Tue, Mar. 10, 5:07 PM
- Though it beat Q4 estimates, SINA is guiding for 2015 revenue of $800M-$900M; the midpoint is below an $884.6M consensus. Majority-owned Weibo (NASDAQ:WB) is guiding for Q1 revenue of $93M-$96M vs. a $94.4M consensus.
- The companies have announced Sina CFO Herman Yu will become Weibo's CFO, and Weibo CFO Bonnie Zhang will become Sina's CFO.
- With Weibo providing a boost, Sina's ad revenue rose 14% Y/Y in Q4 to $181.9M. Non-advertising revenue (non-GAAP) fell 18% to $26.6M, with a $4.8M drop in mobile value-added service (VAS) revenue offsetting a $1.9M increase in Weibo VAS revenue.
- Sina's gross margin was 65%, up from 63% in Q3 and 64% a year ago. Operating expenses rose 34% Y/Y to $132.9M (compares with just 7% revenue growth).
- Weibo's Q4 revenue beat was driven by a 57% Y/Y increase in ad/marketing service revenue to $88M; VAS revenue rose 12% to $17.2M. Costs/expenses rose 40% to $95.5M (compares with 47% revenue growth).
- Weibo monthly active users rose 5% Q/Q and 36% Y/Y to 175.7M. Daily active users rose 5% Q/Q and 31% Y/Y to 80.6M.
- SINA +0.8% AH to $36.50; shares went into earnings less than $2 away from a 52-week low of $34.89. WB -1.8% to $14.61 after rising 2.2% in regular trading.
- Sina: Q4 results, PR. Weibo: Q4 results, PR.
Tue, Mar. 10, 4:33 PM
Mon, Mar. 9, 5:35 PM
Nov. 13, 2014, 4:52 PM
- Though it beat Q3 estimates, SINA expects Q4 revenue of $204M-$210M, below a $214.8M consensus. On the other hand, majority-owned Weibo (NASDAQ:WB) expects Q4 revenue of $102M-$105M, above a $100.6M consensus.
- Thanks to Weibo, Sina's Q3 ad revenue rose 10% Y/Y to $166.8M, and its non-ad revenue rose 3% to $29.2M. However, portal ad revenue fell by $6.5M Y/Y, and mobile value-added service revenue fell by $7.4M.
- Sina's Q3 gross margin was 63%, +200 bps Q/Q and -100 bps Y/Y. Opex rose 40% Y/Y to $127.1M, handily exceeding revenue growth of 9%.
- Weibo's ad/marketing revenue rose 50% Y/Y to $65.4M, and its value-added services revenue (boosted by its Alibaba partnership) 93% to $18.8M. Costs/expenses rose 51% to $87.8M, slightly trailing revenue growth of $84.1M.
- Weibo monthly active users rose 7% Q/Q and 36% Y/Y to 167M. Daily active users rose 10% Q/Q and 30% Y/Y to 76.6M.
- Sina: Q3 results, PR. Weibo: Q3 results, PR.
Nov. 13, 2014, 4:33 PM
Nov. 12, 2014, 5:35 PM
Aug. 14, 2014, 6:05 PM
- SINA expects Q3 revenue of $193M-$199M, below a $199.1M consensus. Subsidiary Weibo (NASDAQ:WB) expects Q3 revenue of $79M-$82M, in-line with an $80.2M consensus.
- Sina's online ad revenue rose 29% Y/Y in Q2 to $184.4M, while its non-ad revenue fell 11% to $28.6M thanks to a $13.6M drop mobile value-added service revenue. The revenue figures include contributions from Weibo.
- Sina's gross margin rose to 61% from 60% in Q1 and 54% a year ago. Opex rose 55% Y/Y (well above rev. growth of 19%) to $116.9M thanks to heavy marketing and R&D investments.
- Weibo's ad/marketing revenue rose 99% Y/Y to $59.6M, and its value-added service revenue rose 130% to $17.7M. Costs/expenses rose 18% (less than rev. growth of 105%) to $87.8M.
- Weibo's monthly active users rose 9% Q/Q and 30% Y/Y to 156.5M. Daily active users rose 5% Q/Q and 32% Y/Y to 69.7M.
- Low expectations appear to be helping Sina out.
- Sina: Q2 results, PR. Weibo: Q2 results, PR.
Aug. 14, 2014, 5:02 PM
Aug. 13, 2014, 5:35 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
Feb. 25, 2014, 5:51 PM
- Though up 163% Y/Y, Sina's (SINA -9.3%) Weibo ad sales were below Deutsche's forecast, says analyst Vivian Hao while taking stock of the company's Q4 report. Hao, who maintains a Buy on Sina, also notes earnings would've missed estimates if not for a $19.5M change in the fair value of investor option liability for Alibaba's Weibo investment.
- At the same time, she's pleased ad sales tied to Alibaba's Taobao and Tmall sites grew 19% Q/Q to $23.8M, aided by a shift to impression-based (CPM) pricing. Hao asserts Weibo's strategic value "remains solid" in the face of stiff competition, given the "scarcity of sizable mobile-popular marketing platforms in China," but also expects a spending ramp to once more pressure near-term margins.
- Sina mentioned on its CC (transcript) Weibo's daily active users rose 4% Q/Q and 36% Y/Y to 61.4M, after adjusting for a methodology change. Average time spent per Weibo DAU rose 3% Q/Q and 16% Y/Y, with mobile engagement growing and PC engagement slipping.
Feb. 24, 2014, 4:49 PM
- SINA expects Q1 revenue of $162M-$167M, in-line with a $165.2M consensus. Ad revenue is expected to total $133M-$136M, non-ad revenue $29M-$31M.
- Ad revenue +45% Y/Y in Q4 to $160.1M, a major pickup from Q3's 26% growth rate. Non-ad revenue +36% to $32.3M vs. only +5% in Q3.
- Weibo is the main reason growth has accelerated: Weibo ad revenue +163% Y/Y to $56M, Weibo non-ad revenue (data licensing, gaming, membership fees) +114% to $15.4M.
- Gross margin was 64%, flat Q/Q and +700 bps Y/Y. Opex +35% Y/Y, trailing revenue growth (43%) after exceeding it in many recent quarters.
- No Weibo IPO announcement has been made. The WSJ reported this morning Sina is eying a ~$500M Q2 IPO for Weibo.
- Q4 results, PR
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