Sina losses double on Weibo IPO charge

May 22, 2014

Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a $40 million charge stemming from the stock listing of its Weibo microblog unit.

Sina Corp. said late Wednesday that it lost $33.2 million in the January-March period, up from $13.2 million a year earlier. Revenue rose by more than a third to $171.5 million.

Weibo, reporting its first earnings since going public, said separately that its first-quarter loss also more than doubled, to $47.4 million, because of the same non-cash charge. Revenue grew by about two and half times to 67.5 million.

Sina spun off its Twitter-like microblog site Weibo in April in a U.S. that raised a less-than-expected $285.6 million.

The company also said has been working with Chinese government authorities and modifying its online publication and video channels after Beijing revoked two of the company's licenses and fined it in May for indecent content after accusing it of hosting pornography.

Sina said the modifications will have "an adverse impact" on but it was not able to "quantify the magnitude and extent of such impact."

The penalties for Sina are part of a wider crackdown on online expression that has resulted in the closure of individual microblogs and punishments for spreading rumors online.

Explore further: Sina plans New York IPO for Weibo microblog

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Sina plans New York IPO for Weibo microblog

Feb 25, 2014

(AP)—Chinese internet company Sina Corp. plans to spin off its Twitter-like microblog service, Weibo, in a U.S. initial public offering to raise $500 million, a person with knowledge of the deal said Tuesday.

China fines Sina over 'indecent' content

May 03, 2014

Chinese authorities have slapped Internet giant Sina Corp. with a fine of more than $815,000 over "unhealthy and indecent content", the company announced.

Sina suspends book site after pornography reported

Apr 25, 2014

Sina.com temporarily closed its literature site Friday after being accused of hosting pornography, and authorities confirmed they were revoking two crucial licenses, ensnaring one of China's top web portals ...

Sina says quarterly profit triples

Aug 16, 2012

(AP) — Sina Corp., which operates a popular Chinese Internet portal, said Thursday its quarterly earnings tripled but cautioned that its fast-growing Weibo microblog service is unlikely to produce significant operating ...

Recommended for you

Why the Sony hack isn't big news in Japan

11 hours ago

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

16 hours ago

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

17 hours ago

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

Dec 19, 2014

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.