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
Catabasis' phase II trial of Edasalonexent in boys affected by Duchenne muscular dystrophy is ongoing, and top-line results are anticipated in the first half of Q1 2017. American Express Co. (AXP) Thursday reported a drop in fourth-quarter profit, as revenues declined 4 percent due to absence of Costco portfolio while provisions for bad loans and marketing costs increased. Earnings fell short of Wall Street estimates, while revenues trumped expectations. New York-based... Home improvement retailer Lowe's Companies Inc. (LOW) has reportedly informed about 2,400 employees that they will be laid off. The majority of the lay offs are at the store level, while other affected positions are at distribution centers, contact centers and at the company's corporate office in...
comments powered by Disqus
Follow RTT