Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Sina Swings To Profit, But Misses View; Stock Down On Weak Revenue Outlook

RELATED NEWS
Trade SINA now with 

China-based internet portal company Sina Corp. (SINA: Quote) Monday reported a profit for the fourth quarter, compared to a loss last year, when results were hurt by one-time charges.

Excluding items, earnings for the quarter missed Street estimates, as did sales.

Going forward, Sina provided a weak revenue outlook for the first quarter 2012, sending its stock down by 3.5 percent in extended trade on the Nasdaq.

Sina, which provides online media and mobile value-added services, said net revenue in the quarter grew 21 percent from last year, mainly on a 26 percent growth in advertising revenue. But this was offset by a four percent decline in gross margin and higher sales and product development costs.

Net income for the quarter was $9 million or $0.14 per share, compared to net loss of $100 million or $1.62 per share last year, when results were impacted by equity impairments of $128.6 million.

Excluding items, adjusted earnings was $14 million or $0.21 per share, compared to $30.6 million or $0.46 per share last year.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter rose to $133.4 million from $110 million last year.

Non-GAAP revenue for the quarter was $128.7 million, up from $105 million a year ago. Analysts expected revenue of $129.34 million.

The company expects first quarter non-GAAP revenue of $101 million to $104 million. Analysts currently expect revenue of $113.74 million.

SINA closed Monday on the Nasdaq at $62.95, up $1.54 or 2.51%, on a volume of 4.5 million shares. In after hours, the stock lost 3.57%.

Register
To receive FREE breaking news email alerts for Sina Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Germany's unemployment increased unexpectedly in August as worsening economic activity weighed on job creation. In addition, consumer price inflation, at a four-and-a-half-year low, boosted the scope for more stimulus from the European Central Bank. The number of people out of work increased by a seasonally adjusted 2,000 persons to 2.901 million in August, the Federal Labor Agency reported. NASA has approved the development of the world's most powerful rocket, designed to take humans beyond Earth orbit and to Mars. NASA officials Wednesday announced they have completed a rigorous review of the Space Launch System (SLS) -- the heavy-lift, exploration class rocket under development - and approved the program's progression from formulation to development, something no other exploration Eurozone economic confidence weakened more-than-expected in August to its lowest level in eight months, underscoring rising pessimism amid heightened geopolitical tensions and stagnating economic recovery. The economic confidence index fell to 100.6 in August, the lowest score since December, from 102.1 in July, the European Commission said Thursday.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.