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
Feb. 24, 2014, 4:35 PM
Feb. 24, 2014, 12:10 AM
Feb. 23, 2014, 5:35 PM
Nov. 12, 2013, 5:27 PM
- SINA expects Q4 revenue of $190M-$194M, well above a $182.1M consensus. Ad revenue is expected to total $160M-$162M, up from a Q4 2012 level of $110.7M.
- Q3 ad sales rose 26% Y/Y to $151.6M; that's a faster growth rate than Q2's 17%. A major reason: Weibo ad sales jumped 46% Q/Q and 125% Y/Y to $43.7M.
- Non-ad revenue only rose 5% Y/Y to $28.4M, after growing 35% in Q2. The slowdown occurred even though Weibo value-added service revenue rose 26% Q/Q and 121% Y/Y to $9.7M.
- Gross margin jumped to 64% from 54% in Q2 and the year-ago period. Sina says its "efforts to scale its core advertising business profitably" are improving margins.
- Opex rose 23% Y/Y, slightly outpacing rev. growth of 21%. A 29% increase in R&D spend to $36.6M had much to do with the increase.
- SINA +3.4% AH. CC at 8PM ET. Q3 results, PR.
Nov. 12, 2013, 4:46 PM
Nov. 12, 2013, 12:10 AM
Nov. 11, 2013, 5:35 PM
Aug. 12, 2013, 5:40 PM
- Sina (SINA) expects Q3 revenue of $176M-$180M, well above a $165.5M consensus.
- Ramping Weibo monetization helped fuel the Q2 beat. Weibo ad revenue +209% Y/Y to $30M, and Weibo value-added service (VAS) revenue (games, membership fees) +186% to $7.7M. Weibo now makes up 24% of total revenue.
- Total ad revenue +17% Y/Y to $120.6M (+20% in Q1), total non-ad revenue +35% to $32.2M (only +17% in Q1).
- Ad revenue is expected to surge to $151M-$153M in Q3, but non-ad revenue is expected to drop to $25M-$27M thanks to a $6M Q/Q decline in mobile VAS revenue.
- Gross margin was 54%, up from 51% in Q1 and 53% a year ago.
- Another reason for the EPS beat: opex only rose 13% Y/Y, less than rev. growth of 20% and representing a sharp slowdown in growth from recent quarters. Lower marketing spend was partly responsible.
- CC at 9PM ET. Q2 results, PR
Aug. 12, 2013, 5:03 PM
Aug. 12, 2013, 12:10 AM
Aug. 11, 2013, 5:35 PM
Aug. 1, 2013, 5:45 PM
- YY's Q3 guidance is for revenue of RMB430M-RMB440M ($70.1M-$71.8M), good for 88%-92% Y/Y growth and well above a consensus of $61.4M.
- Q2 music services (YY Music) revenue +189% Y/Y to $27.8M (42% of total) thanks to a 174% increase in paid users to 635K.
- Online game revenue +87% Y/Y to $24.8M. Paid users +61% to 440K, Q2 ARPU +16% to RMB346 ($56.72).
- Online ads +42% to $6.9M, other revenue (membership program) +149% to $7.1M.
- Opex doubled Y/Y to $22.4M thanks to higher R&D and G&A spend. But since gross profit rose 136% Y/Y on the back of 118% rev. growth, op. margin rose to 20.2% from 12.7% a year ago.
- Chinese social networking peers are up in sympathy. Renren (RENN) +2.8% AH after soaring 19.5% in regular trading in the absence of major news. Sina (SINA) +0.8% after rising 6.8% thanks to Alibaba's moves.
- Q2 results, PR
May 16, 2013, 5:08 PM
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