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SINA Profit Tops Estimates, Stock Rises - Update

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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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After failing to sustain an initial upward move, stocks fluctuated over the course of the trading session on Wednesday before ending the day mixed. The choppy trading came as traders digested upbeat GDP data as well as the Federal Reserve's monetary policy announcement. President Barack Obama took Congress to task in remarks on the economy on Wednesday, accusing Republicans of wasting valuable time by voting on a resolution regarding whether or not to sue him over his use of executive actions. In a surprise move, the Senate voted Tuesday to make changes to an important House highway funding bill, raising questions about whether the legislation will receive final approval before lawmakers leave town for the August recess.
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