Earnings: Sina Q1 Revs Up 39 Percent; Net Income Up 87 Percent; Stock Spikes After Hours
This story was written by Joseph Weisenthal.
The Chinese internet stocks have all killed it this quarter: Sina (NSDQ: SINA) reported Q1 revenue of $71.3 million, up 39 percent year-over-year, and comfortably ahead of a previous forecast of $66-$68 million. Net income was up 87 percent to $16.1 million ($.27 per share) from $8.6 million ($.16 per share) in the year-ago quarter. Growth was fueled by a 50 percent rise in ad revenue, while non-ad revenue dragged things down by only growing at 20 percent. The non-ad revenue is comprised largely of mobile value-added services, an area that's been challenged for all of the players in the market. For the current quarter, Q2, revenue is expected to be $88-$90 million. Following the solid report, shares gained over 11 percent after hours.
By Joseph Weisenthal