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SINA Reports Second Quarter 2017 Financial Results
Second Quarter 2017 Highlights
- Net revenues increased 47% year over year to
$358.9 million . Non-GAAP net revenues increased 48% year over year to$356.3 million . - Advertising revenues increased 44% year over year to
$295.2 million . - Non-advertising revenues increased 64% year over year to
$63.8 million . Non-GAAP non-advertising revenues increased 68% year over year to$61.2 million . - Income from operations increased 355% year over year to
$94.7 million . Non-GAAP income from operations increased 235% year over year to$115.5 million . Non-GAAP operating margin was 32%, up from 14% for the same period last year. - Net income attributable to
SINA was$23.4 million , or$0.31 diluted net income per share attributable toSINA . Non-GAAP net income attributable toSINA was$52.7 million , or$0.70 non-GAAP diluted net income per share attributable toSINA . - Weibo's monthly active users ("MAUs") increased from 282 million in
June 2016 to 361 million inJune 2017 , an increase of 28% year over year. Weibo's mobile MAUs represented 92% of Weibo's MAUs. - Weibo's average daily active users ("DAUs") had a net addition of approximately 33 million users year over year and reached 159 million in
June 2017 .
"We are delighted with the financial results for the second quarter of 2017." said
Second Quarter 2017 Financial Results
For the second quarter of 2017,
Online advertising revenues for the second quarter of 2017 were
Non-advertising revenues for the second quarter of 2017 were
Gross margin for the second quarter of 2017 was 74%, compared to 64% for the same period last year. Advertising gross margin for the second quarter of 2017 was 76%, compared to 64% for the same period last year. The increase in advertising gross margin was primarily due to stronger advertising demand from Weibo advertisers, further operating leverage of Weibo business due to its relatively fixed cost nature and the streamline of costs structure for portal business. Non-advertising gross margin for the second quarter of 2017 was 68%, compared to 59% for the same period last year. The increase in non-advertising margin was primarily due to increase in revenues contributed by higher margin business, such as Weibo's membership services, and margin improvement of portal's non-advertising business.
Operating expenses for the second quarter of 2017 totaled
Income from operations for the second quarter of 2017 was
Non-operating loss for the second quarter of 2017 was
Net income attributable to
As of
In-Kind Distribution
On
Share Repurchase Plan
Non-GAAP Measures
This release contains the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP non-advertising revenues, non-GAAP advertising and non-advertising gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) attributable to
The Company's non-GAAP financial measures exclude recognition of deferred revenues related to the license granted to
Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Management compensates for these limitations by also considering the Company's financial results prepared in accordance with U.S. GAAP. Reconciliations of the Company's non-GAAP measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results".
Conference Call
US: |
+1 845 675 0438 |
Hong Kong: |
+852 3018 6776 |
China: |
400 120 0654 |
International: |
+65 6713 5440 |
Passcode for all regions: |
64862037 |
A replay of the conference call will be available through morning Eastern Time
About
We are a leading online media company serving
SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA.cn and SINA Mobile Apps provide news information, professional and entertainment content from SINA.com customized for mobile users in WAP (mobile browser) and mobile application format. Weibo is a leading social media platform for people to create, distribute and discover Chinese-language content. Based on an open platform architecture, Weibo allows users to create and post feeds and attach multi-media content, as well as access a wide range of organically and third-party developed applications, such as online games.
