TSC Staff
China-based Internet media company Sina (SINA Quote - Cramer on SINA - Stock Picks) said its first-quarter revenue jumped 39% year over year and exceeded its forecast, lifting its shares early Thursday.
Sina said net revenue totaled $71.3 million, up from $51.3 million a year earlier, and was ahead of its own projection of $66 million to $68 million. Advertising revenue increased 51% year over year to $47.8 million, and nonadvertising revenue was up 20%. The company earned $16.1 million, or 27 cents a share, compared with last year's $8.6 million, or 15 cents a share. Excluding items, Sina would have earned 33 cents in the most recent quarter. Analysts were looking for a profit of 27 cents and revenue of $67.4 million. Looking ahead, Sina expects total revenue for the second quarter of $88 million to $90 million, with advertising revenue of $64 million to $65 million. Nonadvertising revenue will likely range from $24 million to $25 million. On average, analysts are calling for revenue of $81.6 million. In addition, the company announced that its board has approved the promotion of Yan Wang from vice chairman and acting chairman to chairman. Shares of Sina were gaining 11.6% to $59.30. Fellow Chinese Internet names Baidu.com (BIDU Quote - Cramer on BIDU - Stock Picks) and Sohu.com (SOHU Quote - Cramer on SOHU - Stock Picks) were also higher. In the U.S., Google (GOOG Quote - Cramer on GOOG - Stock Picks) was up 0.8%, and Yahoo! (YHOO Quote - Cramer on YHOO - Stock Picks) was rising 1.7%.
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