SINA Reports Second Quarter 2010 Financial Results

SHANGHAI, Aug. 4 /PRNewswire-Asia/ -- SINA Corporation (Nasdaq: SINA), a leading online media company and mobile value-added service ("MVAS") provider for China and for the global Chinese communities, today announced its unaudited financial results for the quarter ended June 30, 2010.

Starting in the fourth quarter of 2009, in addition to the disclosure of GAAP results below, SINA's historical revenues and certain non-GAAP measures (namely, gross profit, operating expenses, income from operations and advertising gross margin) have been revised to exclude results from China Online Housing Technology Corporation ("COHT"), adjusted for the impact of the amended and restated advertising agency agreement on a pro forma basis as if the agreement had been effective at the beginning of the periods presented. These adjustments were made to reflect SINA injecting its online real estate advertising business into its majority-owned subsidiary COHT and exchanging its interest in COHT for approximately 33% interest in China Real Estate Information Corporation ("CRIC") upon the successful listing of CRIC on the NASDAQ Global Select Market in October 2009 ("Transaction"). Non-GAAP measures are described below and reconciled to the corresponding GAAP measures in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

    Second Quarter 2010 Highlights
    -- Net revenues grew 10% year over year to $99.4 million.
    -- Non-GAAP net revenues grew 18% year over year to $94.7 million,
       exceeding SINA's guidance between $90.0 million and $93.0 million.
    -- Advertising revenues grew 27% year over year to $73.1 million.
    -- Non-GAAP advertising revenues grew 52% year over year to $73.1 million,
       exceeding SINA's guidance between $70.0 million and $72.0 million.
    -- Non-advertising revenues decreased 19% year over year to $26.3 million.
    -- Non-GAAP non-advertising revenues decreased 33% year over year to
       $21.6 million, but exceeded SINA's guidance between $20.0 million and
       $21.0 million.
    -- Net income attributable to SINA increased 89% year over year to
       $25.2 million, or $0.38 diluted net income per share attributable to
       SINA.
    -- Non-GAAP net income attributable to SINA increased 62% year over year
       to $27.7 million, or $0.42 non-GAAP diluted net income per share
       attributable to SINA.

"SINA had an outstanding second quarter. Our online advertising business, which excludes the adjusted results of SINA real estate advertising, grew 52% year over year, contributing to SINA's top line and bottom line growth. SINA's ability to rapidly grow online advertising revenues while expanding our profit margin is a reflection of the strength of SINA's brand, market influence and online media capabilities," said Charles Chao, CEO of SINA. "The adoption of SINA Weibo, our Twitter-like miniblog, is strong and increasingly gaining momentum, which is adding excitement to SINA's brand and extending SINA's leadership position in China's online media space."

Financial Results

For the second quarter of 2010, SINA reported net revenues of $99.4 million, compared to $90.3 million for the same period last year. Non-GAAP net revenues for the second quarter of 2010 totaled $94.7 million, compared to $80.6 million for the same period last year. Advertising revenues for the second quarter of 2010 were $73.1 million, compared to $57.8 million for the same period last year. Non-GAAP advertising revenues for the second quarter of 2010 were $73.1 million, compared to $48.1 million for the same period last year. The year over year advertising revenue growth was partially boosted by a successful coverage of the 2010 World Cup.

Non-advertising revenues for the second quarter of 2010 totaled $26.3 million, compared to $32.5 million for the same period last year. MVAS revenues for the second quarter of 2010 amounted to $20.0 million, compared to $30.9 million for the same period last year. The year over year decline in MVAS revenues was primarily due to China Mobile implementing series of measures in late November 2009 and January 2010, including the suspension of billing of wireless application protocol ("WAP"), limiting service offerings and partnerships allowed for each short messaging service ("SMS") code, preventing television and radio promotion of certain interactive voice response system ("IVR") products and requiring additional notices and customer confirmations in the MVAS ordering process. Other non-advertising revenues for the second quarter of 2010 included amortized deferred revenue of $4.7 million relating to the license agreements resulting from the Transaction.

