China’s SINA Grows Ad Profits 61%
One of the largest Chinese sites and early public market entrants from the China called Sina Corp posted a 61 percent rise quarterly profit due to a massive advertising revenue jump.
Shanghai-based Sina, which provides news, games, shopping and other Internet-based services to Chinese at home and abroad, forecast fourth-quarter revenue of between $68 million and $70 million, in line with analysts’ average forecast of $69.8 million. Shares in Sina, China’s top portal by revenues, fell 6.6 percent in after-hours trading to $46.20 after closing down 3.9 percent to $49.50 in regular trading on Nasdaq.
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