logo
Share SHARE
FONT-SIZE Plus   Neg

SINA Profit Tops Estimates, Stock Rises - Update

SINA Corp. (SINA), 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Even after two years of thoroughly searching across the Indian Ocean, using modern technologies and devices, there is no clue about the Malaysian airline that vanished on March 8, 2014. Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform.
comments powered by Disqus
Follow RTT