SINA reports net income for Q3, provides outlook for Q4

SINA Corporation, an online media company, has reported that net income attributable to the company for the third quarter ended September 30, 2012 was $9.88 million, or $0.14 per diluted share, compared to a net loss attributable to the company of $336.34 million, or $5.10 loss per diluted share for the same quarter ended September 30, 2011. The company expects non-GAAP net revenues to be in the range of $132 million to $136 million for the fourth quarter of 2012.

Net revenues for the third quarter ended September 30, 2012 were $152.38 million, compared to $130.29 million for the same quarter ended September 30, 2011.

Net income attributable to the company for the nine months ended September 30, 2012 was $29.38 million, or $0.43 per diluted share, compared to a net loss attributable to the company of $311.37 million, or $4.80 loss per diluted share for the same period ended September 30, 2011.

Net revenues for the nine months ended September 30, 2012 were $390.2 million, compared to $349.46 million for the same period ended September 30, 2011.

"The London 2012 Olympic Games could very well be termed in China as the 'social' Olympics, pushing Weibo.com's daily active users to a new record and Weibo's registered accounts to surpass 400 million," said Charles Chao, CEO and chairman of SINA.

"We are pleased with the initial results of Weibo monetization, as advertising revenues doubled from the previous quarter and we started revenue sharing with application developers. We believe these new initiatives will help us reduce the impact of China's weak macro-economic conditions. As we look forward into 2013, we are preparing to launch Weibo advertising solutions geared toward the small and medium-sized enterprise market, which will open up new opportunities for SINA advertising."