Thursday 16 May 2013

China's Sina sees loss narrow as revenues rise


Sina Corp, which runs China's biggest micro-blogging service, saw losses narrow in the first three months of the year as non-advertising revenues rose.

The net loss was $13.2m (£8.7m), compared to a loss of $13.7m a year earlier, the US-listed company said.
Revenue, including from web games and membership fees, rose 17% to $27m, beating expectations.
Sina has amassed more than 500 million users on its popular weibo micro-blogging site.
The company said it continues to see strong growth in user numbers even though the Chinese government has tightened restrictions on comments made on micro-blogs in recent months.
Sina said for the second quarter it expected net revenue of between $143m and $147m, above analyst expectations.
Shares of Sina were 4.7% higher in after-hours trading.