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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
http://tinyurl.com/arpuvideo
 
 
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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