BEIJING, April 7, 2011 /PRNewswire-Asia/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company") (NYSE: QIHU), the No. 3 internet company in China as measured by user base, today announced that it has launched an open platform for Web Browser. The open platform will enable third party developers to introduce high-quality user-friendly browser extensions / plug-ins to Qihoo 360's massive browser user base.
The new open platform is the third platform of this kind that the Company launched this year, following the successful introduction of the open platform for group buy and the open platform for applications. The initial phase of the new open platform will focus on Qihoo 360's Speed Browser, which is primarily based on Chrome core. The Company also announced a RMB1,000,000 (US$152,900) cash award program for top developers to attract and encourage broader participation of the new open platform.
Mr. Xiangdong Qi, the president and co-founder of Qihoo 360, commented, "The open platform for web browser is a win-win solution for our users, for our partners and for Qihoo 360. Through the open platform, our users will get access to a large number of high quality browser extensions / plug-ins and enjoy better online experience; our developer partners will have the opportunity to reach Qihoo's massive user base; Qihoo 360's web browsers will quickly build a large collection of user friendly extensions and applications and enhance users' experience and stickiness."
The Company has set up a strict screening process to select high-quality extensions / plug-ins for the open platform and will also selectively recommend the best and most popular ones to browser users. To date, the open platform already has over 70 high-quality extensions and plug-ins, and the Company expects the total number of extensions and plug-ins to grow rapidly with more developers joining the open platform.
"The open platform for web browser is a key component of the Company's open platform strategy. So far, Qihoo 360 has launched open platform for web browser, group buy, web game, and applications. The Company will continue to proactively execute the open platform strategy to drive our long-term growth. We will focus on our core strength in disruptive innovation while building a large and prosper online eco-system with our partners to provide broader coverage and deeper penetration across most internet services and applications," Mr. Qi concluded.
According to iResearch, 360 Safe Browser is the second largest web browser in China with 44% market penetration as of January 2011, second only to Microsoft IE.
About Qihoo 360
Qihoo 360 Technology Co. Ltd. is the No. 3 Internet company in China as measured by user base. As of February 2011, the Company had 339 million monthly active Internet users, representing a user penetration rate of 85.8% in China, according to iResearch. The Company is also the No. 1 provider of Internet and mobile security solutions in China as measured by active user base, according to iResearch. Recognizing security as a fundamental need of Internet and mobile users, Qihoo 360 offers comprehensive high-quality Internet and mobile security solutions free of charge. In addition, the Company also provides users with secure access points to the Internet via its industry leading Safe Browser and Application Desktop. The Company monetizes its massive user base primarily through online advertising on its web assets and through Internet value-added services on its open platforms.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. Among other things, the management's quotations contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Qihoo 360 and the industry. Potential risks and uncertainties include, but are not limited to: the Company's ability to continue to innovate and provide attractive products and services to attract and retain users; the Company's ability to keep up with rapid changes in technologies and Internet-enabled devices; the Company's ability to leverage its user base to attract customers for our revenue-generating services; and the Company's dependence on online advertising for a substantial portion of our revenues; and the Company's ability to compete effectively. All information provided in this press release is as of the date of the press release, and Qihoo 360 undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Qihoo 360 believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Qihoo 360 is included in Qihoo 360's filings with the U.S. Securities and Exchange Commission, including its final prospectus dated March 29, 2011.
SOURCE Qihoo 360 Technology Co. Ltd.