Qihoo 360 Technology Co. Ltd. (QIHU) said Wednesday that its Board of Directors has authorized the repurchase of up to US$200 million of the company's American Depositary Shares.
The share repurchases will be funded with the company's existing cash reserves and ongoing cash flow.
The company had approximately US$787 million of cash and cash equivalents on its balance sheet as of June 30. The company also raised about $1 billion through a convertible bond offering in August.
For comments and feedback contact: editorial@rttnews.com
Business News