Through these properties and other product lines, we offer an array of online media and social media services to our users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that relate to, among other things,
Contact:
Investor Relations
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
SINA CORPORATION |
|||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
(U.S. Dollars in thousands, except per share data) |
|||||||||||
Three months ended |
Six months ended |
||||||||||
June 30, |
March 31, |
June 30, |
|||||||||
2017 |
2016 |
2017 |
2017 |
2016 |
|||||||
Net revenues: |
|||||||||||
Advertising |
$ 295,153 |
$ 205,031 |
$ 227,999 |
$ 523,152 |
$ 367,998 |
||||||
Non-advertising |
63,779 |
38,931 |
50,066 |
113,845 |
74,639 |
||||||
358,932 |
243,962 |
278,065 |
636,997 |
442,637 |
|||||||
Cost of revenues *: |
|||||||||||
Advertising |
72,211 |
73,083 |
67,668 |
139,879 |
141,272 |
||||||
Non-advertising |
20,113 |
15,834 |
18,904 |
39,017 |
28,539 |
||||||
92,324 |
88,917 |
86,572 |
178,896 |
169,811 |
|||||||
Gross profit |
266,608 |
155,045 |
191,493 |
458,101 |
272,826 |
||||||
Operating expenses: |
|||||||||||
Sales and marketing * |
83,408 |
56,895 |
68,083 |
151,491 |
108,597 |
||||||
Product development * |
63,486 |
53,522 |
54,420 |
117,906 |
106,016 |
||||||
General and administrative * |
25,036 |
23,808 |
24,023 |
49,059 |
45,942 |
||||||
171,930 |
134,225 |
146,526 |
318,456 |
260,555 |
|||||||
Income from operations |
94,678 |
20,820 |
44,967 |
139,645 |
12,271 |
||||||
Non-operating income (loss): |
|||||||||||
Earning (Loss) from equity method investments, net |
(5,265) |
(6,190) |
3,143 |
(2,122) |
(16,754) |
||||||
Gain on sale of investments/business and impairment on investments, net |
(16,315) |
34,925 |
15,883 |
(432) |
63,152 |
||||||
Interest and other income, net |
8,225 |
6,308 |
11,233 |
19,458 |
12,916 |
||||||
(13,355) |
35,043 |
30,259 |
16,904 |
59,314 |
|||||||
Income before income taxes |
81,323 |
55,863 |
75,226 |
156,549 |
71,585 |
||||||
Income tax expense |
(19,135) |
(2,747) |
(13,826) |
(32,961) |
(2,731) |
||||||
Net income |
62,188 |
53,116 |
61,400 |
123,588 |
68,854 |
||||||
Less: Net income attributable to non-controlling interests |
38,798 |
9,789 |
22,876 |
61,674 |
10,207 |
||||||
Net income attributable to SINA |
$ 23,390 |
$ 43,327 |
$ 38,524 |
$ 61,914 |
$ 58,647 |
||||||
Basic net income per share attributable to SINA |
$ 0.33 |
$ 0.62 |
$ 0.54 |
$ 0.87 |
$ 0.84 |
||||||
Diluted net income per share attributable to SINA ** |
$ 0.31 |
$ 0.59 |
$ 0.52 |
$ 0.83 |
$ 0.82 |
||||||
Shares used in computing basic |
|||||||||||
net income per share attributable to SINA |
71,197 |
70,047 |
70,959 |
71,078 |
69,952 |
||||||
Shares used in computing diluted |
|||||||||||
net income per share attributable to SINA |
73,890 |
77,202 |
73,409 |
73,667 |
76,982 |
||||||
* Stock-based compensation in each category: |
|||||||||||
Cost of revenues |
$ 2,106 |
$ 1,775 |
$ 2,230 |
$ 4,336 |
$ 3,341 |
||||||
Sales and marketing |
5,269 |
3,303 |
4,583 |
9,852 |
6,146 |
||||||
Product development |
6,668 |
3,592 |
6,990 |
13,658 |
8,514 |
||||||
General and administrative |
8,143 |
7,165 |
7,387 |
15,530 |
14,076 |
||||||
** Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments. |
SINA CORPORATION |
|||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(U.S. Dollars in thousands) |
|||||||
June 30, |
December 31, |
||||||
2017 |
2016 |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ 1,502,512 |
$ 1,407,625 |
|||||
Short-term investments |
589,095 |
389,440 |
|||||
Restricted cash |
324,180 |
241,306 |
|||||
Accounts receivable, net |
229,850 |
210,328 |
|||||
Prepaid expenses and other current assets |
388,702 |
407,373 |
|||||
Subtotal |
3,034,339 |
2,656,072 |
|||||
Property and equipment, net |
245,208 |
241,680 |
|||||
Goodwill and intangible assets, net |
73,175 |
12,108 |
|||||
Long-term investments |
1,153,861 |
1,318,207 |
|||||
Other assets |
67,288 |
56,807 |
|||||
Total assets |
$ 4,573,871 |
$ 4,284,874 |
|||||
Liabilities and Shareholders' Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ 126,564 |
$ 108,381 |
|||||
Amount due to customers |
324,180 |
241,306 |
|||||
Accrued expenses and other current liabilities |
514,521 |
452,751 |
|||||
Short-term bank loan |
