May 21, 2014, 5:42 PM
May 21, 2014, 5:28 PM
- SINA expects Q2 revenue of $177M-$182M, soundly below a $197.7M consensus.
- Weibo (WB), 57%-owned by Sina following its IPO, expects Q2 revenue of $74M-$76M, below a $77.9M consensus. The microblogging leader (revenue +161% Y/Y) accounted for 40% of Sina's Q1 revenue of $167.3M.
- Sina's online ad revenue (inc. Weibo) rose 44% Y/Y in Q1 to $135.7M, while its non-ad revenue rose 17% to $31.6M.
- Gross margin was 60% vs. 64% in Q4 and 51% a year ago, and opex rose 50% Y/Y to $104.4M (exceeding rev. growth of 38%).
- Weibo's ad/marketing revenue rose 161% Y/Y to $51.9M, and its value-added service revenue grew 120% to $15.7M. Display ad growth boosted the former figure, as did promoted Weibo feeds and e-commerce ads stemming from the company's Alibaba partnership.
- Weibo's costs/expenses rose 76% Y/Y to $73.1M. Monthly active users (MAUs) rose by 14.7M Q/Q to 129.1M, and daily active users by 5.2M to 66.6M.
- Sina: Q1 results, PR. Weibo: Q1 results, PR
May 21, 2014, 5:02 PM
May 20, 2014, 5:35 PM
May 2, 2014, 5:14 PM
- SINA expects to report Q1 revenue of $171M and EPS of $0.15, above a consensus of $164.7M and $0.13.
- The company also announces it received two notices from Chinese regulators stating its "License for Online Transmission of Audio-Visual Programs would be revoked due to certain unhealthy and indecent content from third-parties or by users" on Sina.com and its affiliated online literature site.
- Sina says it's still "evaluating the impact" of the decision. The notices arrive a week after media reports stated Sina's licenses are being revoked.
- Subsidiary Weibo (WB) is down 0.9% AH. Sina's Q1 report will arrive "on or around" May 21.
Apr. 24, 2014, 4:50 PM
- Baidu (BIDU) expects Q2 revenue of RMB11.82B-RMB-12.11B ($1.901B-$1.948B), above a consensus of RMB11.55B.
- Revenue growth accelerated to 59.1% in Q1 from 50.4% in Q4. Online ad customers fell 1.1% Q/Q to 446K after falling 2.8% in Q4, but revenue per ad customer remained steady Q/Q and rose 44.1% Y/Y to RMB20.9K ($3,362).
- As promised, Baidu continues to invest aggressively: SG&A spend soared 136.9% Y/Y to $323.2M, thanks in large to mobile promotional efforts. R&D spend rose 57.5% to $205.4M.
- Traffic acquisition costs rose to 12.4% of revenue from 12.3% in Q4 and 10.2% a year ago. Content costs (fueled by online video licensing) rose to 4.1% of revenue from 3.8% in Q4 and 1.6% a year ago.
- Up in sympathy: SINA +1.6%. SOHU +1%. QIHU +2.6%. YY +1.1%. WB +1.5%. YOKU +1.7%.
- Q1 results, PR
Apr. 24, 2014, 11:11 AM
- The Chinese government has revoked Sina's (SINA -5.8%) online publishing and video licenses after finding articles and videos posted on Sina.com that contained "lewd and pornographic content."
- For the time being, Sina.com is fully operational. A government official tells Xinhua it's not certain when the punishment will be implemented, and that Sina should have the chance to appeal. Sina's Weibo unit has already run afoul of regulators plenty of times.
- Sina's shares are off sharply on a down day for Chinese Internet stocks.
Apr. 17, 2014, 4:20 PM
- Though pre-IPO demand was muted (leading to conservative pricing) and initial trading wasn't impressive, Weibo (WB +19.1%) and Leju (LEJU +18.6%) closed up strongly. The former is now worth $4.05B (21x sales), and the latter $1.57B (4.7x sales).
- Sina (SINA +6.7%) managed to follow Weibo higher, but E-House (EJ -5%) couldn't get a similar lift from Leju.
- Chinese Internet companies with upcoming IPOs - the list includes JD.com, Jumei.com (JMEI), and Cheetah Mobile - are likely breathing sighs of relief.
