Sina posts quarterly loss but sales jump
Print Edition
Sales of Sina, China’s leading online portal and operator of the country’s most popular microblogging service, turned out better-than-expected in the second quarter, and the company said it will boost its collaboration with Alibaba Group to spur income at its Weibo unit.
Sales jumped 20 percent to US$157.5 million in the second quarter, higher than Bloomberg News analysts’ estimates of US$146.1 million.
Advertising sales gained 17 percent in the same period to US$120.6 million.
But the company posted a net loss of US$11.5 million after it recorded a one-off charge of US$27.1 million arising from a US$586 million investment by the Alibaba Group for 18 percent of Weibo in April, it said in a stock exchange filing yesterday. A year ago it made a profit of US$33.2 million.
Weibo contributed US$30 million of income in the second quarter, more than triple from a year ago. Value-added services, including online gaming income and membership fees, also nearly tripled to US$7.7 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.
Sina and Alibaba, China’s largest e-commerce company, said earlier that they would unveil a new advertising platform for Taobao vendors to market their services or products on Weibo.
Weibo had an average 54 million active users daily at the end of June, up 8.3 percent from March.
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