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SINA narrows 1Q loss on improved revenue

The Associated Press

SINA Corp., which operates a popular Chinese Internet portal, said Thursday that it narrowed its first-quarter loss on improved revenue.

The company posted a loss of $13.2 million, or 20 cents per share, for the quarter that ended March 31. That compares with a loss of $13.7 million, or 21 cents per share, in the same quarter last year. Excluding one-time items the company earned 2 cents per share in the recent quarter.

Revenue rose 19 percent to $126 million.

Analysts polled by FactSet expected the company to post a loss of 4 cents per share on revenue of $120.7 million.

Chairman and CEO Charles Chao said that SINA is making good progress in transitioning from a personal computer-focused business to a mobile-centric Internet company. SINA has also benefited from new products and partnerships, such as one with online retailer Alibaba, to help propel it into the e-commerce business.

SINA expects second-quarter revenue of $143 million to $147 million. Analysts forecast $146.6 million.

SINA shares rose $2.29, or 3.9 percent, to $61.10 in after-hours trading.