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