SINA's (SINA) Q1 Mixed, Guidance Inline; Momentum for Weibo Adoption Building
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Shares of SINA Corp. (Nasdaq: SINA) are up about 1 percent Thursday morning following mixed first-quarter results and guidance Wednesday afternoon.
The company reported net income of $15 million for the quarter ended March 31, down about 38 percent from the same quarter last year but well above a loss of nearly $100 million reported during the December quarter. On a per-share basis, non-GAAP earnings came in at 25 cents, down 26 percent from adjusted-earnings of 34 cents during the first quarter of 2010.
Revenue was up nearly 18 percent from $85 million to $100.2 million. Sales fell from the $109.95 million report in the fourth quarter of 2010.
Analysts had been expecting SINA to report quarterly EPS of 27 cents on sales of $95.49 million.
Charles Chao, CEO of SINA, said, "SINA's online advertising growth was strong in the first quarter, despite a high comparison basis from last year. The momentum for Weibo adoption is building across China. With the launch of the official Weibo.com, registered users for Weibo recently surpassed 140 million. We hope to ride this momentum and further expand Weibo's user base and user stickiness by significantly increasing our investment in the coming quarters."
SINA offered some pro-forma net revenue guidance for the second quarter: see sales of $112-$115 million, which compares to the Street estimate of $115.74 million.
The company reported net income of $15 million for the quarter ended March 31, down about 38 percent from the same quarter last year but well above a loss of nearly $100 million reported during the December quarter. On a per-share basis, non-GAAP earnings came in at 25 cents, down 26 percent from adjusted-earnings of 34 cents during the first quarter of 2010.
Revenue was up nearly 18 percent from $85 million to $100.2 million. Sales fell from the $109.95 million report in the fourth quarter of 2010.
Analysts had been expecting SINA to report quarterly EPS of 27 cents on sales of $95.49 million.
Charles Chao, CEO of SINA, said, "SINA's online advertising growth was strong in the first quarter, despite a high comparison basis from last year. The momentum for Weibo adoption is building across China. With the launch of the official Weibo.com, registered users for Weibo recently surpassed 140 million. We hope to ride this momentum and further expand Weibo's user base and user stickiness by significantly increasing our investment in the coming quarters."
SINA offered some pro-forma net revenue guidance for the second quarter: see sales of $112-$115 million, which compares to the Street estimate of $115.74 million.
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