Qihoo net income up

China's leading anti-virus software firm Qihoo 360 Technology Co disclosed Tuesday that its net income for the third quarter this year reached $12.9 million, an increase of 18 percent from a year earlier.

According to Qihoo's unaudited financial report for the third quarter, the company's revenue surged to $84 million, up 77 percent year-on-year.

However, its operating expenses skyrocketed to $63.9 million, compared to $31.4 million a year ago, "mainly driven by increased personnel-related expenses, bandwidth expenses, equipment depreciation expenses, as well as marketing expenses."

For 2012, Qihoo expects its revenues to post a rise of about 90 percent over a year earlier.