Breaking News
FONT-SIZE Plus   Neg
Share SHARE

SINA Profit Tops Estimates, Stock Rises - Update

RELATED NEWS
Trade SINA now with 

SINA Corp. (SINA: Quote), a provider of online media and mobile value-added services in China, on Tuesday reported lower profit for the fourth quarter, amid a modest rise in revenue. Adjusted earnings topped Wall Street estimates. The stock surged in the extended session.

Net income attributable to SINA for the quarter plunged to $2.4 million or $0.03 per share from $9.3 million or $0.14 per share for the same period last year.

Adjusted earnings totaled $0.13 per share, while it amounted to $0.21 per share in the previous year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter rose 4 percent to $139.13 million from $133.4 million. Non-GAAP net revenues for the fourth quarter of 2012 totaled $134.4 million, up from last year's $128.7 million. Analysts had a consensus revenue estimate of $133.86 million for the quarter.

Advertising revenues grew 7 percent to $110.7 million from $103.7 million. Non-advertising revenues slipped 4 percent to $28.5 million.

Gross margin for the fourth quarter was 57 percent, compared to 54 percent for the same period last year. Operating expenses climbed to $73.8 million from $66.7 million.

The company estimates that its non-GAAP net revenues for the first quarter of 2013 will be between $115 million and $119 million. This excludes the recognition of $4.7 million in deferred license revenues related to SINA's equity investment in E-House/CRIC. Analysts have consensus revenue estimate of $117.39 million for the first-quarter.

SINA closed at $53.48 on Tuesday, down 4.5 percent from the previous close, but added 6.4 percent in the extended session.

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
Specialty drugmaker Horizon Pharma plc (HZNP) on Friday managed to redomicile itself as an entity incorporated in Ireland following the completion of its $660 million acquisition of Vidara Therapeutics International plc. The deal will help it avoid paying the high rate of U.S. corporate taxes. The... Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high. The major averages turned in a mixed performance on the day. President Barack Obama delivered a statement Thursday evening thanking members of Congress for voting to approve legislation granting the U.S. military the authority to train and arm moderate Syrian rebels fighting against the terrorist group known as the Islamic State.
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.