China-based Qihoo 360 Technology Co (QIHU.N) posted better-than-expected quarterly results and forecast strong revenue for the current quarter as the provider of antivirus software draws more money from online advertising.
The company, which also makes other Internet security products, forecast fourth-quarter revenue of $55-56 million. Analysts, on average, were expecting fourth-quarter revenue of $47.1 million, according to Thomson Reuters I/B/E/S.
For the third quarter, net income rose to $11 million from $3.8 million a year ago. Excluding items, the company earned 16 cents per American Depositary Share (ADS).
Revenue for the quarter rose to $47.5 million from $15.5 million a year ago.
Analysts, on average, expected third-quarter earnings of 10 cents per ADS on revenue of $42 million.
The company's ADS closed at $18.92 on Wednesday on the New York Stock Exchange.