WASHINGTON (dpa-AFX) - Sina Corp. (SINA) Tuesday reported a loss for the first quarter, compared to a profit in the prior-year period, driven mainly by higher expenses and lower margins, notwithstanding a 6 percent revenue growth.
First-quarter loss attributable to Sina was $13.7 million or $0.21 per share, compared to a profit of $15.0 million or $0.23 per share last year.
Adjusted loss attributable to Sina for the period was $14.0 million or $0.21 per share, compared to a profit of $16.9 million or $0.25 per share last year. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss of $0.23 per share for the first quarter. Analysts' estimates typically exclude special items.
First-quarter revenues increased 6 percent to $106.2 million from $100.2 million last year. Adjusted revenues for the period totaled $101.5 million, compared to $95.5 million last year. Analysts expected revenues of $102.56 million for the period.
Gross margin was 46 percent, down from 53 percent last year.
Operating expenses for the period totaled $67.2 million, compared to $41.8 million last year.
Looking ahead to the second quarter, the company has forecast adjusted revenues in the range of $126 million to $129 million. Analysts currently expect revenues of 130.44 million for the second quarter. Adjusted revenues exclude recognition of $4.7 million in deferred license revenue related to Sina's equity investment in CRIC.
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