SINA Corporation (the “Company” or “SINA”) (NASDAQ GS: SINA), a leading Internet media company serving China and the global Chinese communities, announced net revenues increased 36% year over year to $171.5 million. Non-GAAP net revenues increased 38% year over year to$167.3 million, exceeding the Company’s guidance between $162.0 million and $167.0 million.
- Advertising revenue grew 44% year over year to $135.7 million, reaching the high-end of the Company’s guidance between $133.0 million and $136.0 million. Non-advertising revenue increased 13% year over year to $35.8 million. Non-GAAP non-advertising increased 17% year over year to $31.6 million, exceeding the Company’s guidance between $29.0 million and $31.0 million.
- Net loss attributable to SINA was $33.2 million, or $0.52 diluted net loss per share attributable to SINA. Non-GAAP net income attributable to SINA grew 617% year over year to $11.1 million, or $0.15 non-GAAP diluted net income per share attributable to SINA.
“We are delighted to report strong revenue growth in the first quarter of 2014 driven by our continuing success in Weibo monetization,” said Charles Chao, Chairman and CEO of SINA. “The successful separate listing of Weibo on the NASDAQ Global Select Market in April opened a new chapter for SINA. The more independent structure will help Weibo to better realize its long-term growth potential and create greater value for our shareholders. Looking forward, we hope to repeat our past successes of leveraging SINA’s brand equity and market influence to build new businesses. We believe there is significant value creation potential by leveraging SINA’s portal assets to build leading verticals and smartly deploying SINA’s own cash pile of over $1.8 billion.”