Sina Q1 profit doubles

Shares of internet portal Sina (SINA.NASDAQ) rose on Tuesday after news that its first quarter profit more than doubled year-on-year to US$24.4 million, reported Bloomberg. Online advertising revenues grew 26% to US$54.3 million, while total revenues increased 15% to US$85 million. Analysts predicted revenues of US$80.4 million. Gross margins grew to 56.6%, up from 52.4%. The company forecast adjusted revenue of approximately US$90-93 million in the second quarter, but will be unlikely to make large acquisitions in an environment of higher prices. Analysts predict that Sina’s second quarter revenue will reach US$93.5 million. Sina’s advertising revenue growth beat competitor Sohu’s (SOHU.NASDAQ) over the same period.