What happened
Shares of SINA Corp. (SINA) were up 18.6% as of 12:15 p.m. EDT on Tuesday after the company announced strong first-quarter 2017 results.
So what
Adjusted quarterly revenue climbed 40% year over year to $275.5 million, and translated to adjusted net income attributable to SINA of $37.6 million, or $0.52 per diluted share. By comparison, analysts' consensus estimates called for adjusted earnings of $0.14 per share on revenue of $265.1 million.
IMAGE SOURCE: SINA.
SINA chairman and CEO Charles Chao added:
We started the year 2017 with a great quarter. Weibo continued its strong momentum with accelerated growth in revenues and impressive expansion of user base. 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.
Weibo's monthly active users climbed 30% year over year to 340 million, 91% of whom are mobile users. Average daily active users also jumped more than 28% to 154 million.
Now what
This was a straightforward quarterly beat from SINA -- and one driven by broad growth with roughly 40% increases in both advertising and non-advertising revenue. And it's no surprise to see SINA stock trading at a fresh 52-week high as of this writing.
