China internet pioneer Sina (SINA) reported second-quarter results before the market open Wednesday that topped estimates.
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.
"Weibo continued to record healthy growth in both user base and monetization despite more intensified competition," said Chairman and CEO Charles Chao. "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."
Sina shares jumped 6.2% to 85.50 during premarket trading on the stock market today. Sina stock is well off near-record highs set in the first quarter.
Sina owns a majority stake in China social networking company Weibo (WB), which is also scheduled to report quarterly earnings Wednesday morning.
The post Sina Stock Jumps After Q2 Earnings Crush Forecasts appeared first on Investor's Business Daily.
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