Sina posts huge 3Q loss on impairment charges

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NEW YORK (AP) ? Sina Corp., which operates a popular Chinese Web portal, said Tuesday that it posted a big third-quarter loss on impairment charges on goodwill and on investments in China Real Estate Information Corp and elsewhere.

The net loss in the three months to Sept. 30 came to $336.3 million, or $5.10 per share. That compared to net income of $31.3 million, or 48 cents per share, a year ago.

Excluding impairment charges of $350.1 million and other items, adjusted earnings came to 26 cents per share.

Analysts polled by FactSet were looking for adjusted earnings of 25 cents per share.

Revenue grew 20 percent to $130.3 million, above the $127.7 million expected by analysts.

Advertising revenue grew 25 percent to $101 million.

Sina said it expects net revenue for the fourth quarter to be $128 million to $131 million with advertising revenue between $103 million and $105 million. Analysts were looking for $130.4 million in fourth-quarter revenue.

Shares fell $3.06, or 3.5 percent, to $83.88 in after-hours trading, after closing up $1.92, or 2.3 percent, at $86.94 in the regular session.