SINA Reports Second Quarter 2012 Financial Results

SHANGHAI, Aug. 15, 2012 /PRNewswire-Asia/ -- SINA Corporation (NASDAQ GS: SINA), a leading online media company serving China and the global Chinese communities, today announced its unaudited financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights

  • Net revenues increased 11% year over year to $131.6 million. Non-GAAP net revenues increased 11% year over year to $126.9 million, within the Company's guidance between $126.0 million and $129.0 million.
  • Advertising revenues grew 12% year over year to $103.1 million, within the Company's guidance between $103.0 million and $105.0 million.
  • Non-advertising revenues increased 5% year over year to $28.5 million. Non-GAAP non-advertising revenues increased 6% year over year to $23.8 million, within the Company's guidance between $23.0 million and $24.0 million.
  • Net income attributable to SINA was $33.2 million, or $0.49 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $3.7 million, or $0.05 non-GAAP diluted net income per share attributable to SINA.

"We are pleased to continue to grow SINA's online advertising business despite a challenging macroeconomic environment in China," said Charles Chao, CEO of SINA. "Our investment in Weibo.com is showing continued traffic momentum, which helps strengthen SINA's brand, media influence and high-end user reach as well as positions SINA to grow market share in online advertising," Mr. Chao added.

Second Quarter 2012 Financial Results

For the second quarter of 2012, SINA reported net revenues of $131.6 million, compared to $119.0 million for the same period last year. Non-GAAP net revenues for the second quarter of 2012 totaled $126.9 million, compared to $114.3 million for the same period last year.

Online advertising revenues for the second quarter of 2012 were $103.1 million, compared to $91.8 million for the same period last year. Non-advertising revenues for the second quarter of 2012 totaled $28.5 million, compared to $27.2 million for the same period last year. MVAS revenues for the second quarter of 2012 amounted to $17.7 million, compared to $19.5 million for the same period last year.

Gross margin for the second quarter of 2012 was 53%, down from 57% for the same period last year. Advertising gross margin for the second quarter of 2012 was 53%, compared to 59% for the same period last year. Non-GAAP advertising gross margin for the second quarter of 2012 was 54%, compared to 60% for the same period last year. The decrease in non-GAAP advertising gross margin was mainly due to increased spending on production-related labor, infrastructure and content. MVAS gross margin for the second quarter of 2012 was 39%, unchanged from the same period last year.

Operating expenses for the second quarter of 2012 totaled $69.8 million, compared to $59.7 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2012 were $66.8 million, compared to $56.4 million for the same period last year. The increase in non-GAAP operating expenses was primarily due to increased personnel-related expenses and infrastructure-related spending, partially offset by a decrease in marketing expenditures. These changes were mostly related to Weibo.com.

Income from operations for the second quarter of 2012 was $0.2 million, compared to $8.7 million for the same period last year. Non-GAAP loss from operations for the second quarter of 2012 was $0.8 million, compared to non-GAAP income from operations of $8.1 million for the same period last year.

Net loss from equity investments for the second quarter of 2012 was $3.3 million, compared to $1.3 million for the same period last year. Non-GAAP net earnings from equity investments for the second quarter of 2012 was $0.9 million, compared to $2.3 million for the same period last year. During the second quarter of 2012, the company also recognized a net gain of $32.8 million from equity investments, which included a gain of $45.3 million resulting from the merger of China Real Estate Corporation ("CRIC") and E-House (China) Holdings Limited ("E-House") (see further details below) and other-than-temporary impairment of certain investments, including a write down of $4.2 million related to Mecox Lane Limited.

Net income attributable to SINA for the second quarter of 2012 was $33.2 million, compared to $10.0 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2012 was $0.49, compared to$0.15 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2012 was $3.7million, compared to $13.3 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2012 was $0.05, compared to $0.20 for the same period last year.

As of June30, 2012, SINA's cash, cash equivalents and short-term investments totaled $716.3 million, compared to $673.5 million as of December 31, 2011. For the second quarter of 2012, cash used in operating activities was $8.1 million, capital expenditures were $2.8 million and depreciation expenses amounted to $7.6 million.

