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Friday, Nov 16
2012, 11:27 AM
Sina (SINA -15.2%) is near its 52-week low as investors register disappointment with the Q4...
Sina (SINA -15.2%) is near its 52-week low as investors register disappointment with the Q4 guidance accompanying its Q3 beat. Downgrading shares to Sell, Citi expresses concerns about Sina's slumping mobile portal business and suggests it's time to start valuing the company on a P/E basis, something many haven't done on account of Weibo spending, which led R&D expenses to rise 46% Y/Y in Q3. Weibo registered users rose 15% Q/Q to 424M, though only 10% were daily active users. 72% of DAUs at least partly accessed via mobile. (transcript)