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Earnings: Sina Q3 Revs Up 15 Percent; Ad Growth Offsets Mobile Weakness

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Chinese internet portal Sina (NSDQ: SINA) reported Q3 revenue of $64.3 million, up 15 percent from last year’s $56.05 million. Net income grew 60 percent to $17.2 million from $10.7 million. Excluding certain adjustments in both quarters, growth would have been 30.9 percent. Total ad revenue at the company grew 45 percent to $45.8 million, but it was dragged down by a 21 percent drop in non-ad revenue (primarily mobile services) to $18.6 million, attributable to regulatory changes. Sina experienced a similar drop in that area last quarter. Gross margins for the quarter narrowed to 62 percent from 64 percent, partly due to the mobile business, but also due to higher costs for bandwidth, content and web production.The stock is currently off almost 7 percent after hours.

Earnings release | Webcast (8:00 PM est)