Categories Earnings, LATEST, Technology
Streaming biz helps Sina Corp stay afloat despite slow adverting in Q2
Despite a slowdown in advertising revenues, Chinese technology firm Sina Corp (NASDAQ: SINA) posted second-quarter results that topped Street expectations. Net revenues edged down 1% to $533.1 million, pulled down by a 5% decline in ad revenues. Analysts were expecting Q2 revenues of $510.18 million.
Adverting revenues in Q2 were hurt primarily due to a decline in portal advertising revenues and negative forex impact.
Non-advertising revenues, meanwhile, rose 19% year-over-year to $99.4 million, mainly attributable to the revenues derived from Weibo’s (NASDAQ: WB) live streaming business acquired last year.
Net income, excluding one-off items, came in at $0.76 per share, which was 29 cents higher than the Wall Street projection.
SINA shares gained 5.3% during pre-market hours. The stock has declined 31% in the year-to-date period.
Sina has been experiencing slower growth in the portal website due to the shift of brand advertisers’ budget to mobile applications that attract more user traffic. The development of mobile technology and the increasing penetration of internet have brought China into a new era where people are turning away from traditional portal websites to mobile applications.
Earlier today, Weibo said it surpassed analysts’ expectations for revenue and earnings in the second quarter of 2019, sending shares climbing 5.9% in premarket hours.
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion
Comments
Comments are closed.