Chinese online media company Sina Corp’s second-quarter profit dropped 41% due to the continuing recession and the high bar set by last year’s Olympic games in Bejing, the Wall Street Journal reported. Despite topping lowered second-quarter revenue estimates, the company predicted third-quarter revenue of $91 million to $94 million, lower than expected. For the latest quarter, Sina reported a profit of $13.3 million, or 23 cents a share, down from $22.5 million, or 37 cents a share, a year earlier. Long-term hopes are set on China’s economic recovery and the rapidly growing community of mainland internet users. Sina owns Sina.com, the largest internet portal in China. The company also plans to acquire some assets from Focus Media Holdings Limited, including out-of-home advertising assets, such as a network of digital televisions in stores and offices around China. That deal is still pending government approval.
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