China’s internet company Sina Corp. (NASDAQ:SINA) Monday posted quarterly sales and profit that easily topped analysts’ estimates, driven by its subsidiary Weibo’s strong performance.
Sina said net income jumped to $146.5 million, or $1.9 per share, compared with $9.8 million, or 16 cents per share, a year earlier. Excluding certain item, profit was 56 cents a share, up from 39 cents a share a year earlier. Revenue rose 21 percent to $274.9 million in the third quarter. Online advertising revenues rose 21 percent to $233.6 million. Strong growth from Weibo advertising offset a decline in portal advertising revenue.
Weibo Corporation (NASDAQ:WB) , a Chinese microblog launched by Sina in 2009, reported its third-quarter results separately on the same day. Beijing-based Weibo said third-quarter profit surged 122 percent to $32.1 million, or 14 cents a share, compared with $0.07 per share a year earlier. Excluding certain items, net income was 24 cents a share. Weibo’s revenue rose 42 percent to $176.9 million in the third quarter.
“Our efforts to build a content ecosystem that attracts premium user-generated content and our relentless focus on user experience have led to strong traffic growth,” Weibo chief executive Wang Gaofei said in a conference call on Tuesday.
Sina’s shares jumped 8.66 percent to $73.1 at 11:47 p.m. in New York. While Weibo shares rose 3.8 percent to $47.49.