Business Corpus: Sina Stock Takes A Tumble Despite Quarterly Earnings BeatSina stock fell after the China internet pioneer reported second-quarter results before the market open Wednesday that topped estimates. The post Sina Stock Takes A Tumble Despite Quarterly Earnings Beat appeared first on Investor's Business Daily.

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Sina stock rose then fell Wednesday, after the China internet pioneer reported second-quarter results that topped estimates.

Sina (SINA), the provider of a popular internet portal, said before the market open it had revenue of $537.4 million. That beat the consensus estimate of $535 million, and was up 50% from the year-ago quarter. It reported adjusted earnings of 89 cents per share, beating the consensus of 70 cents and up 27%.

"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 Charles Chao, chairman and chief executive, in prepared remarks.

Below Highs

Sina stock jumped more than 6% during premarket trading on the stock market today, but switched gears and was off 6.4% in recent action, near 75.41. Sina stock sits well below near-record highs set in the first quarter.

The company owns a majority stake in China social networking company Weibo (WB), which operates a mobile app similar to Twitter. Weibo also reported quarterly earnings Wednesday morning.

Weibo stock initially jumped on the news but gave back its gains by early morning.

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The post Sina Stock Takes A Tumble Despite Quarterly Earnings Beat appeared first on Investor's Business Daily.