UPDATE 2Sina quarterly profit up 49 pct on advertising
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(Adds company forecast, CEO comments, COO promotion)
LOS ANGELES, Feb 20 (Reuters) - Chinese Internet portal
Sina Corp (SINA.O: Quote, Profile, Research) said on Wednesday its fourth-quarter profit
grew 49 percent as advertising revenue rose.
Shanghai-based Sina, which provides news, games, shopping
and other Internet-based services to Chinese at home and
abroad, posted a profit of $17.5 million, or 29 cents per
share, for the three months ended Dec. 31, compared with $11.7
million, or 20 cents per share, in the year-ago period.
The company’s adjusted net income of 34 cents per share
beat an average forecast of 33 cents per share, according to
Reuters Estimates.
Revenue grew 25 percent to $70.7 million from $56.4 million
over the same period.
Wall Street had forecast average fourth quarter revenues of
$69.24 million, Reuters Estimates showed.
The company forecast first quarter revenues of between $66
million and $68 million, with advertising revenues making up
between $45 million and $46 million.
Analysts, on average, had forecast first quarter revenues
of $66.14 million for Sina, according to Reuters Estimates.
Sina also estimated that its first quarter stock-based
compensation will be between $3.5 million and $4 million,
excluding any new shares that may be issued. Continued…
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