UPDATE: Sina Posts Upbeat Q3 Profit, Issues Weak Q4 Forecast

Sina SINA posted a profit in the third quarter. Sina projects adjusted Q4 revenue of $132 million to $136 million, versus analysts' estimates of $152 million. Sina posted a quarterly profit of $9.9 million, or $0.14 per share, versus a year-ago loss of $336.3 million, or $5.10 per share. Excluding one-time items, Sina's profit dropped to $0.17 per share from $0.26 per share. However, analysts were expecting earnings of $0.11 per share. Sina's net revenue climbed 17% to $152.4 million. Its gross margin declined to 54% from 56%. Sina shares dropped 6.74% to $49.52 in after-hours trading.