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Sina posts better Q2 sales, betting on alliance with Alibaba
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Sina, China's leading online portal and operator of the most popular microblogging site, reported better-than-expected sales in the second quarter and said it will push forward the collaboration of Alibaba Group to drive income at its Weibo unit.
Sales rose 20 percent year on year to US$157.5 million in the second quarter, higher than analysts' estimate of US$146.1 million compiled by Bloomberg News.
Net loss was US$11.5 million in the quarter after the company recorded a one-off charge of US$27.1 million in connection with the investment from the Alibaba Group, compared to a profit of US$33.2 million a year ago, the company said in a stock exchange filing today.
Advertising sales were up 17 percent in the second quarter to US$120.6 million.
"We're going to work on a number of opportunities to create new advertising formats for Taobao (vendors)," Sina chairman and chief executive officer Charles Chao told a conference call after the earnings release.
Weibo contributed US$30 million worth of income in the second quarter, more than tripling from a year ago. Value-added services, mainly including online gaming income and membership fees, also nearly tripled to US$7.7 million.
Weibo has become a crucial information source, especially for breaking news, but it has been struggling to find ways to diversify its revenue stream to make up for operation and technology upgrade costs.
China's largest e-commerce company Alibaba Group purchased 18 percent stake in Weibo for US$586 million in April to fend off rivals such as Tencent and 360Buy.com.
Sina and Alibaba announced a partnership earlier this month and said they would unveil new advertising platforms for Taobao vendors to market their services or products on Weibo.
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