(Yicai Global) April 24 -- Chinese cybersecurity giant Qihoo 360 Technology's net profit fell by 44 percent in the first quarter from a year ago as online advertising decreased due to the Covid-19 epidemic.

Qihoo 360 will continue to pay attention to the development of the outbreak to mitigate its impact, the Beijing-based browser developer said in its earnings report published yesterday.

The company's net profit narrowed to CNY360 million (USD50.9 million) while its revenue fell by 17 percent to CNY2.3 billion (USD318 million) over the same period.

The firm had received government subsidies that boosted its non-operating income but also donated anti-epidemic supplies to charities, which widened its expenditures.

Last year, Qihoo 360's net profit climbed by 69 percent to CNY6 billion due to its sale of Qi An Xin Technology Group equity holdings, according to its full-year earnings that were also published yesterday. In April 2019, the parent sold its 23 percent stake in the cybersecurity firm for CNY3.7 billion.

Qihoo 360 had curbed spending amid slowing revenues. As its operating income fell 2 percent to CNY12.8 billion last year while its total operating cost narrowed by 6 percent to CNY8.7 billion.

Shares of Qihoo 360 [SHA:601360] fell 2.6 percent to CNY19.57 (USD2.80) in the morning.

Editor: Emmi Laine