The company reported revenues of $226 million and non-GAAP earnings of $0.39/ADS versus expectations of $222 million and $0.20/ADS.
Weibo (SINA owns around 57% of Weibo) reported earnings of a dime/ADS on revenues of $124.7 million, ahead of Street consensus of $0.06/ADS and $122 million, respectively. Weibo monthly average users increased to 222 million (up 33%) with almost 85% of them on mobile. Daily average users were at 100 million, up 30%.
Good numbers from both companies but nothing on the
SINA shares continue to be cheap and my fair-value remains in the $75-$85/ADS range on a sum-of-the-parts basis, given Sina's stake in Weibo, cash per ADS and its own online media business.
Good results from both companies given the brouhaha about China.
Shares of SINA and Weibo are indicated up 3% and 7% approximately in pre-market trade.
(I am long SINA shares)