Others

On April 20, 2012, CRIC merged into and became a 100% subsidiary of E-House. As a result, the Company's 34.4% interest in CRIC was converted into 29.3 million ordinary shares of E-House, equivalent to a 24.9% interest, and $85.6million in cash. The Company expects to record earning/(loss) from E-House one quarter in arrears, which is consistent with how it recorded earning/(loss) from CRIC. License agreements with CRIC will remain effective, and the Company expects to continue to recognize the related deferred revenues on a straight-line basis at a quarterly rate of $4.7 million.

On August 10, 2012, the Company held its Annual General Meeting of Shareholders. At the meeting, the shareholders re-elected Yan Wang(with 30.4 million shares voting for, 6.0 million shares against and 25,516 shares abstaining) and Song-Yi Zhang (with 35.1 million shares voting for, 1.3 million shares against and 24,649 shares abstaining) as directors of SINA. The shareholders also approved and ratified the appointment of PricewaterhouseCoopers Zhong Tian CPAs Limited Company as the Company's independent auditor for the fiscal year ending December 31, 2012 (with 35.1 million shares voting for, 1.3 million shares against and 13,679 shares abstaining). The shareholder did not approve the amendment to Article 71 set forth in the Second Amendment and Restated Articles of Association of the Company (with 13.6 million shares voting for, 22.7 million shares against and 37,627shares abstaining).

Business Outlook

SINA estimates that its non-GAAP net revenues for the third quarter of 2012 will be between $145 million and $148 million, with advertising revenues to be between $120 million and $122 million, representing a year-over-year increase between 19% and 21%, and non-GAAP non-advertising revenues to be between $25 million and $26 million, representing a year-over-year increase between 2% and 6%. Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of $4.7 million in deferred license revenue related to SINA's equity investment in CRIC/E-House.

Non-GAAP Measures

This release contains financial measures that are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). 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 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 net revenues, non-GAAP non-advertising revenues, non-GAAP gross profit, non-GAAP advertising gross margin, non-GAAP operating expenses, non-GAAP income(loss) from operations, non-GAAP equity earning/(loss) from equity investments, non-GAAP net income(loss) attributable to SINA and non-GAAP diluted net income(loss) per share attributable to SINA.

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, recognition of deferred revenues and gain/loss resulting from the disposal, purchase or impairment of a business, investment or non-controlling interest in a subsidiary, 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 more 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 payments 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 it enables 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 the recognition of deferred revenues, mostly relating to the license agreements with CRIC from its non-GAAP financial measures is useful for itself and investors, because it enables 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 stock-based compensation and amortization expense of intangible assets from its share of earning/(loss) from equity investments is useful for itself and investors, as these items are excluded to calculate the Company's non-GAAP measures.

The Company's management believes excluding gain/loss resulting from the disposal, purchase or impairment of a business, investment or non-controlling interest in a subsidiary from its non-GAAP financial measures is useful for itself and investors, because such gains/losses are not indicative of the Company's core operating results.

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 p.m. Eastern Time on August 15, 2012 (or 9a.m.–10a.m. Beijing Time on August 16, 2012) to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available through the Company's corporate website at http://corp.sina.com. The conference call can be accessed as follows:

US:

+1 857 244 7326

UK:

+44 207 365 8426

Hong Kong:

+852 3002 1672

Passcode for all regions:

28918475

A replay of the conference call will be available through midnight Eastern Standard Time August 22, 2012. The dial-in number is + 1 617 801 6888. The pass code for the replay is 28258216.

About SINA

We are an online media company serving China and the global Chinese communities. Our digital media network of SINA.com(portal), SINA.cn (mobile portal) and Weibo.com (social media) enable Internet users to access professional media and user generated content in multi-media formats from the web and mobile devices and share their interests to friends and acquaintances.

SINA.com offers distinct and targeted professional content on each of its region specific websites and a range of complementary offerings. SINA.cn provides information and entertainment content from SINA portal customized for WAP users. Based on an open-platform architecture to host organically developed and third-party applications, Weibo.com is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information anywhere, anytime and with anyone on our platform.

