Sina Corp (SINA.NASDAQ) booked a third-quarter net profit of US$31.3 million, up 87% from the previous year, off a surge in advertising revenue, Bloomberg reported. Revenue climbed 12% to US$108.2 million, with online advertising sales up 50%. Sina has added more value-added user services, including microblogs and online videos, making the portal – the country’s third-most visited – more appealing to advertisers. Sina has also launched a US$300 million fund to encourage developers to create applications for its Weibo microblog, which currently has about 50 million users. The fund is supported by venture capital firms including Sequoia Capital and IDG Capital.
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