Summary:

Top Chinese internet firm Sina, squeezed by a crackdown on advertising for fortune-telling services, posted a worse-than-expected 36 percent…

Top Chinese internet firm Sina, squeezed by a crackdown on advertising for fortune-telling services, posted a worse-than-expected 36 percent drop in its Q1 earnings.

Q1 net income was $10.3 million, compared with $16 million in the year-earlier quarter. Nevertheless, net revenue rose almost 11 percent to $45.8 million from $41.4 million a year earlier. Ad revenue contributed $16.6 percent — up 27 percent from a year ago — and SMS revenue was $20.2 million.

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