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Shares of SINA Corp. (NASDAQ: SINA) closed up 10% Tuesday after the Chinese online media company announced stronger-than-expected third-quarter 2016 results.
Adjusted quarterly revenue climbed 21.7% year over year to $272.3 million, driven by 21% growth in online advertising revenue to $233.6 million. More specifically, online ad revenue growth was driven by a $47.8 million increase in Weibo advertising and marketing revenue, and partially offset by a $7.7 million decline in portal ad revenue.
On the bottom line, that translated to 79.1% growth in adjusted net income, to $43.7 million, and 43.6% growth in adjusted net income per share, to $0.56.
By comparison -- and though we don't usually pay close attention to Wall Street's near-term expectations -- analysts' consensus estimates predicted lower adjusted revenue and earnings of $265.3 million, and $0.35 per share, respectively.
SINA CEO Charles Chao stated the company is "delighted" with its performance, elaborating:
As it stands, this was a fairly cut-and-dried quarterly beat from SINA as it progresses on the monetization of its web properties in today's increasingly mobile market. If SINA can sustain this upward business momentum going forward, I suspect the value of its shares will continue to follow suit.
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