Sina Q3 Profit Rises - Update

(RTTNews) - Chinese online media company Sina Corp. (SINA), Tuesday reported a surge in profit for the third quarter, as revenues and margins improved boosted by its monetization of microblogging service Weibo.

Chief Executive Charles Chao said, "We are pleased with our results for the third quarter with significant growth in profitability driven primarily by strong momentum in Weibo monetization."

Shanghai, China-based Sina's third-quarter net income rose to $25.4 million or $0.37 per share from $9.9 million or $0.14 per share last year.

Adjusted profit for the quarter improved to $28.5 million or $0.42 per share from $11.7 million or $0.17 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the third quarter rose to $184.6 million from $152.4 million last year. Adjusted revenues rose to $179.9 million from $147.7 million last year. Analysts expected revenues of $178.68 million for the quarter.

Advertising revenues jumped 26 percent to $151.6 million, while non-advertising revenues rose 4 percent to 33.1 million.

Gross margin for the third quarter advanced to 64 percent from 54 percent last year

SINA closed Tuesday's trading at $75.91, down $1.67 or 2.15%, on the Nasdaq. The stock, however gained $2.99 or 3.94% in after hours trade.