Sina Q3 2010 Profit Up 87% YoY
PR Newswire Asia, 11/17/10
Chinese online media company and wireless value-added service (WVAS) provider Sina (Nasdaq: SINA) has announced its unaudited financial results for the quarter ended September 30, 2010. Net revenues grew 12% year over year to USD 108.2 mln. Non-GAAP net revenues grew 20% year over year to USD 103.6 mln, reaching the high end of Sina's guidance between USD 101.0 mln and USD 104.0 mln.
Net income attributable to Sina increased 87% year over year to USD 31.3 mln.
Advertising revenues grew 27% year over year to USD 81.0 mln. Non-GAAP advertising revenues grew 50% year over year to USD 81.0 mln, within Sina's guidance between USD 80.0 mln and USD 82.0 mln.
Non-advertising revenues decreased 16% year over year to USD 27.3 mln. Non-GAAP non-advertising revenues decreased 31% year over year to USD 22.6 mln, but exceeded Sina's guidance between USD 21.0 mln and USD 22.0 mln.
WVAS revenues for the third quarter of 2010 amounted to USD 20.7 mln, 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 (NYSE: CHL; 0941.HK) implementing a series of measures in late 2009 and early 2010. Other non-advertising revenues for the third 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.
Sina estimates that its non-GAAP net revenues for the fourth quarter of 2010 to be between USD 103 mln and USD 106 mln, with non-GAAP advertising revenues to be between USD 81 mln and USD 83 mln and non-GAAP non-advertising revenues to be between USD 22 mln and USD 23 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.
To view Sina's full earnings report, please click here.
Keywords: online advertising guidance Internet profit revenue online real estate WVAS Sina CRIC Q3 2010 fiscal report
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