Chinese Web Firms Sina, Weibo Gain After Earnings Reports

Sina Corp. and Weibo Corp. both gained in late trading Tuesday after the Chinese Internet companies announced earnings. Sina, an online media powerhouse that derives most of its revenue from advertisements, reported second-quarter net income of $12.9 million, or 19 cents a share, on sales of $213.6 million. After adjustments, Sina profit fell to 6 cents a share. Analysts surveyed by FactSet expected adjusted earnings of 5 cents a share on revenue of $200.3 million. Weibo, Sina's social-media arm that was spun off in 2014, reported earnings of $4.2 million, or 2 cents a share, on revenue of $107.8 million; adjusted earnings were 5 cents a share. Analysts expected Weibo to report adjusted profit of 2 cents a share on sales of $104.7 million. Sina shares added nearly 2% in the extended session after closing with a 2.8% loss at $38.92, and Weibo jumped about 6% after closing up 2.7% at $13.44.