(Adds CEO's comments, comparisons and earnings details)
Aug 14 Chinese internet firm Sina Corp
posted better-than-expected growth in both revenue and earnings
on Thursday, riding a strong performance from its Weibo Corp
online messaging subsidiary and a 29 percent jump in
Shares in the company rose about 5.3 percent to $50.40, up
from a close of $47.82 on the Nasdaq.
The results are a shot in the arm for recently struggling
Sina, which booked a $33 million loss in the first quarter as
larger or faster-expanding Chinese rivals like Alibaba, Tencent
and Baidu vied for traffic and advertising.
Excluding Thursday's after-hours gain, Sina's stock had been
down more than 40 percent since 2014's start.
"Weibo is executing well with strong financial performance,
solid traffic growth and measurable progress toward building out
a social commerce platform and offering native ads to
large-brand customers," Sina CEO Charles Chao said in a
Weibo, the company behind what's often described as China's
Twitter, more than doubled its revenue in the second quarter, as
usage and traffic grew.
Sina's revenue on a non-GAAP basis climbed to $184.4
million, up 21 percent from $152.8 million a year earlier and
surpassing the $179.2 million that Wall Street had expected.
Net income attributable to the company, on a non-GAAP basis,
slid 15 percent to $12.1 million or 17 cents a share. But that
tidily beat forecasts for 9 cents, according to Thomson Reuters
It forecast net revenue on a non-GAAP basis of $193 million
to $199 million, versus an average forecast for about $199.12
(Reporting by San Francisco newsroom; Editing by David Gregorio
and James Dalgleish)