Gross margin for the second quarter of 2010 was 58%, up from 56% for the same period last year. Advertising gross margin for the second quarter of 2010 was 60%, up from 58% for the same period last year. Non-GAAP advertising gross margin for the second quarter of 2010 was 61%, compared to 55% for the same period last year. The increase in non-GAAP advertising gross margin was mostly due to revenues growing faster than advertising cost of revenues. MVAS gross margin for the second quarter of 2010 was 42%, compared to 50% for the same period last year. The decline in MVAS gross margin was primarily due to a decline in mobile revenues without a proportional decline in mobile costs.

Operating expenses for the second quarter of 2010 totaled $32.0 million, compared to $36.7 million for the same period last year. Operating expenses for the second quarter of 2010 included $2.6 million in stock-based compensation expenses and $0.2 million in amortization expenses of intangible assets. Non-GAAP operating expenses for the second quarter of 2010 were $29.1 million, compared to $30.9 million for the same period last year. General and administrative expenses for the second quarter of 2010 included a reversal of $1.6 million in allowance for bad debt, resulting from the receipt of payments for past due accounts receivable. The decrease in non-GAAP operating expenses was also due to lower marketing expenditures, partially offset by higher personnel-related expenses.

Operating income for the second quarter of 2010 was $26.1 million, compared to $13.6 million for the same period last year. Non-GAAP operating income for the second quarter of 2010 was $25.0 million, compared to $12.4 million for the same period last year.

The Company accounts for its investment in CRIC using the equity method of accounting and reports its interest in CRIC one quarter in arrears. Equity loss from CRIC for the second quarter of 2010 was $0.1 million, which is based on the Company's share of net income attributable to CRIC for the first quarter of 2010 less its share of amortization of CRIC's intangibles not on CRIC's books. On a non-GAAP basis, equity income from CRIC for the second quarter of 2010 was $3.4 million, which was calculated based on non-GAAP net income attributable to CRIC following the same non-GAAP financial measures as the Company.

Provision for income taxes for the second quarter of 2010 was $2.4 million, compared to $2.0 million for the same period last year.

Net income attributable to SINA for the second quarter of 2010 was $25.2 million, compared to $13.3 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2010 was $0.38, compared to $0.23 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2010 was $27.7 million, compared to $17.1 million for the same period of last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2010 was $0.42, compared to $0.29 for the same period last year.

As of June 30, 2010, SINA's cash, cash equivalents and short-term investments totaled $828.2 million, compared to $821.5 million as of December 31, 2009. Cash flow from operating activities was $12.9 million for the second quarter of 2010, compared to $18.8 million for the same period last year.

Business Outlook

SINA estimates that its non-GAAP net revenues for the third quarter of 2010 to be between $101.0 million and $104.0 million, with non-GAAP advertising revenues to be between $80.0 million and $82.0 million and non-GAAP non-advertising revenues to be between $21.0 million and $22.0 million. Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of $4.7 million in deferred revenue, which is related to the license agreements resulting from the Transaction.

Non-GAAP Measures

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of SINA's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results." These non-GAAP measures include non-GAAP revenues, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income attributable to SINA, non-GAAP diluted net income per share attributable to SINA, and non-GAAP advertising gross margin.

The Company's management uses non-GAAP financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects. The Company's non-GAAP financial measures exclude certain items, including stock-based compensation, amortization of intangible assets, gain/loss on the disposal/purchase of business and investment, recognition of deferred revenues relating to the license agreements resulting from the Transaction and COHT's adjusted results (for certain non-GAAP measures) from its internal financial statements for purposes of its internal budgets. Non-GAAP financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparisons. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: 1) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and 2) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of its core operating results and business outlook.

The Company's management believes excluding stock-based compensation from its non-GAAP financial measures is useful for itself and investors, as such expense will not result in future cash payment and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding the amortization expense of intangible assets from its non-GAAP financial measures is useful for itself and investors, because they enable a more meaningful comparison of the Company's cash performance between reporting periods. In addition, such charges will not result in cash settlement in the future and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding gain/loss on the disposal/purchase of a business or investment from its non-GAAP financial measure of net income attributable to SINA is useful for itself and investors, because such gains/losses are not indicative of the Company's core operating results.

