Shares of Sina (SINA) - Get SINA Corp. Report surged 13.3% to $42.65 in premarket trading Monday after the Chinese online media company beat Wall Street's second-quarter earnings and revenue expectations.
The Beijing-based company posted net income of $51.4 million, or 73 cents a share, up from $35 million, or 47 cents a share, a year ago. Adjusted earnings came to 76 cents a share, beating analysts' forecasts of 54 cents a share.
Revenue totaled $533.1 million, down from $537.4 million a year ago, but above Wall Street's call for $517 million. Advertising revenue for the second quarter came to $433.6 million, down 5% from a year ago, primarily due to a decline in portal advertising revenue and the impact of negative currency translation.
Non-GAAP non-advertising revenue was $96.8 million, up 20% from a year ago. The year-over-year growth in non-advertising revenue was mainly attributable to the revenue derived from social media company Weibo's (WB) - Get Weibo Corp. Report live streaming business acquired in the fourth quarter of 2018 and increased revenue generated from Sina's fintech businesses, the company said.
Separately, American depositary receipts of Weibo gained on Monday after the company reported second-quarter earnings that beat analysts' forecasts, thanks to a "notable acceleration" in user growth.