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QIHU's ARPU - Playing Games With Investors

QIHU's ARPU - Playing Games With Investors

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Published by matberry
QIHU’s ARPU: Playing Games with Investors - presentation
Qihoo 360 Technology Co. Ltd

Same games, different story
Matt Berry
7/18/2012

1

Disclosure: I am short QIHU. I am not infallible. Every investor must do their own due diligence. Every investor must make an individual decision based on his/her judgment of the company and the market. This is not a recommendation to buy or sell a security. I may not (and usually do not) post changes I make to my positions.

7/18/2012

100 90 80 70 60 50 4
QIHU’s ARPU: Playing Games with Investors - presentation
Qihoo 360 Technology Co. Ltd

Same games, different story
Matt Berry
7/18/2012

1

Disclosure: I am short QIHU. I am not infallible. Every investor must do their own due diligence. Every investor must make an individual decision based on his/her judgment of the company and the market. This is not a recommendation to buy or sell a security. I may not (and usually do not) post changes I make to my positions.

7/18/2012

100 90 80 70 60 50 4

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Published by: matberry on Jul 19, 2012
Copyright:Attribution Non-commercial

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12/28/2012

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text

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7/18/20127/18/20127/18/20127/18/20127/18/20127/18/20127/18/2012
Regarding
Qihoo 360 Technology Co. Ltd
Matt Berry
7/18/2012
Qihoo’s games are the same; the
revenue is out of line
a presentation
1
Disclosure: I am short QIHU.I am not infallible. Every investor must do their own duediligence. Every investor must make an individual decisionbased on his/her judgment of the company and themarket.This is not a recommendation to buy or sell a security. Imay not (and usually do not) post changes I make to mypositions.
See theVideopresentation
 
 
7/18/2012
Qihoo claims that webgame revenue grew248% from the sameperiod last year.
Web games, according to Qihoo,made up about 25% of totalrevenues for the 1
st
quarter of2012.
“Within IVAS web game revenue
was 17.3 million
, up 248% fromthe same period last year andup 28% from the priorquarter
.”
~Q1 2012 conferenceCall12:207/18/2012
 
7/18/20127/18/20127/18/20127/18/20127/18/20127/18/20127/18/2012
ARPU average of 64.5
Typical online game companies in China and their
monthly 
AverageRevenue Per Paying User (ARPU).
0102030405060708090100
Average 64.5 RMB
All numbers are as of March 31, 2012,except for Renren, which is a 2011average . Quarterly amounts weredivided by 3 for monthly comparison.
2

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