SINA Corporation Reports Fourth Quarter Earnings

SINA Corporation SINA, is a internet media company that serves China primarily, reported its fourth-quarter earnings this afternoon February 24, 2014, the company is based in Shanghai, China. Following the company’s earnings release the stock plummeted down a whopping 5.93 percent or $4.53 per share to an aggregate total of $71.55 per share.

Some key metrics for the fourth quarter of 2013 include:

Net revenues increasing 42 percent year-over-year to an aggregate total of $197 million.

Non-GAAP net revenues increasing 43 percent to $192.3 million, the company had originally expected between $190 million to $194 million; hence, revenues were inline with guidance. Advertising revenues also increased 45 percent to 160.1 million, and non-advertising revenues increased to 36.9 million which represented a gain of 36 percent year-over-year.

A company owned by SINA, Weibo is planning on going public and trading on the New York Stock Exchange, Weibo’s non-advertising revenues in the fourth quarter surged up 114 percent year over year to $15.4 million, the company is still in its initial and growing stages.

As 2013 ended the company held 1.862 billion in cash equivalents, cash, and short-term investments. This is compared to $713.6 million that the company had back in December of 2012.

In other news, on Novermber 18, 2013, SINA Corporation helds its annual meeting for shareholders, the shareholders re-elected Mr. Ter Fung Tsao and Mr. Yichen Zhang as directors of SINA.

SINA also provided future guidance and it is expecting its non-GAAP net revenues for the first quarter of 2014 to be anywhere from $162 million and $167 million, this includes advertising revenues to be between $133 million and $136 million and non-GAAP non-advertising revenues to be between $29 million and $31 million.