The Company's management believes excluding the recognition of deferred revenues relating to the license agreements resulting from the Transaction from its non-GAAP financial measures is useful for itself and investors, because they enable a more meaningful comparison of the Company's revenue performance between reporting periods. In addition, such revenues will not result in cash settlement in the future and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding COHT's results, adjusting for the impact of the amended and restated advertising agency agreement on a pro forma basis as if the agreement had been effective at the beginning of the periods presented, from its non-GAAP financial measures to reflect the spin off of COHT is useful for itself and investors, because they enable management and investors to gain a better understanding of the Company's comparative operating performance (when comparing such results with the current period or forecasts) and future prospects.

The Company's non-GAAP equity income from its interest in net income attributable to CRIC exclude stock-based compensation, amortization expense of intangible assets and gains from the purchase of a business, which are consistent with the Company's adjusted items to calculate non-GAAP measures.

The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect the Company's operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company. Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

SINA will host a conference call at 9:00 p.m. Eastern Time to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available from 9:00 p.m. - 10:00 p.m. Eastern Time on Wednesday, August 4, 2010 (9:00 a.m. - 10:00 a.m. Beijing Time on August 5, 2010). The webcast can be accessed through the Company's corporate website at http://corp.sina.com . A dial-in to the conference is also available. Dial-in details are as follows:

    US:                       +1 617 597 5344
    UK:                       +44 207 365 8426
    Hong Kong:                +852 3002 1672
    Password for all regions: 73821141

A replay of the conference call will be available through midnight Eastern Time, August 11, 2010. The dial-in number is + 1 617 801 6888 (International). The pass code for the replay is 71938441.

About SINA

SINA Corporation (NASDAQ GS: SINA) is a leading online media company and mobile value-added service provider for China and for the global Chinese communities. With a branded network of localized websites targeting Greater China and overseas Chinese, the Company provides services through five major business lines including SINA.com (online news and content), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping). Together these business lines provide an array of services, including region-focused online portals, MVAS, social networking service (SNS), blog, audio and video streaming, album, online games, email, search, classified listings, fee-based services, e-commerce and enterprise e-solutions. The Company generates the majority of its revenues from online advertising and MVAS offerings, and, to a lesser extent, from search and other fee-based services.

Safe Harbor Statement

This announcement contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described without limitation in the "Business Outlook" section and in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in its proxy statements, in its offering circulars and prospectuses, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. SINA assumes no obligation to update the forward-looking statements in this release and elsewhere. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, SINA's limited operating history, the current global financial and credit market crisis and its impact on the Chinese economy, the recent slower growth of the Chinese economy, the uncertain regulatory landscape in the People's Republic of China, fluctuations in the Company's quarterly operating results, the Company's reliance on online advertising sales and MVAS for a majority of its revenues, the Company's reliance on mobile operators in China to provide MVAS, changes by mobile operators in China to their policies for MVAS, any failure to successfully develop and introduce new products, including MVAS products, any failure to successfully integrate acquired businesses, and risks associated with CRIC, including the merger of SINA online real estate business with CRIC. Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2009 and its other filings with the Securities and Exchange Commission.

    For further information, please contact:

    SINA Corporation
     Cathy Peng
     Phone: +86-10-82628888 ext. 3112
     Email: ir@staff.sina.com.cn



                                SINA CORPORATION
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (U.S. Dollar in thousands, except per share data)

                                  Three months ended       Six months ended
                                   June 30,     March 31,      June 30,
                                2010     2009     2010      2010      2009
    Net revenues:
        Advertising            $73,090  $57,755  $54,279  $127,369  $100,926
        Non-advertising         26,326   32,503   30,722    57,048    63,097
                                99,416   90,258   85,001   184,417   164,023
    Cost of revenues:
        Advertising  (a)        29,053   24,237   24,002    53,055    45,874
        Non-advertising         12,303   15,751   12,869    25,172    29,246
                                41,356   39,988   36,871    78,227    75,120
    Gross profit                58,060   50,270   48,130   106,190    88,903

