SINA (NASDAQ:SINA) earnings for first quarter of 2020 have its stock up on Tuesday. This is thanks to its adjusted earnings per share (EPS) of 25 cents blowing past Wall Street’s estimate of 7 cents. Its revenue of $435.05 million also beats out analysts’ estimates of $385.62 million.
Here are some additional highlights from the most recent SINA earnings report.
- Adjusted per-share earnings are down 37.5% from 40 cents in the first quarter of 2019.
- Revenue for the quarter comes in 8% lower than the $475.14 million reported in the same period of the year prior.
- Operating income of $30.8 million is a 64.6% decrease year-over-year from $86.93 million.
- The SINA earnings report also has net income coming in at $131.7 million.
- That’s a 32.6% jump over its net income of $99.35 million from the same time last year.
SINA mentions these details in its current earnings report:
“Advertising revenues for the first quarter of 2020 were $310.0 million, a decrease of 20% compared to $388.0 million for the same period last year, primarily due to the adverse impact of the coronavirus pandemic on the overall advertising demand, as well as negative currency translation impact. Non-advertising revenues for the first quarter of 2020 were $125.1 million, an increase of 44% compared to $87.1 million for the same period last year.”
SINA doesn’t make mention of an outlook in the Q1 earnings report. That makes sense with the novel coronavirus impacting the economy. Many companies are withholding guidance at this time.
SINA stock was up slightly as of Tuesday afternoon, but ended the day down less than 1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
