logo
Share SHARE
FONT-SIZE Plus   Neg

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

China-based internet portal company Sina Corp. (SINA) 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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Nintendo hasn't shown off its upcoming Next Generation console at E3, the major gameshow, on fears of others copying it, reports said quoting video game developer Shigeru Miyamoto. At an investors meeting in Japan, the gaming console maker however revealed that it continues to look into the possibility of developing a virtual reality headset, but affordable and comfortable one. Kellogg's is entering into restaurant business with the opening of a new cafe in New York City, exclusively for cereals that may cost around $8 per bowl, reports said. The cafe, to be known as Kellogg's NYC, will be launched officially on July 4 in the heart of Times Square. Small businesses, who want to use Twitter to connect with their customers, have a new helper. The online social networking service provider has launched a standalone application: Twitter Dashboard. The company said in blog post that the new service is launching into beta in the U.S. and is available online at dashboard.twitter.com or via the Dashboard app in the App Store.
comments powered by Disqus
Follow RTT