Chinese internet company Sina’s quarterly profit surged in the most recent period, driven by more than $100 million in investment gains and continued strength at microblog portal Weibo, The Wall Street Journal reports. Sina spun out Weibo in 2014 but kept a controlling stake, which last month it cut to just over 50%. Overall, Sina’s profit surged to $146.5 million, from $9.8 million a year earlier. Excluding stock-based compensation and other items, profit rose to 56 cents a share, from 39 cents a share a year earlier. Revenue rose 21% to $274.9 million, driven by Weibo. Weibo’s profit more than doubled to $31.1 million. Excluding stock-based compensation and other items, profit rose to 24 cents a share from 10 cents a year earlier. Weibo’s revenue rose 42% to $176.9 million, driven by a 48% increase in advertising and marketing revenue.
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