Why SINA (SINA) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of SINA Corp. (SINA) are rising 6.59% to $50.97 in mid-morning trading on Friday after the company reported strong second-quarter earnings.

The company reported net income of $16.6 million, or 25 cents per diluted share, for the quarter, compared to a net loss of -$11.5 million, or -17 cents per diluted share, for the year-ago period.

The online media company, which services China and the global Chinese community, said adjusted earnings for the most recent quarter declined to $12.1 million, or 17 cents per diluted share, from $14.2 million, or 21 cents per diluted share for the 2013 second quarter. This still beat the expectations of analysts polled by Thomson Reuters of 9 cents a share.

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The company posted a growth in net revenue to $187 million for the 2014 second quarter versus $157.5 million for the same quarter in 2013. Adjusted revenue increased to $184.4 million, from $152.8 million, while analysts were expecting revenue of $179.2 million.

Separately, TheStreet Ratings team rates SINA CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SINA CORP (SINA) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income and disappointing return on equity."

You can view the full analysis from the report here: SINA Ratings Report

SINA Chart SINA data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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