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
Xbox Live users are aggravated about repeated outages that have prevented gamers from accessing online multiplayer features. Blaming higher egg prices and other rising costs, Dunkin's Donuts will close 100 stores, all of them Speedway gas station and convenience store locations. Micron Technology, Inc. said that its fourth quarter profit fell 59% from last year, as sales declined and gross margins deteriorated amid weak demand and pricing pressures due to continued softness in the personal computer market. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly sales.
comments powered by Disqus
Trade SINA now with 
Follow RTT