Sina losses more than double on US$40 million Weibo IPO charge
May 23, 2014, 12:05 am TWN
HONG KONG--Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a US$40 million charge stemming from the stock listing of its Weibo microblog unit.
Sina Corp. said late Wednesday that it lost US$33.2 million in the January-March period, up from US$13.2 million a year earlier. Revenue rose by more than a third to US$171.5 million.
Weibo, reporting its first earnings since going public, said separately that its first-quarter loss also more than doubled, to US$47.4 million, because of the same non-cash charge. Revenue grew by about two and half times to 67.5 million.
Sina spun off its Twitter-like microblog site Weibo in April in a U.S. initial public offering that raised a less-than-expected US$285.6 million.
The company also said has been working with Chinese government authorities and modifying its online publication and video channels after Beijing revoked two of the company's licenses and fined it in May for indecent content after accusing it of hosting pornography.