China internet pioneer Sina (SINA) reported second-quarter results before the market open Wednesday that topped estimates, but shares reversed an upward trend and were falling in recent action.
Sina, the provider of a popular internet portal, reported revenue of $537.4 million. That beat the consensus estimate of $535 million. It reported adjusted earnings of 89 cents per share, beating the consensus of 70 cents.
"For Sina businesses, we continued to see robust growth in user scale of Sina mobile apps, which bodes well for improved mobile monetization of Sina media," said Chairman and Chief Executive Charles Chao.
Sina stock jumped more than 6% during premarket trading on the stock market today, but switched gears and was off 3.7% in recent action, near 77.50. Sina stock is well off near-record highs set in the first quarter.
The company owns a majority stake in China social networking company Weibo (WB), which also reported quarterly earnings Wednesday morning.
The post Sina Crushes Earnings Forecasts But Stock Takes A Tumble appeared first on Investor's Business Daily.
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