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Sina.com (ticker: SINA), a Chinese online media and value-added information services provider, missed Q4 2004 consensus EPS estimates by $0.01. Here are the
highlights:


Q4 Highlights:
(all percentage changes and comparisons are year on
year, unless stated otherwise)

  • Revenues grew 49% to $56.9 million, exceeding company guidance of $54.5 - $55.5 million.

  • Advertising revenues rose 41% to $18.3 million, but represented a 1% decrease from $18.5 million reported in the previous quarter.
    The sequential decline in advertising revenues was mainly due to the higher
    revenues generated in the previous quarter as a result of Olympic Games
    events.
  • Advertising revenues accounted for 32% of total revenues.
  • Non-advertising revenues increased 52% to $38.6 million.
  • Total revenues
    from mobile value-added services increased 56% to $35.7 million, and an increase of 14% from
    $31.3 million reported in the previous quarter.
  • GAAP net income for Q4 was $17.4 million or $0.30 diluted net income per share, compared to a net income of $9.3 million, or $0.16 diluted net income per share for the same period in 2003
  • Non-GAAP net income for the quarter was $18.4 million, or $0.31 non-GAAP diluted net income per share, compared to a non-GAAP net income of $15.9 million, or $0.28 non-GAAP diluted net income per share.
  • Non-GAAP net income was below the range of the Company's guidance between $18.5 million and $19.0 million

Q1 2005 Guidance:

  • Total revenue of
    $43.0 - $47.0 million. Analysts were expecting $57.2 million
  • Advertising revenue of $16.5 - $17.0 million
  • Non-advertising revenue of $26.5 - $30.0 million
  • Non-GAAP net income of $11.0 - $13.0 million
  • The effective income tax rates for Q1
    2005 and FY 2005 of 5% - 10%
  • As a
    result of the notice issued by SARFT in late January 2005, the changes in
    China Mobile's billing process for MMS in January 2005, and China Mobile's
    migration from MMS to MISC platform, there is greater uncertainty as to these
    financial projections at this time than there has been in recent prior
    quarters with respect to such projections.
Source: SINA misses estimates on weak ad sales, guides lower (4Q04 earnings)

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