Chinese internet company Sina (SINA) reported second-quarter results Monday that were well above Wall Street estimates. The Sina earnings report came before the market open and pushed shares higher in morning trades.
The company said adjusted earnings were 76 cents per share on revenue of $533 million. Wall Street expected earnings of 47 cents on revenue of $510.2 million.
Sina stock soared 14%, near 42, during afternoon trading on the stock market today, jumping above its 50-day moving average.
Advertising revenue for the second quarter dropped 5% to $433.6 million, the Sina earnings release said. Non-advertising revenue climbed 19% to $99.4 million.
Growth in non-advertising revenues came mainly from Weibo's live-streaming services and increased revenue from its financial technology businesses.
Sina operates a popular China internet portal and owns a majority stake in Weibo (WB), a social media company with a service comparable to Twitter (TWTR). Weibo also reported earnings before the market open that beat Wall Street estimates.
No comments:
Post a Comment