Hongyi Zhou (C), chairman and CEO of Qihoo 360 Technology Co. Ltd. (Photo : Reuters)
Qihoo 360 Technology Co. did well in 2014, more than doubling its net profit. The New York-listed firm shows no signs of stopping with its progress this year.
For this year, Qihoo 360 announced that it will boost its investment in online search and mobile Internet, two of the sectors that are currently booming in the country.
In December last year, it also announced that it would invest $409 million to make a joint venture with handset maker Coolpad possible.
For 2014, the company achieved an astounding growth of 123.5 percent in profits, or a total of $222.8 million. The company's revenue reached $1.39 billion, which roughly translates to a 107-percent growth.
The company also saw its online advertising income grow leaps and bounds by 81 percent year on year in 2014.
Qihoo is now viewed as main competitor of the Chinese premiere online search site Baidu.com, Inc. In addition, Qihoo 360's mobile app business experienced a 142-percent growth, hugely because of its mobile games.
Even though it just made a huge investment on its joint venture with Coolpad, the company still plans to make more investments in the online and mobile app sectors, making sure its bases on both software and hardware ecosystems are covered.
While what it achieved in the sectors are already compelling, the company plans to do so much more in the mobile Internet sector.
"We firmly believe that the combination of software and hardware ecosystems will play a crucial role in the development of the Chinese mobile Internet," said Zhou Hongyi, chairman and chief executive of Qihoo 360.
