has fallen below $1.
Tencent Q1 Revenue Up 22%
Tencent Holdings Ltd (HKG: 0700), a leading Chinese internet firm, posted ¥9.65 billion in revenues and ¥2.92 billion in net profits for Q1 2012, up 21.8% and 2.8% respectively from the same period a year earlier. Revenue from internet value-added services, its largest cash cow, grew 40.6% year on year to ¥7.38 billion. Its quarterly online ad revenue, which soared 92.3% from Q1 2011 to ¥540 billion, has for the first time overtaken that of Sina Corp's (Nasdaq: SINA) to become China's number one.
Increased Spending Eats into Parkson Earnings
Parkson Retail Group Ltd (HKG: 3368), a Chinese department store chain, posted ¥4.87 billion in revenues and ¥312 million in net profits for Q1 2012, up 6.5% and down 4.9% respectively from the same period a year ago. Operating expenses, which grew 18.1% year on year to ¥1.04 billion over the three-month period, were behind the drop in earnings.
$1 = ¥6.32