Sina Q2 2010 Profit Up 89% YoY
PRNewswire-Asia, 8/05/10
Chinese online media company and wireless value-added service (WVAS) provider Sina (Nasdaq: SINA) has announced its unaudited financial results for the quarter ended June 30, 2010, with net revenues up 10.1% YoY to USD 99.4 mln. Non-GAAP net revenues grew 18% YoY to USD 94.7 mln, exceeding Sina's guidance between USD 90.0 mln and USD 93.0 mln.
Advertising revenues for the second quarter of 2010 were USD 73.1 mln, up 26.5% YoY, compared to USD 57.8 mln for the same period last year. Non-GAAP advertising revenues grew 52% year over year to USD 73.1 mln, exceeding Sina's guidance between USD 70.0 mln and USD 72.0 mln.
The year over year advertising revenue growth was partially boosted by successful coverage of the 2010 World Cup.
Non-advertising revenues for the second quarter of 2010 totaled USD 26.3 mln, down 19.1% YoY compared to USD 32.5 mln for the same period last year. Non-GAAP non-advertising revenues decreased 33% year over year to USD 21.6 mln, but exceeded Sina's guidance between USD 20.0 mln and USD 21.0 mln.
WVAS revenues for the second quarter of 2010 amounted to USD 20.0 mln, down 35.3% YoY compared to USD 30.9 mln for the same period last year. The year-over-year decline in WVAS revenues was primarily due to China Mobile implementing a series of measures in late November 2009 and January 2010, including the suspension of billing of wireless application protocol, limiting service offerings and partnerships allowed for each short messaging service code, preventing television and radio promotion of certain interactive voice response system products and requiring additional notices and customer confirmations in the WVAS ordering process.
Other non-advertising revenues for the second quarter of 2010 included amortized deferred revenue of USD 4.7 mln relating to the license agreements resulting from the successful listing of Chinese online real estate service provider China Real Estate Information Corporation (Nasdaq: CRIC) on the Nasdaq Global Select Market in October 2009.
Net income attributable to Sina for the second quarter of 2010 was USD 25.2 mln, up 89.2% YoY compared to USD 13.3 mln for the same period last year.
Sina estimates that its non-GAAP net revenues for the third quarter of 2010 to be between USD 101.0 mln and USD 104.0 mln, with non-GAAP advertising revenues to be between USD 80.0 mln and USD 82.0 mln and non-GAAP non-advertising revenues to be between USD 21.0 mln and USD 22.0 mln. Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of USD 4.7 mln in deferred revenue, which is related to the license agreements resulting from the CRIC Nasdaq listing.
For Sina's full report, click here.
Keywords: online advertising guidance Internet Nasdaq profit revenue online real estate WVAS Sina CRIC Q2 2010 IPO fiscal report
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