Friday, May 06, 2005

Sina Reports Net Quarterly Revenues Of $45.8 Million - To Enter Search In June

From Pacific Epoch: Sina Q1 Revs Slip 19.5% QoQ, To Enter Search In June

"China's biggest Internet portal by revenues Sina Corporation (Nasdaq: SINA) reported first quarter 2005 revenues of US$ 45.8 million, down 19.5 percent on its fourth quarter 2004 revenues of 56.9 million, after market close Thursday. Sina's non-advertising revenues, which are predominantly generated from wireless value added services, slid 24.3 percent to $29.2 million in the first quarter - which is traditionally slow thanks to the Chinese New Year holidays. Sina's advertising revenues dropped nine percent to $16.6 million in the first quarter. Sina booked net income of $10.3 million in the first quarter, down 44 percent on the previous quarter's $18.4 million. Sina stated its joint venutre NC-Sina had approximately 93,000 concurrent users on its game Lineage 2, up from 65,000 in December - generated $303,000 on Sina's books. Sina's executive team told the market that its in-house developed search engine will go into use toward the end of the second quarter."

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