Sina Corp. (NASDAQ: SINA) reported first quarter results on Tuesday morning. The company is currently trading at $100.75 (+19.88%), as it hits a new 52 week high. Adjusted quarterly revenue rose 40% year over year to $275.5 million. Analysts had anticipated adjusted earnings of $0.14 per share on revenue of $265.1 million.
CEO and Chairman of the company, Charles Chao, said, “We started the year 2017 with a great quarter. Weibo continued its strong momentum with accelerated growth in revenues and impressive expansion of user base. On the SINA media business, our performance was in line with our expectation, taking seasonality factor into account. We have further restructured our mobile media business to accelerate the pace for the mobile transition.”
The company’s subsidiary, Weibo, has reported a 30% climb in active users year over year to 340 million, where a majority are mobile users. SINA Corp. had a clean beat for q1 that was led by growth with nearly a 40% increase in advertising and non-advertising revenue.