    Operating expenses:
        Sales and marketing
         (a)                    19,584   21,118   17,050    36,634    36,947
        Product development
         (a)                     7,983    7,840    7,685    15,668    15,319
        General and
         administrative (a)      4,169    7,287    6,206    10,375    13,480
        Amortization of
         intangibles               246      411    2,600     2,846       822
                                31,982   36,656   33,541    65,523    66,568
    Income from operations      26,078   13,614   14,589    40,667    22,335

    Non-operating income:
       Interest and other
        income, net              1,601    2,069    1,593     3,194     5,056
       Income (Loss) from
        investments, net           (84)      --    9,991     9,907        --
                                 1,517    2,069   11,584    13,101     5,056

    Income before income taxes  27,595   15,683   26,173    53,768    27,391
    Provision for income taxes  (2,391)  (1,991)  (1,898)   (4,289)   (4,043)

    Net income                  25,204   13,692   24,275    49,479    23,348
       Less: Net income (loss)
        attributable to the
        noncontrolling
        interest                   (25)     354      (78)     (103)      261

    Net income attributable to
     SINA                      $25,229  $13,338  $24,353   $49,582   $23,087


    Basic net income per share
     attributable to SINA        $0.41    $0.25    $0.40     $0.81     $0.43
    Diluted net income per
     share attributable to
     SINA                        $0.38    $0.23    $0.37     $0.76     $0.40

    Shares used in computing
     basic net income per
     share attributable to
     SINA                       61,066   53,783   60,924    60,995    54,097
    Shares used in computing
     diluted net income per
     share attributable to
     SINA                       65,562   58,198   65,504    65,530    58,285


    (a) Stock-based
     compensation included was
     as follows:
      Cost of revenues -
       advertising                $812     $634   $1,021    $1,833    $1,261
      Sales and marketing          615      560      753     1,368     1,080
      Product development          444      414      652     1,096       850
      General and
       administrative            1,531    1,720    1,732     3,263     3,409



                                 SINA CORPORATION
                 UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
                   (U.S. Dollar in thousands, except per share data)

                                                  Three months ended
                                                    June 30, 2010
                                                                    Non-GAAP
                                          Actual   Adjustments       Results

    Advertising revenues                 $73,090                     $73,090
    Non-advertising revenues              26,326   (4,686)   (c)      21,640
    Revenues                             $99,416  $(4,686)           $94,730

                                                      812    (a)
                                                   (4,686)   (c)
    Gross profit                         $58,060  $(3,874)           $54,186

                                                   (2,590)   (a)
                                                     (246)   (b)
    Operating expenses                   $31,982  $(2,836)           $29,146

                                                    3,402    (a)
                                                      246    (b)
                                                   (4,686)   (c)
    Income from operations               $26,078  $(1,038)           $25,040

                                                    3,402    (a)
                                                      246    (b)
                                                    3,558    (e)
                                                   (4,686)   (c)
    Net income attributable to SINA      $25,229   $2,520            $27,749

    Diluted net income per share
     attributable to SINA                  $0.38                       $0.42
    Shares used in computing diluted
     net income per share attributable
     to SINA                              65,562                      65,562

    Gross margin - advertising               60%       1%                61%

                                                  Three months ended
                                                    June 30, 2009
                                                                    Non-GAAP
                                          Actual   Adjustments       Results

    Advertising revenues                 $57,755   (9,655)   (d)     $48,100
    Non-advertising revenues              32,503                      32,503
    Revenues                             $90,258  $(9,655)           $80,603

                                                      634    (a)
                                                       88    (b)
                                                   (7,704)   (d)
    Gross profit                         $50,270  $(6,982)           $43,288

                                                   (2,694)   (a)
                                                     (411)   (b)
                                                   (2,678)   (d)
    Operating expenses                   $36,656  $(5,783)           $30,873

                                                    3,328    (a)
                                                      499    (b)
                                                   (5,026)   (d)
    Income from operations               $13,614  $(1,199)           $12,415

                                                    3,315    (a)
                                                      469    (b)
    Net income attributable to SINA      $13,338   $3,784            $17,122

    Diluted net income per share
     attributable to SINA                  $0.23                       $0.29
    Shares used in computing diluted
     net income per share attributable
     to SINA                              58,198                      58,198

