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Sina's Q4 earnings surprisingly better
By Ding Yining |
February 21, 2013, Thursday
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Print Edition
Print Edition
SINA Corp, operator of China's most popular microblogging service, yesterday reported surprisingly better fourth-quarter earnings due to improving advertising income.
Net profit in the final three months of last year was US$2.4 million. Although it fell from US$9.3 million a year ago, it still beat previous estimates of losses, the Nasdaq-listed company said in a statement.
Revenue grew 4 percent from a year ago to US$139.1 million, with advertising sales climbing 7 percent to US$110.7 million.
For the current quarter, Sina sees revenue at between US$115 million and US$119 million.
In a separate statement, Sina announced the appointment of Jack Xu, former vice president at Cisco, as chief technology officer and co-president, a sign that the company intends to use Xu's rich technology experience to help fuel business expansion of Weibo, according to market observers.
Sina also promoted Chief Operating Officer Du Hong as co-president while concurrently staying on as COO.
Last year, revenue from its Weibo site, including advertising and other value-added income, was US$66 million while costs totaled US$93 million after Sina promoted the site and launched new versions.
Net profit in the final three months of last year was US$2.4 million. Although it fell from US$9.3 million a year ago, it still beat previous estimates of losses, the Nasdaq-listed company said in a statement.
Revenue grew 4 percent from a year ago to US$139.1 million, with advertising sales climbing 7 percent to US$110.7 million.
For the current quarter, Sina sees revenue at between US$115 million and US$119 million.
In a separate statement, Sina announced the appointment of Jack Xu, former vice president at Cisco, as chief technology officer and co-president, a sign that the company intends to use Xu's rich technology experience to help fuel business expansion of Weibo, according to market observers.
Sina also promoted Chief Operating Officer Du Hong as co-president while concurrently staying on as COO.
Last year, revenue from its Weibo site, including advertising and other value-added income, was US$66 million while costs totaled US$93 million after Sina promoted the site and launched new versions.
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