Through these businesses and properties and other business lines, we offer an array of services including mobile value added services ("MVAS"), online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise services. We generate the majority of our revenues from online brand advertising, MVAS and fee-based services.

Safe Harbor Statement

This press release 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 press 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 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, any failure to successfully develop, introduce, drive adoption of or monetize new features and products, including Weibo.com and MVAS products, 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 integrate acquired businesses, risks associated with its investments, including equity pick-up and impairment, and any failure to compete successfully against new entrants and established industry competitors. Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2011 and its other filings with the Securities and Exchange Commission.

Contact:

Investor Relations
SINA Corporation
Phone: 8610-82628888 x 3112
Email: ir@staff.sina.com.cn

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. Dollars in thousands, except per share data)














Three months ended


Six months ended



June 30,


March 31,


June 30,



2012


2011


2012


2012


2011

Net revenues:










    Advertising

$103,130


$91,787


$ 78,542


$181,672


$164,132

    Non-advertising

28,475


27,176


27,678


56,153


55,042



131,605


118,963


106,220


237,825


219,174

Cost of revenues:










    Advertising  (a)

48,472


37,665


44,084


92,556


70,753

    Non-advertising

13,150


12,957


13,027


26,177


26,720



61,622


50,622


57,111


118,733


97,473

Gross profit

69,983


68,341


49,109


119,092


121,701












Operating expenses:










    Sales and marketing (a)

34,471


37,880


34,744


69,215


63,598

    Product development (a)

26,139


14,377


25,023


51,162


24,640

    General and administrative (a)

9,188


7,173


7,321


16,509


12,769

    Amortization of intangibles

12


259


108


120


517



69,810


59,689


67,196


137,006


101,524

Income (loss) from operations

173


8,652


(18,087)


(17,914)


20,177












Non-operating income:










   Interest and other income, net

4,782


4,270


3,531


8,313


6,962

   Earning/(loss) from equity investments, net

(3,315)


(1,283)


(3,921)


(7,236)


1,065

   Gain on sale of /(impairment) on investments,net

32,770


(386)


3,061


35,831


(386)



34,237


2,601


2,671


36,908


7,641












Income (loss) before income taxes

34,410


11,253


(15,416)


18,994


27,818

Income tax credit  (provision for income taxes)

(1,033)


(1,253)


1,274


241


(2,922)












Net income (loss)

33,377


10,000


(14,142)


19,235


24,896

   Less: Net income (loss) attributable to noncontrolling interest

132


40


(402)


(270)


(71)












Net income (loss) attributable to SINA

$  33,245


$ 9,960


$(13,740)


$  19,505


$  24,967























Basic net income (loss) per share attributable to SINA

$     0.50


$  0.15


$   (0.21)


$      0.29


$      0.39

Diluted net income (loss) per share attributable to SINA

$     0.49


$  0.15


$   (0.21)


$      0.29


$      0.37












Shares used in computing basic










   net income (loss) per share attributable to SINA

66,337


65,614


66,185


66,261


64,278

Shares used in computing diluted










   net income (loss) per share attributable to SINA

66,809


66,848


66,185


66,795


67,203























(a) Stock-based compensation in each category:











Cost of revenues - advertising

$      751


$   777


$       807


$   1,558


$   1,386


Sales and marketing

754


658


766


1,520


1,178


Product development

868


538


1,067


1,935


968


General and administrative

1,346


1,880


1,133


2,479


3,365

 

SINA CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)













June 30,



December 31,





2012



2011



Assets



Current assets:
















Cash and cash equivalents


$                243,175



$                513,980



Short-term investments


473,122



159,495



Accounts receivable, net


132,797



112,469



Other current assets


52,003



41,966



      Total current assets


901,097



827,910










Property and equipment, net


73,151



74,511


Goodwill and intangible assets, net


15,862



15,974


Investments


463,174



463,938


Other assets


8,275



9,114


Total assets


$             1,461,559



$             1,391,447











Liabilities and Shareholders' Equity



Current liabilities:








