Sina's Quarterly Mobile Ad Revenue Falls

China's Sina Corp said on Wednesday its quarterly profit rose on a jump in advertising revenue, but mobile ad revenue fell 21 percent and its shares fell more than 6 percent in after-hours trading.

The Shanghai-based online media company posted a third-quarter net profit of $17.2 million, or 28 cents per diluted share, compared with $10.7 million a year earlier, or 19 cents per diluted share.

Earnings before items rose 31 percent to $19.1 million or 32 cents a share. Revenue rose 15 percent to $64.3 million.

Analysts on average were expecting earnings of 29 cents a share on revenue of $64.7 million, according to Reuters Estimates.

Advertising revenue rose 40 percent to $45.8 million, while non-advertising revenue fell 21 percent to $18.5 million. Both results were within the company's earlier forecasts.

Gross margin fell to 62 percent from 64 percent a year ago.

Mobile services revenue, which has been declining since government-mandated policy changes last year by China Mobile, declined 24 percent to $16.6 million. Other non-advertising revenue, mainly search and other fee-based revenue, rose 24 percent to $1.9 million, Sina said.

China is the world's second-largest Internet market after the United States, with around 162 million users, according to official data.

The results come after rival Sohu.com posted two weeks ago quarterly profit that soared 47 percent, boosted by growth in advertising and online gaming.

Sina forecast fourth-quarter revenue between $68 million and $70 million, within the average analyst forecast of $69.8 million.

Sina shares fell 6.6 percent in after-hours trading to $46.20 after closing down 3.9 percent to $49.50 in regular trading on Nasdaq.