Sina Sinks, Weibo Rises On Q4 Revenue Outlooks
Sina Corp (NASDAQ: SINA) shares fell in Thursday's extended session after the China Internet company offered a fourth-quarter revenue outlook below Wall Street's expectations.
At the same time, Sina's 56.9 percent owned Weibo Corp (ADR) (NASDAQ: WB) social media unit posted a higher-than-expected revenue forecast and its shares rose in after-hours trading.
Sina, with a core business Web portal, forecast fourth-quarter revenue between $204 million and $210 million, vs. analysts' expectations of $214.75 million.
Sina's adjusted profits in the recent period of $0.19 per share were 12 percent above the Street consensus while its revenue was slightly below views.
Third-quarter net income for Sina grew to $133.6 million, or $1.91 per share, from $25.4 million, or $0.37 per share last year. Revenues grew 7.6 percent to $198.6 million, compared to $184.6 million.
Analysts had expected Sina would post adjusted earnings of $0.17 per share on revenue of $196.36 million.
Separately, Weibo on Thursday forecast fourth-quarter revenue of $102 million to $105 million, vs. Wall Street's prediction of $100.55 million.
Weibo's adjusted loss of $0.01 per share for the recent period was in line with expectations.
For the recent third quarter, Weibo posted a loss of $5.2 million, or $0.03 per share, compared to a net loss of $5.3 million or $0.04 per share last year. Revenue grew to $84.1 million, from $53.4 million last year.
Wall Street had forecast adjusted loss for Weibo of $0.01 per share on revenue of $81.5 million.
Sina traded recently down 3.2 percent to $40.51; Weibo gained 3.7 percent to $20.35.
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