Accounts payable


$                     5,507



$                     8,854



Accrued liabilities


182,956



174,972



Income taxes payable


8,494



14,717



Convertible debt 


2,200



2,200



     Total current liabilities


199,157



200,743










Long-term deferred revenue


117,156



126,529


Other long-term liabilities


1,819



1,826



     Total liabilities


318,132



329,098










Shareholders' equity








SINA shareholders' equity


1,132,629



1,055,670



Noncontrolling interest


10,798



6,679



     Total shareholders' equity 


1,143,427



1,062,349










Total liabilities and shareholders' equity


$             1,461,559



$             1,391,447

 

SINA CORPORATION

UNAUDITED SEGMENT INFORMATION

(U.S. Dollars in thousands)














Three months ended


Six months ended



June 30,


March 31,


June 30,



2012


2011


2012


2012


2011












Net revenues











Advertising

$ 103,130


$  91,787


$  78,542


$  181,672


$ 164,132


Mobile related

17,668


19,515


19,018


36,686


40,802


Others

10,807


7,661


8,660


19,467


14,240



$ 131,605


$ 118,963


$ 106,220


$ 237,825


$ 219,174












Cost of revenues











Advertising

$   48,472


$  37,665


$  44,084


$  92,556


$  70,753


Mobile related

10,778


11,907


11,677


22,455


24,868


Others

2,372


1,050


1,350


3,722


1,852



$   61,622


$  50,622


$  57,111


$ 118,733


$  97,473

 

SINA CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(U.S. Dollars in thousands, except per share data)









































Three months ended



June 30, 2012


June 30, 2011


March 31, 2012







Non-GAAP






Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results


Actual


Adjustments


Results




















Advertising revenues

$103,130




$103,130


$ 91,787




$ 91,787


$ 78,542




$78,542

Non-advertising revenues

28,475


(4,686)

 (c) 

23,789


27,176


(4,686)

 (c) 

22,490


27,678


(4,686)

 (c) 

22,992

Net revenues

$131,605


$  (4,686)


$126,919


$118,963


$ (4,686)


$114,277


$106,220


$ (4,686)


$101,534
























751

 (a) 





777

 (a) 





807

 (a) 






(4,686)

 (c) 





(4,686)

 (c) 





(4,686)

 (c) 


Gross profit

$ 69,983


$ (3,935)


$ 66,048


$ 68,341


$ (3,909)


$ 64,432


$ 49,109


$ (3,879)


$ 45,230
























(2,968)

 (a) 





(3,076)

 (a) 





(2,966)

 (a) 






(12)

 (b) 





(259)

 (b) 





(108)

 (b) 


Operating expenses

$ 69,810


$  (2,980)


$ 66,830


$ 59,689


$ (3,335)


$ 56,354


$ 67,196


$ (3,074)


$ 64,122
























3,719

 (a) 





3,853

 (a) 





3,773

 (a) 






12

 (b) 





259

 (b) 





108

 (b) 






(4,686)

 (c) 





(4,686)

 (c) 





(4,686)

 (c) 


Income (loss) from operations

$     173


$        (955)


$  (782)


$ 8,652


$    (574)


$  8,078


$(18,087)


$    (805)


$(18,892)
























3,719

 (a) 





3,853

 (a) 





3,773

 (a) 






12

 (b) 





259

 (b) 





108

 (b) 






(4,686)

 (c) 





(4,686)

 (c) 





(4,686)

 (c) 






4,217

 (d) 





3,553

 (d) 





3,578

 (d) 






(32,770)

 (e) 





386

 (e) 





(3,061)

 (e) 


Net income (loss) attributable to SINA

$  33,245


$ (29,508)


$ 3,737


$ 9,960


$  3,365


$ 13,325


$(13,740)


$    (288)


$(14,028)







































Diluted net income (loss) per share attributable to SINA

$   0.49




$   0.05


$    0.15




$     0.20


$   (0.21)




$   (0.21)

