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Sina Q1 revenue grows, net loss narrows
2013-05-17 06:15:00| Telecompaper Headlines
(Telecompaper) Chinese internet company Sina reported first quarter net revenue of USD 126 million, an increase of 19 percent year-over-year. Advertising revenues grew 20 percent year-over-year to USD 94.3 million, within the company's guidance of USD 94-96 million. Non-advertising revenues for the first quarter increased 14 percent year-over-year to USD 31.7 million, primarily thanks to Weibo services, which included revenue share from web games and membership fees on the microblogging platform. Mobile value-added service revenues decreased 17 percent year-over-year to USD 15.9 million. Gross margin rose to 51 percent from 46 percent. Net loss attributable to Sina narrowed to USD 13.2 million or USD 0.20 per share from USD 13.7 million or USD 0.21 per share. As of 31 March, Sina's cash, cash equivalents and short-term investments totalled USD 681.9 million. Sina estimates that its non-GAAP net revenues for the second quarter will be between USD 143 million and USD 147 million, including advertising revenues of USD 117-119 million and non-GAAP non-advertising revenues of USD 26-28 million.
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