Sina Q3 profit more than doubles from year ago

Alexei Oreskovic
Tuesday, 12 Nov 2013 | 6:13 PM ET

SAN FRANCISCO, Nov 12 (Reuters) - Chinese Internet company Sina Corp reported profit in the third quarter more than doubled from a year ago, due to strong revenue growth from its Weibo microblogging service.

U.S. listed shares of Sina were up 3.6 percent at $78.65 in after-hours trading on Tuesday.

In the three months ended September 30, Sina's adjusted net revenue increased 22 percent from a year ago to $179.9 million. Weibo advertising revenues grew 125 percent in the third quarter.

Sina posted net income of $25.4 million, or 37 cents per share, versus $9.9 million, or 14 cents per share, in the year-ago period.

Excluding certain items, Sina said it earned 42 cents per share.

Sina said that it expected adjusted net revenue to range between $190 million and $194 million in the fourth quarter.

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