NEW YORK (
) -- Shares of
fell in late trades after the China-based online media company gave a disappointing revenue forecast for its current quarter.
After Tuesday's closing bell, the company reported a third-quarter non-GAAP profit of $33.2 million, or 50 cents a share, topping Wall Street's 44-cent consensus view, but it forecast non-GAAP revenue ranging from $103 million to $106 million for the three months ending in December, below the $108.7 million average estimate of analysts polled by
The stock was last quoted at $55.10, down 3.5%, on volume of nearly 70,000, according to
. Based on a regular session close of $56.99, the shares were up 30% so far in 2010, but they had recently pulled back in three straight sessions since hitting a 52-week high of $63.52 on Nov. 9.
Sina's outlook implies between an incremental decline and growth of 2% on a sequential basis as its non-GAAP revenue totaled $103.6 million in the September period. The company broke down its forecast into non-GAAP advertising revenue of between $81 million and $83 million, and non-GAAP non-advertising revenue of between $22 million and $23 million. Those totals compare to $81 million and $22.6 million respectively in the latest quarter.
Wall Street was very positive on Sina ahead of its report with 17 of the 23 analysts covering the stock at either strong buy (8) or buy (9). The stock, however, had already outrun their median 12-month price target of $56.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.