SINA Q2 Results Top Estimates; Sees Q3 Revenue Above Consensus

(RTTNews) - SINA Corp. (SINA) reported a net loss for the second quarter of $11.5 million or $0.17 per share, compared to net income of $33.2 million or $0.49 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $14.2 million or $0.21 per share, compared to $3.7 million or $0.05 per share in the prior year quarter.

Net revenues for the second quarter increased 20% to $157.5 million from $131.6 million a year ago. Adjusted net revenues increased 20% year over year to $152.8 million, exceeding the Company's guidance between $143.0 million and $147.0 million.

Analysts polled by Thomson Reuters expected the company to earn $0.12 per share on revenue of $145.18 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward, SINA estimates that its adjusted net revenues for the third quarter will be between $176 million and $180 million. Analysts currently expect the company to post revenue of $165.46 million for the third quarter.