Image Source: Visual China

July 14, Beijing (TMTPost) – Chinese cybersecurity service and software company 360 released its 2022 H1 earnings report on Thursday, reporting decreasing net profit.

The company’s earnings report shows that revenues from its security and other businesses grew slightly compared with the same period last year. It is estimated that in 2022 H1 net profit attributable to the owners of the parent company was around -518 million yuan to -348 million yuan. 360 said the decrease of net profit was mainly caused by the decrease of return over investment coming from companies that it co-operates. The company’s announcement shows the return over investment in 2022 H1 was around -450 million yuan to -350 million yuan, registering year-on-year decrease of around 485 million yuan to 585 million yuan.

The earnings report also shows that the research and development cost was as high as 3.129 billion yuan, accounting for 28.74% of the total revenues and registering year-on-year growth of 8.97%. The company has invested over 23 billion yuan in research and development in total to date, helping to solve important technological challenges that China faces in cybersecurity.

In the first half of 2022, 360 rolled out its enterprise-level digital security and management SaaS service, providing subsidy of over ten billion and opening access to small and medium-sized companies. The company was able to increase its user base to 500,000 in a short time.

360, also known as Qihoo 360, is a Chinese internet security company that has developed the antivirus software programs 360 Safeguard and 360 Mobile Safe, the Web browser 360 Secure Browser, and the mobile application store 360 Mobile Assistant.