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

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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%.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points. U.K. retail sales declined more-than-expected in September, driven by a sharp contraction in clothing sales. Retail sales fell 0.3 percent in September from a month ago, when it rose 0.4 percent, the Office for National Statistics said Thursday. This was the first drop in four months. Economists had forecast a 0.1 percent drop for September. Food sales recovered in September. The private sector in the eurozone logged a marginal upturn in October helped by an improvement in Germany, while France moved deeper into contraction, flash data from Markit Economics revealed Thursday. The headline flash Markit composite output index rose to 52.2 in October from a 10-month low of 52 in September. The score was forecast to fall to 51.5.
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