SINA Corporation (SINA) has reported an 151.46 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $38.52 million, or $0.52 a share in the quarter, compared with $15.32 million, or $0.22 a share for the same period last year. On an adjusted basis, net profit for the quarter stood at $37.60 million, or $0.50 a share compared with a net loss of $2.80 million, or $0.04 a share in the last year period.
Revenue during the quarter surged 39.96 percent to $278.06 million from $198.68 million in the previous year period. Gross margin for the quarter expanded 958 basis points over the previous year period to 68.87 percent. Operating margin for the quarter period stood at positive 16.17 percent as compared to a negative 4.30 percent for the previous year period.
Operating income for the quarter was $44.97 million, compared with an operating loss of $8.55 million in the previous year period.
However, the adjusted operating income for the quarter stood at $63.70 million compared to $5.60 million in the prior year period. At the same time, adjusted operating margin improved 2009 basis points in the quarter to 22.91 percent from 2.82 percent in the last year period.
"We started the year 2017 with a great quarter." said Charles Chao, Chairman and CEO of SINA. "Weibo continued its strong momentum with accelerated growth in revenues and impressive expansion of user base." said Mr. Chao. "On the SINA media business, our performance was in line with our expectation, taking seasonality factor into account. We have further restructured our mobile media business to accelerate the pace for the mobile transition." Mr. Chao added.
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