Why SINA Corp. Stock Popped Today

By Steve Symington Markets Fool.com

What happened

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Shares of SINA Corp. (NASDAQ: 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.


SINA chairman and CEO Charles Chao added:

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We started the year 2017 with a great quarter.Weibocontinued its strong momentum with accelerated growth in revenues and impressive expansion of user base.On theSINAmedia 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.

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Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Sina. The Motley Fool has a disclosure policy.