Sina Earnings Miss Estimates; Shares Fall
SHANGHAI (
) --
Sina
(SINA) - Get Report
, a Chinese online media company, said fourth-quarter earnings rose to $372.1 million, or $6.03 a share, as it recorded a large gain, up from $25.2 million, or 42 cents a share, in the year-earlier period.
On an adjusted basis, however, earnings of 31 cents a share were below the 36 cents a share analysts polled by Thomson Reuters were expecting.
Sina shares fell in after-hours trading Thursday by $1.64, or 4.4%, to $35.85.
The gain in the latest quarter of $376.6 million was the result of the merging of its real estate advertising business with China Real Estate Information Corp.
Sale in the fourth quarter fell 3.3% to $98.2 million, while advertising revenue declined 9.1% to $63.2 million.
Sina said it expects first-quarter adjusted sales of between $78 million and $80 million, with non-GAAP advertising revenue of between $53 to $54 million.
-- Reported by Joseph Woelfel in New York.
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