Qihoo 360 Technology Co Ltd (NYSE:QIHU), taking ON Baidu.com, Inc. (ADR)(NASDAQ:BIDU) in China
Baidu, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider, today announced that it will report its financial results for the third quarter ended September 30, 2012, after the U.S. market closes on October 29, 2012. Baidu’s management will hold an earnings conference call at 8:00 PM on October 29, 2012 U.S.
Baidu.com, Inc. (ADR)(NASDAQ:BIDU), a Chinese web services company is still facing competition from Qihoo 360 Technology Co Ltd (NYSE:QIHU), which is known for its antivirus software (360 Safeguard) and web browser (360 Browsers).Currently Qihoo 360 is gaining in popularity and Baidu needs to take the threat seriously.
Baidu offers many services, including a Chinese language search engine for websites, audio files, and images. Baidu has surrendered $9 billion in market value since the reports of Qihoo 360’s strength in search surfaced in mid-August, but Qihoo 360’s market cap has only grown by $700 million.
Its expected that Baidu earnings at $1.28 a share, revenues at $998 million and earnings guidance for the fourth quarter at $1.03 billion.