Apr. 17, 2014, 12:07 PM
- Weibo (WB) opened at $16.27, below its $17 IPO price (at the low end of a $17-$19 range) . But shares have very quickly jumped to $18.18, giving them a 6.9% gain.
- The Chinese microblogging leader is worth $3.64B. Parent Sina (SINA +2.4%), which stands to own 58% of Weibo post-IPO after accounting for its downsized offering, has shot higher as well.
- Prospectus, IPO preview
- Update (12:20PM): Weibo is now up 10.1%.
Apr. 17, 2014, 11:53 AM
Apr. 15, 2014, 4:55 PM| Apr. 15, 2014, 4:55 PM | 8 Comments
Apr. 11, 2014, 9:26 AM
- SINA's buyback comes with shares having fallen 43% from a 52-week high of $92.83 ahead of Weibo's anticipated IPO, thanks in part to a massive March/April rout in Chinese Internet names.
- The buyback is good for repurchasing 14% of shares at current levels. Sina has $1.87B in cash and short-term investments to finance repurchases, and will soon be receiving additional funds via the sale of 24.2M Weibo shares to Alibaba.
Apr. 10, 2014, 4:01 PM
- Following a two-day rebound, high-beta tech stocks are seeing monumental losses once again. The Nasdaq is closing with its biggest one-day decline since 2011 (eclipsing last week's 110-point drop).
- Security hardware/software providers were hard-hit following Imperva's (IMPV -43.8%) big warning: FEYE -11.6%. PANW -6.4%. PFPT -9.8%. FFIV -4.7%. KEYW -6.5%. FTNT -6.9%. QLYS -10.4%.
- Other high-beta enterprise names didn't fare much better: DATA -10%. SPLK -10.3%. WDAY -9.3%. VRNS -8%. EOPN -7.9%. FIO -7.6%. BLOX -9.7%.
- Major Internet decliners: P -11%. YELP -10.6%. ZNGA -6.6%. YY -7.3%. QIHU -9.3%. SINA -6.6%.
- Solar: TSL -10.4%. CSIQ -10.4%. JKS -7.9%. SPWR -7.4%. JASO -6.8%. CSUN -8.2%.
- 3D printing: DDD -10.6%. VJET -13.3%. ONVO -8.1%. XONE -7.7%. SSYS -6.7%.
Apr. 4, 2014, 5:04 PM
- Weibo (WB) has set an IPO price range of $17-$19. The spells a valuation range of $3.5B-$3.9B for the Chinese microblogging leader, which is looking to raise $340M-$380M by selling 20M shares.
- SINA stands to have a 56.9% stake in Weibo post-IPO, down from a current 77.6%. Alibaba (ABABA) will grow its stake to 32% from a current 19.3% by purchasing 3M shares through the IPO, another 3M through a private placement with Weibo, and 24.2M from Sina.
- Goldman, Credit Suisse, Morgan Stanley, and Piper are underwriting.
- Previous: Weibo's IPO filing, 2013 financials/user data
Mar. 31, 2014, 9:36 AM
- Sina (SINA +3%) has been upgraded to Outperform by both Pac Crest and UBS.
- ExOne (XONE +3.9%) has been upgraded to Buy by BB&T. Shares tumbled 11 days ago due to a Q4 miss and soft guidance.
- Vipshop (VIPS +7.3%) has been upgraded to Buy by Goldman. Shares have corrected lately after skyrocketing in response to the company's blowout Q4 numbers and strong guidance.
- MercadoLibre (MELI -1.1%) has been started at Sell by Citi. Forex-related concerns have been running high for a while.
Mar. 18, 2014, 9:54 AM
- Sina (SINA -4.2%) has been cut to Hold by Maxim a day after taking off in response to Weibo's IPO filing.
- Informatica (INFA +2%) has been upgraded to Buy by CLSA.
- 21Vianet (VNET +8%) has been upgraded to Outperform by Credit Suisse.
- Marketo (MKTO +2.4%) has been upgraded to Neutral by UBS. The company is widely viewed as a buyout candidate following the acquisition of peers.
- Alliance Fiber (AFOP +8.3%) has been upgraded to Buy by B. Riley.
- Shutterfly (SFLY -5.9%) has been cut to Underperform by Cowen.
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