Web portal Sina posts $336 million quarterly loss

November 9, 2011

(AP) -- Sina Corp., a popular Chinese web portal operator, sank to a loss in the latest quarter due to writedowns on investments in two online businesses but revenues and microblog traffic were up.

The Beijing-based company said Wednesday it lost $336.3 million for the three months ended Sept. 30, or $5.10 per share. Revenue rose 20 percent from a year earlier to $130.3 million.

Sina said most of the loss was due to its decision to write down the value of investments in China Real Estate Information Corp. and online clothing retailer Mecox Lane Ltd. by a total of $281.2 million.

Advertising revenue rose 25 percent to $101 million.

Sina's popular microblog, Weibo.com, has seen "rapid growth of new users," CEO Charles Chao said in a statement. He gave no details.

"Our focus now turns to adding more features to Weibo to increase user ," Chao said.

China has the world's most populous with more than 485 million people online as of the end of June.

Explore further: China's Sina to launch English microblogging site

More information: Sina Corp.: http://www.sina.com

0 shares

Related Stories

China's Tencent launches English microblog site

October 11, 2011

Chinese Internet giant Tencent has launched an English version of its Twitter-like microblogging service in a push to tap the overseas market, the official Xinhua news agency reported Tuesday.

Baidu profit up 80 percent, forecasts more growth

October 28, 2011

(AP) -- Baidu Inc., which operates China's most popular search engine, said Friday its latest quarterly profit jumped 80 percent as strong growth in usage of its site helped to drive advertising revenue higher.

China microblogging site to tighten controls

September 19, 2011

China's popular micoblogging site Weibo said it was tightening controls over its Twitter-like service, state press said Monday, amid concerns over growing government interference on the web.

China's Baidu quarterly profit up 95 percent

July 26, 2011

Baidu Inc., which operates China's dominant search engine, said Tuesday its quarterly profit jumped 95 percent on traffic growth and strong spending by big advertising customers.

Recommended for you

'Droneboarding' takes off in Latvia

January 22, 2017

Skirted on all sides by snow-clad pine forests, Latvia's remote Lake Ninieris would be the perfect picture of winter tranquility—were it not for the huge drone buzzing like a swarm of angry bees as it zooms above the solid ...

Singapore 2G switchoff highlights digital divide

January 22, 2017

When Singapore pulls the plug on its 2G mobile phone network this year, thousands of people could be stuck without a signal—digital have-nots left behind by the relentless march of technology.

Making AI systems that see the world as humans do

January 19, 2017

A Northwestern University team developed a new computational model that performs at human levels on a standard intelligence test. This work is an important step toward making artificial intelligence systems that see and understand ...

Firms push hydrogen as top green energy source

January 18, 2017

Over a dozen leading European and Asian firms have teamed up to promote the use of hydrogen as a clean fuel and cut the production of harmful gasses that lead to global warming.

0 comments

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.