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Sina's Q1 profit drops 38.5% from a year ago
By Ding Yining |
May 12, 2011, Thursday
|
Online Edition
Online Edition
SINA Corporation, owner of China's largest Internet portal, reported a lower-than-expected profit growth in the first quarter as it increased investment in its Weibo microblogging website.
Sina's share price has nearly tripled since it launched the Twitter-like service in late 2009 that allows users update their status, upload pictures, videos and allows interaction with friends and strangers.
"We will invest some US$100 million this year to upgrade technology and step up marketing activities to secure our lead in the market," Charles Chao, chief executive officer of Sina Corporation, told analysts at a conference call yesterday.
Profit stood at US$15 million, down 38.5 percent year on year, the company said in a statement yesterday.
Advertising income in the first quarter of this year climbed 33 percent year on year to US$72.3 million but was 12.3 percent down from the previous quarter.
Sina said its Weibo.com has 140 million registered users and the figure is expected to reach 200 million by the end of this year.
It will also roll out instant messaging service in the near future to challenge Tencent's dominance over the social networking sector.
Sina's share price has nearly tripled since it launched the Twitter-like service in late 2009 that allows users update their status, upload pictures, videos and allows interaction with friends and strangers.
"We will invest some US$100 million this year to upgrade technology and step up marketing activities to secure our lead in the market," Charles Chao, chief executive officer of Sina Corporation, told analysts at a conference call yesterday.
Profit stood at US$15 million, down 38.5 percent year on year, the company said in a statement yesterday.
Advertising income in the first quarter of this year climbed 33 percent year on year to US$72.3 million but was 12.3 percent down from the previous quarter.
Sina said its Weibo.com has 140 million registered users and the figure is expected to reach 200 million by the end of this year.
It will also roll out instant messaging service in the near future to challenge Tencent's dominance over the social networking sector.
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