    Gross margin - advertising               58%      -3%                55%

                                                 Three months ended
                                                   March 31, 2010
                                                                    Non-GAAP
                                          Actual   Adjustments       Results

    Advertising revenues                 $54,279                    $54,279
    Non-advertising revenues              30,722   (4,686)   (c)     26,036
    Revenues                             $85,001  $(4,686)          $80,315

                                                    1,021    (a)
                                                   (4,686)   (c)
    Gross profit                         $48,130  $(3,665)          $44,465

                                                   (3,137)   (a)
                                                   (2,600)   (b)
    Operating expenses                   $33,541  $(5,737)          $27,804

                                                    4,158    (a)
                                                    2,600    (b)
                                                   (4,686)   (c)
    Income from operations               $14,589   $2,072           $16,661

                                                    4,158    (a)
                                                    2,600    (b)
                                                   (4,094)   (e)
                                                   (4,686)   (c)
    Net income attributable to SINA      $24,353  $(2,022)          $22,331

    Diluted net income per share
     attributable to SINA                  $0.37                      $0.34
    Shares used in computing diluted
     net income per share attributable
     to SINA                              65,504                     65,504

    Gross margin - advertising               56%       2%               58%


                                                    Six months ended
                                                     June 30, 2010
                                                                    Non-GAAP
                                            Actual   Adjustments     Results

    Advertising revenues                   $127,369                 $127,369
    Non-advertising revenues                 57,048    (9,372) (c)    47,676
    Revenues                               $184,417   $(9,372)      $175,045

                                                        1,833  (a)
                                                       (9,372) (c)
    Gross profit                           $106,190   $(7,539)       $98,651

                                                       (5,727) (a)
                                                       (2,846) (b)
    Operating expenses                      $65,523   $(8,573)       $56,950

                                                        7,560  (a)
                                                        2,846  (b)
                                                       (9,372) (c)
    Income from operations                  $40,667    $1,034        $41,701

                                                        7,560  (a)
                                                        2,846  (b)
                                                         (536) (e)
                                                       (9,372) (c)
    Net income attributable to SINA         $49,582      $498        $50,080

    Diluted net income per share
     attributable to SINA                     $0.76                    $0.76
    Shares used in computing diluted
     net income per share attributable
     to SINA                                 65,530                   65,530

    Gross margin - advertising                  58%        2%            60%

                                                   Six months ended
                                                     June 30, 2009
                                                                  Non-GAAP
                                            Actual   Adjustments   Results

    Advertising revenues                   $100,926   (15,827)(d)   $85,099
    Non-advertising revenues                 63,097                  63,097
    Revenues                               $164,023  $(15,827)     $148,196

                                                        1,261 (a)
                                                          177 (b)
                                                      (12,612)(d)
    Gross profit                            $88,903  $(11,174)      $77,729

                                                       (5,339)(a)
                                                         (822)(b)
                                                       (5,360)(d)
    Operating expenses                      $66,568  $(11,521)      $55,047

                                                        6,600 (a)
                                                          999 (b)
                                                       (7,252)(d)
    Income from operations                  $22,335      $347       $22,682

                                                        6,576 (a)
                                                          939 (b)
    Net income attributable to SINA         $23,087    $7,515       $30,602

    Diluted net income per share
     attributable to SINA                     $0.40                   $0.53
    Shares used in computing diluted
     net income per share attributable
     to SINA                                 58,285                  58,285


    Gross margin - advertising                  55%       -3%           52%

    (a) To adjust stock-based compensation related to employee incentives.
    (b) To adjust amortization of intangible assets.
    (c) To adjust the recognition of deferred revenue related to the
        license agreements resulting from the transaction with CRIC.
    (d) To exclude COHT's results, adjusting for the impact of the amended
        and restated advertising agency agreement on a pro forma basis as if
        the agreement had been effective at the beginning of the period
        presented.
    (e) To adjust share of CRIC's GAAP to Non-GAAP reconciling items, net
        of share of amortization of CRIC's intangibles not on CRIC's books.



