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Falling revenue hits Sina share price
By Ding Yining |
March 4, 2010, Thursday
|
Online Edition
Online Edition
SHARES in Sina Corporation dropped today after the company said its fourth quarter revenue dropped as sales decreased and costs rose on extra services.
Revenue for the fourth quarter of 2009 was down 3 percent from 2008 to US$98.2 million, the leading Internet portal operator said today.
The stock fell 1.68 percent to US$37.49 in after-hours trading.
Profit rose to US$372.1 million as a result of a one-time gain for its interest in China Real Estate Information Corporation, which completed its initial public offering on Nasdaq in October.
"We will continue to offer a wide range of social media products and communication tools to increase user base and stickiness," CEO Charles Chao told a conference call today.
Sina began to offer the beta version of its twitter-like microblog service in September and has attracted around 5 million registered users.
Advertising revenue added 12 percent to US$63.2 million in the fourth quarter.
Whole year revenue stood at US$358.6 million, a 3 percent year on year decrease.
Revenue for the fourth quarter of 2009 was down 3 percent from 2008 to US$98.2 million, the leading Internet portal operator said today.
The stock fell 1.68 percent to US$37.49 in after-hours trading.
Profit rose to US$372.1 million as a result of a one-time gain for its interest in China Real Estate Information Corporation, which completed its initial public offering on Nasdaq in October.
"We will continue to offer a wide range of social media products and communication tools to increase user base and stickiness," CEO Charles Chao told a conference call today.
Sina began to offer the beta version of its twitter-like microblog service in September and has attracted around 5 million registered users.
Advertising revenue added 12 percent to US$63.2 million in the fourth quarter.
Whole year revenue stood at US$358.6 million, a 3 percent year on year decrease.
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