Sina Shares Leap After Strong Results
China-based Internet media company
Sina
(SINA) - Get Report
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) - Get Report
and
Sohu.com
(SOHU) - Get Report
were also higher.
In the U.S.,
(GOOG) - Get Report
was up 0.8%, and
Yahoo!
(YHOO)
was rising 1.7%.
This article was written by a staff member of TheStreet.com.