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SINA (SINA) Jumps 10% After Strong Q1 Results and Guidance
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Shares of Chinese online media company SINA Corp. (Nasdaq: SINA) are up 10% in after-hours action Wednesday after reporting better-than-expected Q1 results and giving an upbeat outlook.
SINA reported Q1 adj-EPS of $0.33 (GAAP EPS of $0.27), 6 cents better than the analyst estimate of $0.27. Revenues rose 39% to $71.3 million, versus the consensus of $67.35 million. SINA sees Q2 revs of $88-$90 million, well above the consensus of $81.6 million.
SINA said the growth of their advertising revenues has been accelerating and their mobile business is continuing to rebound. The company also said it was pleased with success in building their Web 2.0 products lines with the launch of SINA Space and SINA TV.
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