Qihoo Share Repurchase Plan Sends Stock Rising

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Qihoo Share Repurchase Plan Sends Stock Rising
BY MICHELE CHANDLER, INVESTOR'S BUSINESS DAILY
10/02/2014 12:12 PM ET
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China's No. 2 search provider, Qihoo 360 Technology (NYSE:QIHU), announced that its board had authorized the repurchase of up to $200 million of the company's shares, news that boosted the company's stock on Thursday.

The share repurchases will be funded with Qihoo's existing cash reserves and ongoing cash flow, the company said in a statement. Qihoo added that it had raised nearly $1 billion through a convertible bond offering in August and had about $787 million of cash and cash equivalents on hand as of June 30.

The company plans "ongoing business expansion," Qihoo CEO Hongyi Zhou said in the statement. "We remain confident in our current business strategy and our near and long-term growth prospects."

Intensifying competition in Qihoo's flagship mobile security business has dogged the company for much of this year. Qihoo's Q2 earnings beat Wall Street expectations, but it also reported higher spending that cut into profit margins.

Qihoo is facing competition from large Internet rivals in China. Tencent (OTCPK:TCEHY), the country's top Internet firm, and Baidu (NASDAQ:BIDU), China's No. 1 search provider, have both released PC and mobile security apps.

Qihoo stock sunk to a more than 13-month low of 63.39 on Wednesday, but it was up 2% in midday trading in the stock market today, near 65. Qihoo stock has fallen nearly 50% since touching a record high above 124 in early March. Qihoo stock is down more than 25% this year.

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