It takes a strong heart to invest in any of the Chinese portals these days…the yo-yo game is crazy. Sina, one of the big three (or four, depending on who you ask) reported some major management changes and its Q1 earnings today. Its longtime (10 years) CEO Yan Wang has resigned, although he’ll remain on the board as vice chairman. Charles Chao, formerly Sina’s president and CFO, was named the new CEO. He’ll remain president.
Meanwhile, in Q1, its earnings fell 32% from a year ago but still beat estimates. Sina earned $7 million, or 12 cents a share, in the quarter, compared with $13.8 million, or 18 cents a share, last year. Revenues rose 2% from last year to $46.7 million, reflecting a 33% rise in advertising revenue to $22.2 million and a 16% decline in non-advertising revenue to $24.5 million.
Its mobile sales fell 14% from a year ago to $22.7 million, including a 20% in messaging revenue to $16.2 million.
More on management changes here and the earnings here
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