                                                 Three months ended
                                                    June 30, 2010
                                                                  Non-GAAP
                                             Actual   Adjustments  Results

          To adjust stock-based
           compensation                                   $1,311
          To adjust amortization expenses
           of intangible assets resulting
           from business acquisitions                      1,474
          To adjust gains from the
           purchase of a business:
            Income from investment in
             affiliates*                                      --
            Gain from settlement of pre-
             existing relationship with
             COHT                                             --
          Equity income from CRIC               $650      $2,785     $3,435
          Share of amortization of CRIC's
           intangibles not
           on CRIC's books                     $(773)       $773        $--
                                               $(123)     $3,558     $3,435

                                                 Three months ended
                                                   March 31, 2010
                                            Actual    Adjustments Non-GAAP
                                                                   Results

          To adjust stock-based
           compensation                                   $1,290
          To adjust amortization expenses
           of intangible assets resulting
           from business acquisitions                      1,699
          To adjust gains from the
           purchase of a business:
            Income from investment in
             affiliates*                                  (7,155)
            Gain from settlement of pre-
             existing relationship with
             COHT                                           (701)
          Equity income from CRIC            $10,806     $(4,867)    $5,939
          Share of amortization of CRIC's
           intangibles not
           on CRIC's books                     $(773)       $773        $--
                                             $10,033     $(4,094)    $5,939


                                                  Six months ended
                                                    June 30, 2010
                                            Actual    Adjustments  Non-GAAP
                                                                    Results

          To adjust stock-based
           compensation                                   $2,601
          To adjust amortization expenses
           of intangible assets resulting
           from business acquisitions                      3,173
          To adjust gains from the
           purchase of a business:
            Income from investment in
             affiliates*                                  (7,155)
            Gain from settlement of pre-
             existing relationship with
             COHT                                           (701)
          Equity income from CRIC            $11,456     $(2,082)    $9,374
          Share of amortization of CRIC's
           intangibles not
           on CRIC's books                   $(1,546)     $1,546        $--
                                              $9,910       $(536)    $9,374

        * Represents the excess of fair value over the carrying amount
          recognized as a result of acquisition of COHT.



                                  SINA CORPORATION
                            UNAUDITED SEGMENT INFORMATION
                              (U.S. Dollar in thousands)

                                   Three months ended       Six months ended
                                    June 30,     March 31,      June 30,
                                 2010     2009     2010      2010      2009

    Net revenues
       Advertising              $73,090  $57,755  $54,279  $127,369  $100,926
       Mobile related            19,964   30,884   24,554    44,518    59,864
       Others                     6,362    1,619    6,168    12,530     3,233
                                $99,416  $90,258  $85,001  $184,417  $164,023

    Cost of revenues
       Advertising              $29,053  $24,237  $24,002   $53,055   $45,874
       Mobile related            11,660   15,313   12,424    24,084    28,421
       Others                       643      438      445     1,088       825
                                $41,356  $39,988  $36,871   $78,227   $75,120




                                SINA CORPORATION
                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                           (U.S. Dollar in thousands)

                                                 June 30,        December 31,
                                                   2010              2009
                               Assets
      Current assets:

          Cash and cash equivalents               $543,699          $746,423
          Short -term investments                  284,491            75,095
          Accounts receivable, net                  96,746            74,999
          Other current assets                      31,681            22,381
                Total current assets               956,617           918,898

      Property and equipment, net                   22,640            23,022
      Goodwill and intangible assets, net           85,606            87,740
      Investments                                  600,371           580,606
      Other assets                                   3,810             3,576
      Total assets                              $1,669,044        $1,613,842

                Liabilities and Shareholders' Equity
      Current liabilities:
          Accounts payable                          $2,622            $1,918
          Accrued liabilities                      113,852           108,970
          Income taxes payable                      11,883            14,526
          Convertible debt                          99,000            99,000
               Total current liabilities           227,357           224,414

      Long-term deferred revenue                   154,646           164,019
      Other long-term liabilities                    3,107             2,710
               Total liabilities                   385,110           391,143

      Shareholders' equity
          SINA shareholders' equity              1,282,605         1,221,727
          Noncontrolling interest                    1,329               972
               Total shareholders' equity        1,283,934         1,222,699

      Total liabilities and shareholders'
       equity                                   $1,669,044        $1,613,842

SOURCE SINA Corporation

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