Sina Corporation (SINA) has reported a 36.89 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $19.92 million, or $0.27 a share in the quarter, compared with $14.55 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $48.25 million, or $0.63 a share compared with $24.81 million or $0.35 a share, a year ago.
Revenue during the quarter grew 22.34 percent to $313.42 million from $256.19 million in the previous year period. Gross margin for the quarter expanded 459 basis points over the previous year period to 69.83 percent. Total expenses were 92.13 percent of quarterly revenues, up from 88.45 percent for the same period last year. That has resulted in a contraction of 368 basis points in operating margin to 7.87 percent.
Operating income for the quarter was $24.67 million, compared with $29.59 million in the previous year period.
However, the adjusted operating income for the quarter stood at $82.12 million compared to $40.70 million in the prior year period. At the same time, adjusted operating margin improved 1032 basis points in the quarter to 26.20 percent from 15.89 percent in the last year period.
"We closed a great year of 2016 with another strong quarter. Our full year revenue exceeded $1 billion, representing an important milestone for the group." said Charles Chao, chairman and chief executive officer of SINA. "Weibo user growth continued its healthy pace and reached 313 million MAUs in December 2016. Weibo demonstrated its social platform value by reinforcing content ecosystem with strong network effect and building a more connected, informed and engaging social community in China Internet space. Leveraging platform effect, Weibo's monetization capability and efficiency has further improved with non-GAAP operating margin reaching 35% in the fourth quarter of 2016."
Debt comes down significantly
Sina Corporation has recorded a decline in total debt over the last one year. It stood at $186.24 million as on Dec. 31, 2016, down 76.58 percent or $608.86 million from $795.11 million on Dec. 31, 2015. Long-term debt stood at $153.09 million as on Dec. 31, 2016.
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