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SINA Q3 2013 Revenues Up 21%

SINA Corporation revenues increased 21% year over year to $184.6 million.  Non-GAAP net revenues increased 22% year over year to $179.9 million, reaching the high end of the Company’s guidance between $176.0 million and $180.0 million.

Advertising revenues grew 26% year over year to $151.6 million, within the Company’s guidance between $151.0 million and $153.0 million.  Non-advertising revenues increased 4% year over year to $33.1 million.  Non-GAAP non-advertising revenues increased 5% year over year to $28.4 million, exceeding the Company’s guidance between $25.0 million and $27.0 million, mainly driven by the growth of Weibo value-added Services (“Weibo VAS”) revenues.

Net income attributable to SINA grew 157% year over year to $25.4 million, or $0.37 diluted net income per share attributable to SINA.  Non-GAAP net income attributable to SINA grew 144% year over year to $28.5 million, or $0.42 non-GAAP diluted net income per share attributable to SINA.

Highlights for the Nine Months Ended September 30, 2013:  Net revenues increased 20% year over year to $468.1 million.  Non-GAAP net revenues increased 21% year over year to $454.0 million.  Advertising revenues grew 21% year over year to $366.4 million. Non-advertising revenues increased 16% year over year to $101.7 million.  Non-GAAP non-advertising revenues increased 19% year over year to $87.6 million.

Net income attributable to SINA was $0.7 million, or less than $0.01 diluted net loss per share attributable to SINA.  Non-GAAP net income attributable to SINA was $44.3 million, compared to $1.4 million for the same period last year.  Non-GAAP diluted net income per share attributable to SINA was $0.65, compared to $0.01 for the same period last year.

“We are pleased with our results for the third quarter with significant growth in profitability driven primarily by strong momentum in Weibo monetization,” said Charles Chao, Chairman and CEO of SINA.  “We are at the dawn of leveraging user behaviors to provide more interesting and relevant advertising and services.  Our efforts to diversify Weibo’s monetization while continuing to invest and innovate SINA’s offerings are seeing not only revenue acceleration but also continuing profit margin expansion.”

About SINA:  SINA is an online media company serving China and the global Chinese communities. The digital media network of SINA.com (portal), SINA.cn (mobile portal) and Weibo.com (social media), enable Internet users to access professional media and user generated content (“UGC”) in multi-media formats from the web and mobile devices and share their interests to friends and acquaintances.

Source:  Finance.yahoo.com

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