Qihoo reported a 124% year-over-year increase in revenue in Q3 2013. Online advertising revenues recorded a 107% year-over-year increase, mainly from 360 search and personalized start-up pages. Revenue shares from online games increased 163% year-on-year.

The total revenue is $187 million, for the first time, has passed Sina, who owns Weibo which has a similar size of user base with Qihoo’s. Sina operates a news portal and a Twitter-like social service Weibo — sometimes it is referred to as a combination of Yahoo! and Twitter of China. The portal advertising has decelerated and Weibo monetization just took off. While Sina CEO Charles Chao said on various occasions that monetizing the increasing content consumption via mobile would be more difficult, Qihoo has been well positioned, as one of the largest mobile app distributors, in China mobile Internet market.

People who long Qihoo must be confident in its search business. Qihoo management disclosed at today’s earnings conference call that currently Qihoo Search’s market share has increased to 22%. They found the new Sogou, added with Tencent’s search service Soso, actually has lost some market share to less than 13%. Zhou Hongyi, CEO of Qihoo, said on the call that the market can only accommodate two search players and there will be little room for the third largest. Baidu said they still had 70% a market share, Mr. Zhou denounced it saying that’s by Baidu’s own measurement. He said Qihoo’s goal is 30% by the end of next year. Earlier this year the company adjusted the annual goal for 2013 to 25%.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com