Qihoo 360 Technology the makers of our favorite antivirus program 360 Total Security stated that it will double its profit in the fiscal year of 2019. Noting that it will be increased as it qualifies for state and military cyber security contracts.
“We want to become not only the largest Chinese company dealing with internet security, but also the largest domestic company in the security field,” Qihoo founder and chief executive Zhou Hongyi told reporters in Shanghai on Monday, adding that Qihoo was approached by a group of potential mainland clients in the internet and smart car businesses.
Zhou also went to state that the company will boost its profits to 3.8 billion yuan or ($573 million USD) in 2019 which is double its current net earnings of 1.87 billion yuan last year.
Qihoo also completed a $9.3 billion privatization in New York last year and has proposed a back-door style listing in Shanghai by taking over SJEC Corp. The company was listed on the NYSE back in 2011.
The back-door style listing is currently subject to final approval by the CSRC. Qihoo current has a 95% market share of china’s antivirus market (on desktop devices) and a 67% if their mobile devices together bringing over 1 billion secured devices.
Qihoo is also in the middle of trying to expand its suite into the U.S market in order to gain a stronger following and to increase its profits for 2018 this includes updates and changes to its 360 Total Security program by allowing users to pay $10 a year for their premium version which removes advertisements and several other features.
Qihoo posted a profit of 1 billion yuan in the first half of this year, and it expects to report full-year earnings of 2.2 billion yuan for 2017.
The company forecasts a net profit of 2.9 billion yuan for 2018 and plans to speed up diversification into online advertisement and online skill-based games.