China’s biggest Internet security firm, Qihoo 360 Technology Co, rode on booming online advertisement and mobile aoo store business to more than double its net profit in 2014. This New York-listed firm stated it will increase its investment in online search and mobile Internet sectors after its announcement in December that it will be investing US$409 million to start a joint venture with handset maker Coolpad.
Its new profit reached $222.8 million for a 123.5% growth in 2014 and the revenue hit $1.39 billion for a 107% growth.
The company’s online advertising income leaped 81% on year in 2014. The company seems to be the closet rival to China’s largest online search player Baidu.com Inc. Qihoo 360’s mobile app business jumped 142%, led by mobile game business. After its joint venture with Coolpad in December, Qihoo 360 aims to focus more on the mobile Internet sector and Internet of Things.
“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.
Also, Coolpad will take on market leader Xiaomi while announcing plans to quadruple online smartphone sales in China this year, The combination of JV with Qihoo 360 will boost online sales of Dazen-brand smartphones to 20 million units this year.