Sina Misses Adjusted Profits Estimates

Chinese Internet portal operator Sina Corp. on Wednesday missed analyst expectations with its adjusted fourth-quarter profit.

Earnings surged to $372.1 million, or $6.03 per share, from $25.2 million, or 42 cents per share, in the year-ago quarter. The recent results include a one-time gain of $376.6 million due to a transaction involving its online real estate advertising business.

Adjusted income was $19.1 million, or 31 cents per share, compared with $29.2 million, or 48 cents per share, a year ago. Analysts polled by Thomson Reuters were expecting profit of 36 cents per share.

Sales dipped 3.3 percent to $98.2 million. Advertising revenue fell 9.1 percent to $63.2 million. Non-advertising revenue rose 9.3 percent to $35 million.

Profit for the full year jumped to $411.9 million, or $6.95 per share, largely due to the one-time gain in the recently ended quarter. A year ago, the company earned $80.6 million, or $1.33 per share.

Sales fell 3 percent to $358.6 million in 2009.

The company said it expects adjusted sales between $78 million and $80 million in the first quarter of 2010. It expects adjusted advertising revenue to rise between 43 percent and 46 percent, and expects adjusted non-advertising revenue to fall between 15 percent and 18 percent.

Its shares shed $1.64, or 4.4 percent, to $35.85 in after-hours trading. They closed the regular session at $37.49.

3/3/2010 11:26 PM NEW YORK (AP)