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Earnings: Sina Q2 Revs Up 52 Percent; Net Income Spikes; Guides Up

imageAnother bang-up quarter from a major Chinese internet name… reported Q2 revenue of $91.3 million, up 53 percent year-over-year, and ahead of company estimates of $88-$90 million. Adjusted net income grew 62 percent to $26.2 million ($.43 per share) ahead of the $.40 per share analyst had been expecting. The company did well in advertising, with revenue growing 58 percent to $64.9 million, as well as non-advertising revenue, which was up 42 percent. For the coming quarter, the company is calling for revenue of $100-$104 million, which compares very favorably to the current consensus of $98.3 million. CEO Charles Chao said in the release that the firm should benefit from an upcoming sporting event: “”We expect SINA’s advertising momentum to further accelerate in the third quarter, as we are prepared to provide an unprecedented online media coverage of the Beijing Olympic Games.”

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