Sina Q3 profit more than doubles from year ago
SAN FRANCISCO (Reuters) - Chinese Internet company Sina Corp reported profit in the third quarter more than doubled from a year ago, due to strong revenue growth from its Weibo microblogging service.
U.S. listed shares of Sina were up 3.6 percent at $78.65 in after-hours trading on Tuesday.
In the three months ended September 30, Sina's adjusted net revenue increased 22 percent from a year ago to $179.9 million. Weibo advertising revenues grew 125 percent in the third quarter.
Sina posted net income of $25.4 million, or 37 cents per share, versus $9.9 million, or 14 cents per share, in the year-ago period.
Excluding certain items, Sina said it earned 42 cents per share.
Sina said that it expected adjusted net revenue to range between $190 million and $194 million in the fourth quarter.
(Reporting by Alexei Oreskovic; Editing by Ken Wills)