Sina Reports Drop In Quarterly Earnings, Expects Yuan To Fall 8.5% In 2016

Sina Corp. late Wednesday reported its fourth-quarter earnings fell to $14.6 million, or 21 cents a share, from $59.8 million, or 90 cents a share, a year earlier. On an adjusted basis, the Chinese online company would have earned 35 cents a share. Revenue rose 21% to $256.2 million. Analysts surveyed by FactSet had forecast earnings of 35 cents a share on revenue $244 million. For 2016, Sina projected revenue in a range of $850 million to $950 million, based on the assumption that the yuan will depreciate against the dollar by 8.5%. The company also plans to buy back up to $500 million of its shares by the end of June 2017. Shares of Sina fell 4.9% in after-hours trading.