NEW YORK, NY -- (Marketwire) -- 08/28/12 -- China's online search engine market has long been dominated by Baidu, with an 80 percent market share, followed by Google. A new competitor has emerged as Qihoo, a Chinese internet software company, introduced their search engine on August 16 in China. Five Star Equities examines the outlook for Chinese Internet stocks and provides equity research on Baidu.com, Inc. (NASDAQ: BIDU) and Qihoo 360 Technology Co. Ltd. (NYSE: QIHU).
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"Investors realize that over time Baidu's bottom line could be significantly negatively affected by competition from Qihoo," said Kevin Pollack, a managing director at Paragon Capital.
A recent Wall Street Journal article revealed that Qihoo plans to drop Google as their default search browser and replace it with its own. During the first quarter of 2012 Qihoo's popular internet browser had approximately 270 million monthly users. The company estimates that they had 77 million unique users per day visit their website. Google's market share of China's internet search engine market in the second quarter was 15.7 percent according to Analysys.
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Baidu is the leading Chinese language Internet search provider. As a technology-based media company, Baidu aims to provide the best way for people to find information. Baidu reported total revenues of $858.8 million for the second quarter of 2012, representing a 59.8 percent increase from the corresponding period in 2011.
Qihoo 360 Technology is a leading Internet company in China. The Company is also the number one provider of Internet and mobile security products in China as measured by its user base, according to iResearch. The company recently reported revenues in the second quarter of 2012 were $72.8 million, an increase of 107.3 percent from the $35.1 million in the second quarter of 2011.
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