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Sina shares up 5.5 percent
By Ding Yining |
February 20, 2013, Wednesday
|
Online Edition
Online Edition
SHARES in Sina, operator of China's most popular microblogging site Weibo, climbed 5.5 percent in after-hours trading, following the announcement of better than expected figures and new management.
Profits in the fourth quarter were US$2.4 million, down from US$9.3 million a year ago, but still better than previous estimates of losses, the company said in a statement today.
Improving advertising income were said to be a factor.
Sina also announced the appointment of new management to step up technology upgrades amid tough competition.
Revenue in the fourth quarter grew 4 percent from a year ago to US$139.1 million.
The company said in a separate announcement that it has appointed former Cisco vice president Jack Xu as chief technology officer and co-president.
Shares of Sina jumped 5.5 percent on NASDAQ in after-hours trading after the announcements.
Market watchers say Xu will bring rich technology experience and help speed up business expansion of Weibo.
Sina also promoted chief operating officer Du Hong as co-president, while holding her seat as chief operating officer.
The company is expected to launch an online advertising system to some 300,000 enterprise accounts on its microblogging site Weibo and will experiment with more forms of advertising on the mobile applications, chief executive officer and chairman Charles Chao said today.
The company's personnel and operational costs are also expected to rise this year.
In the first quarter, Sina expects revenues to be between US$115 million to US$119 million.
Profits in the fourth quarter were US$2.4 million, down from US$9.3 million a year ago, but still better than previous estimates of losses, the company said in a statement today.
Improving advertising income were said to be a factor.
Sina also announced the appointment of new management to step up technology upgrades amid tough competition.
Revenue in the fourth quarter grew 4 percent from a year ago to US$139.1 million.
The company said in a separate announcement that it has appointed former Cisco vice president Jack Xu as chief technology officer and co-president.
Shares of Sina jumped 5.5 percent on NASDAQ in after-hours trading after the announcements.
Market watchers say Xu will bring rich technology experience and help speed up business expansion of Weibo.
Sina also promoted chief operating officer Du Hong as co-president, while holding her seat as chief operating officer.
The company is expected to launch an online advertising system to some 300,000 enterprise accounts on its microblogging site Weibo and will experiment with more forms of advertising on the mobile applications, chief executive officer and chairman Charles Chao said today.
The company's personnel and operational costs are also expected to rise this year.
In the first quarter, Sina expects revenues to be between US$115 million to US$119 million.
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