Sina Corp. First-quarter Profit Falls 31 Percent

SHANGHAI (AP) — Sina Corp., an online media company, on Tuesday reported a 31 percent decline in first-quarter net income as advertising revenue fell in a soft economy.

The Shanghai-based company earned $9.75 million, or 17 cents per share, compared with $14.1 million, or 23 cents a share, in the same quarter a year earlier.

Revenue was up 3.4 percent to $73.8 million from $71.3 million.

Analysts polled by Thomson Reuters were expecting, on average, a profit of 22 cents per share on revenue of $75.4 million.

In the quarter, advertising revenue fell 10 percent to $43.2 million from last year. Nearly all of its ad revenue is from China.

Looking ahead, Sina expects to report revenue of $85 million to $89 million in the second quarter. That's shy of the $90.7 million analysts are forecasting.

Advertising revenue is expected to come in between $55 million and $58 million.

The company also said its acquisition of Focus Media Holding Ltd. should close by the end of the third quarter, pending regulatory approvals.

Shares of Sina were down 44 cents to $32.93 on Tuesday, and fell another $1.43, or 4.3 percent, to $31.50 after hours when the earnings were released.