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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SINA com | NASDAQ:SINA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 43.26 | 43.28 | 43.30 | 0 | 01:00:00 |
By Josh Beckerman
Chinese Internet firm Sina Corp. posted higher revenue along with a wider operating loss, reflecting higher personnel and marketing expenses.
The company said Thursday that its popular Weibo social media platform, which resembles Twitter, made progress in revenue and user growth.
"Weibo's mobile strategy has continued to deliver impressive results in both user traffic and revenue growth," the company said.
Weibo's monthly active users were 198 million in March, up 38% from a year earlier.
Sina was an early pioneer of the Chinese Internet, providing web portals, news aggregation and fee-based information services. The company has been battling with giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd., and has diversified into such areas as online financial services.
Sina's portal revenue declined. The company said it is "experiencing a critical transformative period to revamp our legacy business and diversify our business models."
For the quarter ended March 31, Sina reported a net loss of $10.3 million, or 18 cents a share, compared with a loss of $33.2 million, or 52 cents a share, a year earlier. The year-earlier quarter included a $40.2 million loss from a change in fair value of investor option liability.
Earnings excluding stock-based compensation and other items fell to four cents a share from 15 cents a share. Revenue rose 8% to $184.6 million.
Weibo Corp. became a separate public company in April 2014. In its own earnings statement, the company said revenue increased 43% to $96.3 million, above its guidance of $93 million to $96 million.
The company expects second-quarter revenue of $102 million and $105 million, which could change depending on the timing of planned initiatives with Alibaba.
Write to Josh Beckerman at josh.beckerman@wsj.com
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