Sina 2Q net dips on costs; revenue up 20 percent

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LOS ANGELES (AP) — Sina Corp., which operates a popular Chinese Web portal, said Wednesday that second-quarter net income fell as higher marketing and product-development costs cut into revenue gains.

Net income in the three months through June 30 came to $10.0 million, or 15 cents per share, from $25.2 million, or 38 cents per share, a year ago.

Excluding stock-based compensation expenses and other items, adjusted earnings per share came to 20 cents, matching the estimate of analysts polled by FactSet.

Revenue grew 20 percent to $119.0 million from $99.4 million, beating the $117.7 million expected by analysts.

Sina said that it expects adjusted net revenue for the third quarter to be $123 million to $126 million, below the $130 million that analysts were forecasting.

Shares rose $5.37, or 5.8 percent, to $98.27 in after-hours trading following the release of results. Earlier, shares closed the regular session down $5.01, or 5.1 percent, at $92.90.