| Sina Corp. announces 15% decrease in Q4 profits |
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issue time:2007-03-10 08:12
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Feb. 8, 2007 (China Knowledge) – Sina Corp. <SINA>, China’s most popular Web portal, said net profit during the fourth quarter fell 15% to US$11.7 million, or US$0.20 per share, due to stock options expenses and new billing regulations that affected its wireless services business.
Net income for the same period a year ago totaled US$13.8 million, or US$0.24 per share.
Revenue though rose 9% to US$56.4 million, beating market expectations for US$55.3 million.
Advertising revenue in the quarter rose 43% year-over-year. Sina said the growth in ad sales came mainly from China, which contributed 35 mln usd over the quarter.
The company said it expects the advertising revenue growth to quicken in the second quarter of 2007, but cautioned that the increase would not be as dramatic as in 2006, when growth was bolstered by the World Cup.
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