Sina Q1 2010 Profit Up 152% YoY
PRNewswire-Asia, 5/18/10
Chinese online media company and wireless value-added service (WVAS) provider Sina (Nasdaq: SINA) has announced its unaudited financial results for the quarter ended March 31, 2010.
For the first quarter of 2010, SINA reported net revenues of USD 85.0 mln, up 15.18% from USD 73.8 mln in the same period in 2009.
Advertising revenues for the first quarter of 2010 were USD 54.3 mln, up 25.69% from USD 43.2 mln in the same period in 2009.
Non-advertising revenues for the first quarter of 2010 totaled USD 30.7 mln, up 0.33% from USD 30.6 mln in the same period in 2009.
WVAS revenues for the first quarter of 2010 amounted to USD 24.6 mln, down 15.17% from USD 29.0 mln in the same period in 2009. The decline in WVAS revenues for the first quarter of 2010 was primarily due to China Mobile implementing series of new measures at the end of November 2009 and January 2010, which have reduced the Company's short messaging service ("SMS"), multimedia messaging service ("MMS"), interactive voice response system ("IVR") and wireless application protocol ("WAP") revenues. These series of new measures include the suspension of WAP billing, limiting the service offerings and partnerships allowed for each SMS service code, preventing television and radio promotion of certain IVR products and requiring additional notices and customer confirmations in the WVAS ordering process. Other non-advertising revenues for the first quarter of 2010 included amortized deferred revenue of USD 4.7 mln relating to the license agreements resulting from acquisition of 33% interest in China Real Estate Information ("CRIC").
Net income attributable to SINA for the first quarter of 2010 was USD 24.4 mln, up 151.55% from USD 9.7 mln for the same period last year.
SINA estimates that its non-GAAP net revenues for the second quarter of 2010 to be between USD 90 mln and USD 93 mln, with non-GAAP advertising revenues to be between USD 70 mln and USD 72 mln and non-GAAP non-advertising revenues to be between USD 20 mln and USD 21 mln.
For Sina's full report, click here.
Keywords: online advertising portal SP regulation mobile payment Internet profit revenue wireless WAP WVAS Sina Q1 2010 fiscal report
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