watch out BIDU WILL ROCK up 15 or 25 easy!!!! UPDATE 1-Sina posts higher 1st-quarter profit, shares rise Wed May 14, 2008 6:22pm EDT
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LOS ANGELES, May 14 (Reuters) - Chinese Internet portal Sina Corp (SINA.O: Quote, Profile, Research) posted a higher first-quarter profit on Wednesday on strong advertising sales and forecast better-than-expected second quarter revenues, sending its shares up over 9 percent.
Shanghai-based Sina, which provides news, games, shopping and other Internet-based services, posted a profit of $16.1 million, or 27 cents per share, up from $8.6 million or 15 cents per share in the year earlier period.
Revenue grew to $71.3 million from $51.3 million in the same period last year. The company had forecast first quarter revenues of between $66 million to $68 million.
Ad revenues rose 51 percent to $47.8 million, exceeding Sina's guidance of between $45 million and $46 million.
Sina expects revenue in the second quarter at between $88 million to $90 million, compared with the $81.7 million forecast on average by Wall Street analysts.
Sina also said its mobile business continued its rebound during the first quarter.
Sina shares rose 9.3 percent to $58.11 in extended U.S. trading after the results were announced, adding to its 2.5 percent gain in regular Nasdaq trading to $53.15. (Reporting by Sue Zeidler and Kirby Chien; Editing by Tim Dobbyn)