SINA (SINA) Whacked on Q1 Earnings Miss, 3 Analyst Downgrades

Shares of Shanghai-based SINA Corp. (Nasdaq: SINA) are getting whacked today following Q1 earnings and Q2 guidance (reported last night) which came in light compared to analyst expectations. The stock most recently traded at $30.43, down 7.6% from yesterday's closing price.

SINA reported Q1 non-GAAP earnings of $0.23, down 20.7% from the $0.29 reported in the same quarter last year. Sales of $73.77 million for the quarter came in 27% lower than the $101.54 reported in Q108. Notably, SINA's EPS results for the quarter topped analyst estimates by 1 cent, while the sales number missed by about $1.6 million.

Looking ahead to Q2, SINA issued revs guidance of $85-$89 million which came in below the Street estimate of $90.7 million.

Certainly adding to the downside today, we have three analysts out with negative reports on SINA:

• downgraded at Citi from Hold to Sell
  
• cut from Buy to Hold at Pali Research, and
  
• also downgraded at Deutsche Bank from Hold to Sell.

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