China's biggest Web portal Sina Corp reported its profit jumped 74 percent in the second quarter of this year backed by soaring advertising income.
Its net income grew to 25.2 million U.S. dollars, or 42 cents a share, and its revenue soared 53 percent to 91.3 million U.S. dollars in the period, beating its estimate of 90 million dollars, Sina said yesterday.
The Shanghai-based company's online ad income grew 58 percent to 64.9 million dollars and non-ad revenue rose 42 percent to 26.4 million dollars.
"We are very proud of our record revenue and earnings in the second quarter. Our online advertising business in China, in particular, continues to be robust, growing 58 percent year on year, and was a major driving force in allowing us to achieve a net income growth of 74 percent year on year," said Charles Chao, CEO of Sina. "We expect Sina's advertising momentum to further accelerate in the third quarter, as we are prepared to provide an unprecedented online media coverage of the Beijing Olympic Games."
Sina predicts its third-quarter revenue between 100 million dollars and 104 million dollars, with ad income at 75 million dollars to 77 million dollars.
Credit Suisse said in a report that Sina's ad business will continue to grow next year backed by its status in the industry, excellent sales team and brand value.
Source: China Daily
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