Last week, news bandied about that online advertising revenue in the U.S. fell $5.5 billion in the first quarter, according to the Interactive Advertising Bureau and PricewaterhouseCoopers. But if Sina's(SINA Quote) first-quarter earnings announcement today is any indication, advertisers are not converting those missing ad dollars to Chinese yuan.
Sina, one of China's largest web portals and online media outfits, said profit tumbled in the quarter because of a familiar refrain: its online advertising sales (say it with us) were hurt by the global economic crisis.
After the closing bell, the Shanghai-based concern reported a 30% drop in profit from the same period last year, earning $9.75 million, or EPS of 17 cents against $14.1 million, or 23 cents a share, last year. After adjustments, the company said EPS came to 23 cents, which was just ahead of analysts' projections of 22 cents. ...
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