Shares used in computing diluted


















   net income (loss) per share attributable to SINA

66,809


-


66,809


66,848


-


66,848


66,185


-


66,185







































Gross margin - advertising

53%


1%


54%


59%


1%


60%


44%


1%


45%

 



Six months ended



June 30, 2012


June 30, 2011







Non-GAAP






Non-GAAP



Actual


Adjustments


Results


Actual


Adjustments


Results














Advertising revenues

$181,672




$181,672


$164,132




$164,132

Non-advertising revenues

56,153


(9,372)

 (c) 

46,781


55,042


(9,372)

 (c) 

45,670

Net revenues

$237,825


$ (9,372)


$228,453


$219,174


$ (9,372)


$209,802


















1,558

 (a) 





1,386

 (a) 






(9,372)

 (c) 





(9,372)

 (c) 


Gross profit

$119,092


$ (7,814)


$111,278


$121,701


$ (7,986)


$113,715


















(5,934)

 (a) 





(5,511)

 (a) 






(120)

 (b) 





(517)

 (b) 


Operating expenses

$137,006


$ (6,054)


$130,952


$101,524


$ (6,028)


$ 95,496


















7,492

 (a) 





6,897

 (a) 






120

 (b) 





517

 (b) 






(9,372)

 (c) 





(9,372)

 (c) 


Income (loss) from operations

$(17,914)


$ (1,760)


$(19,674)


$ 20,177


$ (1,958)


$ 18,219































7,492

 (a) 





6,897

 (a) 






120

 (b) 





517

 (b) 






(9,372)

 (c) 





(9,372)

 (c) 






7,795

 (d) 





6,836

 (d) 






(35,831)

 (e) 





386

 (e) 


Net income (loss) attributable to SINA

$ 19,505


(29,796)


$(10,291)


$ 24,967


$  5,264


$ 30,231



























Diluted net income (loss) per share attributable to SINA

$   0.29




$  (0.16)


$   0.37




$   0.45

Shares used in computing diluted












   net income (loss) per share attributable to SINA

66,795


(534)

 (f) 

66,261


67,203


-


67,203



























Gross margin - advertising

49%


1%


50%


57%


1%


58%



























(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 mostly related to the license agreements resulting from the CRIC Transaction.

(d)  To adjust share of Cric and 9158's GAAP to Non-GAAP reconciling items, net of share of amortization of intangibles not on their books.

(e)  To adjust gain on sale of/(impairment) on equity investments.

(f)  To adjust the number of shares used in computing diluted net loss per share from diluted net income per share.

 

UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' GAAP TO NON-GAAP RESULTS*






















Three months ended



June 30, 2012


June 30, 2011


March 31, 2012



Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results





















To adjust stock-based compensation



$  1,961






$   1,313






$ 1,154




To adjust amortization expenses of intangible 



















  assets resulting from business acquisitions



1,663






1,540






1,688




Earning/(loss) from equity investments, net

$(2,722)


$  3,624


$  902


$ (583)


$  2,853


$ 2,270


$(3,185)


$ 2,842


$ (343)


Share of amortization of equity investments' 



















  intangibles not on their books

$ (593)


$       593


$     -


$ (700)


$     700


$        -


$  (736)


$    736


$       -



$(3,315)


$ 4,217


$  902


$(1,283)


$  3,553


$ 2,270


$(3,921)


$ 3,578


$ (343)









































Six months ended









June 30, 2012


June 30, 2011









Actual


Adjustments


Non-GAAP Results


Actual


Adjustments


Non-GAAP Results



























To adjust stock-based compensation



$  3,115






$  2,309










To adjust amortization expenses of intangible 



















  assets resulting from business acquisitions



3,351






3,043










Earning/(loss) from equity investments, net

$(5,907)


$  6,466


$   559


$ 2,549


$  5,352


$ 7,901








Share of amortization of equity investments' 



















  intangibles not on their books

$(1,329)


$ 1,329


$       -


$(1,484)


$ 1,484


$         -









$(7,236)


$ 7,795


$  559


$ 1,065


$ 6,836


$ 7,901



























* Earning/(loss) from equity investments is recorded one quarter in arrears.

SOURCE SINA Corporation

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