Weibo operator Sina more than doubles profit
November 28, 2013 Category Uncategorized
Sina, operator of China’s most popular microblogging site Weibo, more than doubled its third-quarter net profit from last year after the site’s income grew strongly as more vendors chose social networking sites to better engage with consumers and market their products. Sina’s net earnings jumped 157% to USD25.4 million and sales increased 21% to USD185 million. Weibo contributed USD43.7 million of the sales, more than double from last year and also 46% higher from the previous quarter. Total advertising income gained 26% to USD151.6 million. Earlier this year Sina reached a USD586 million deal for Alibaba to buy an 18% stake in Weibo. The deal is expected to yield USD380 million of revenue in the next three years. Separately, Tencent, China’s largest internet company by market value and operator of the popular WeChat smartphone chatting application, said earnings in the third quarter increased 20% from a year ago to CNY3.87 billion. Its revenue jumped 34% to CNY15.5 billion, the company said. Advertising revenue climbed 26% to USD151.6 million. The company forecast fourth-quarter non-GAAP revenue of between USD190 million and USD194 million, including USD160 million to USD162 million from advertising.
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