China's #1 Portal Sina Reports 45% Decline in Q2 Profit

From Forbes: China's Sina Q2 unaudited net profit 10 mln usd vs 18 mln usd

"Internet portal Sina Corp (NASDAQ SINA) said its unaudited net profit fell 45 pct year-on-year to 10 mln usd in the second quarter from 18 mln usd a year earlier, on declining revenues in some of its wireless value-added services (WVAS)."

"Advertising revenues reached 20.4 mln usd in the second quarter, a 31 pct increase from the same period last year, and a 22 pct quarter-on-quarter rise. The rise was attributed on seasonal variation and increased customer spending, the firm said."

"Operating expenses grew 27 pct year-on-year to 20.4 mln usd, driven by higher marketing costs for WVAS, instant messaging, Sina's game portal iGame, development costs for their new search engine launched in June, and fees related to mergers and acquisitions."

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