7,376 |
33,152 |
|||||
Deferred revenues |
101,748 |
95,566 |
|||||
Income taxes payable |
55,580 |
40,127 |
|||||
Subtotal |
1,129,969 |
971,283 |
|||||
Convertible debt |
153,092 |
153,092 |
|||||
Long-term deferred revenues |
59,780 |
65,188 |
|||||
Other long-term liabilities |
7,025 |
4,332 |
|||||
Total liabilities |
1,349,866 |
1,193,895 |
|||||
Shareholders' equity |
|||||||
SINA shareholders' equity |
2,679,693 |
2,679,590 |
|||||
Non-controlling interests |
544,312 |
411,389 |
|||||
Total shareholders' equity |
3,224,005 |
3,090,979 |
|||||
Total liabilities and shareholders' equity |
$ 4,573,871 |
$ 4,284,874 |
|||||
SINA CORPORATION |
|||||||||||
UNAUDITED ADDITIONAL INFORMATION |
|||||||||||
(U.S. Dollars in thousands) |
|||||||||||
Three months ended |
Six months ended |
||||||||||
June 30, |
March 31, |
June 30, |
|||||||||
2017 |
2016 |
2017 |
2017 |
2016 |
|||||||
Net revenues |
|||||||||||
Portal: |
|||||||||||
Portal Advertising |
$ 77,931 |
$ 78,694 |
$ 59,791 |
$ 137,722 |
$ 142,415 |
||||||
Other |
28,746 |
19,219 |
20,162 |
48,908 |
34,883 |
||||||
Subtotal |
106,677 |
97,913 |
79,953 |
186,630 |
177,298 |
||||||
Weibo: |
|||||||||||
Advertising and marketing |
218,340 |
127,173 |
169,297 |
387,637 |
226,419 |
||||||
Weibo non-advertising |
35,033 |
19,712 |
29,904 |
64,937 |
39,756 |
||||||
Subtotal |
253,373 |
146,885 |
199,201 |
452,574 |
266,175 |
||||||
Elimination |
(1,118) |
(836) |
(1,089) |
(2,207) |
(836) |
||||||
$ 358,932 |
$ 243,962 |
$ 278,065 |
$ 636,997 |
$ 442,637 |
|||||||
Cost of revenues |
|||||||||||
Portal: |
|||||||||||
Portal Advertising |
$ 27,647 |
$ 36,804 |
$ 27,482 |
$ 55,129 |
$ 72,341 |
||||||
Other |
14,368 |
11,502 |
12,702 |
27,070 |
20,233 |
||||||
Subtotal |
42,015 |
48,306 |
40,184 |
82,199 |
92,574 |
||||||
|
50,372 |
40,657 |
46,450 |
96,822 |
77,283 |
||||||
Elimination |
(63) |
(46) |
(62) |
(125) |
(46) |
||||||
$ 92,324 |
$ 88,917 |
$ 86,572 |
$ 178,896 |
$ 169,811 |
|||||||
Gross margin |
|||||||||||
Portal |
61% |
51% |
50% |
56% |
48% |
||||||
|
80% |
72% |
77% |
79% |
71% |
||||||
74% |
64% |
69% |
72% |
62% |
SINA CORPORATION |
||||||||||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS |
||||||||||||||||||
(U.S. Dollars in thousands, except per share data) |
||||||||||||||||||
Three months ended |
||||||||||||||||||
June 30, 2017 |
June 30, 2016 |
March 31, 2017 |
||||||||||||||||
Non-GAAP |
Non-GAAP |
Non-GAAP |
||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
||||||||||
Advertising revenues |
$ 295,153 |
$ 295,153 |
$ 205,031 |
$ 205,031 |
$ 227,999 |
$ 227,999 |
||||||||||||
Non-advertising revenues |
63,779 |
(2,609) |
(a) |
61,170 |
38,931 |
(2,609) |
(a) |
36,322 |
50,066 |
(2,609) |
(a) |
47,457 |
||||||
Net revenues |
$ 358,932 |
$ (2,609) |
$ 356,323 |
$ 243,962 |
$ (2,609) |
$ 241,353 |
$ 278,065 |
$ (2,609) |
$ 275,456 |
|||||||||
(2,609) |
(a) |
(2,609) |
(a) |
(2,609) |
(a) |
|||||||||||||
2,106 |
(b) |
1,775 |
(b) |
2,230 |
(b) |
|||||||||||||
Gross profit |
$ 266,608 |
$ (503) |
$ 266,105 |
$ 155,045 |
$ (834) |
$ 154,211 |
$ 191,493 |
$ (379) |
$ 191,114 |
|||||||||
(20,080) |
(b) |
(14,060) |
(b) |
(18,960) |
(b) |
|||||||||||||
(1,227) |
(c) |
(461) |
(c) |
(155) |
(c) |
|||||||||||||
Operating expenses |
$ 171,930 |
$ (21,307) |
$ 150,623 |
$ 134,225 |
$ (14,521) |
$ 119,704 |
$ 146,526 |
$ (19,115) |
$ 127,411 |
|||||||||
(2,609) |
(a) |
(2,609) |
(a) |
(2,609) |
(a) |
|||||||||||||
22,186 |
(b) |
15,835 |
(b) |
21,190 |
(b) |
|||||||||||||
1,227 |
(c) |
461 |
(c) |
155 |
(c) |
|||||||||||||
Income from operations |
$ 94,678 |
$ 20,804 |
$ 115,482 |
$ 20,820 |
$ 13,687 |
$ 34,507 |
$ 44,967 |
$ 18,736 |
$ 63,703 |
|||||||||
(2,609) |
(a) |
|||||||||||||||||
(2,609) |
(a) |
15,835 |
(b) |
(2,609) |
(a) |
|||||||||||||
22,186 |
(b) |
461 |
(c) |
21,190 |
(b) |
|||||||||||||
1,227 |
(c) |
2,427 |
(d) |
155 |
(c) |
|||||||||||||
75 |
(d) |
(34,925) |
(e) |
224 |
(d) |
|||||||||||||
16,315 |
(e) |
(5,646) |
(f) |
(15,883) |
(e) |
|||||||||||||
(7,745) |
(f) |
1,085 |
(g) |
(5,494) |
(f) |
|||||||||||||
(180) |
(h) |
(102) |
(h) |
1,472 |
(h) |
|||||||||||||
Net income attributable to SINA |
$ 23,390 |
$ 29,269 |
$ 52,659 |
$ 43,327 |
$ (23,474) |
$ 19,853 |
$ 38,524 |
$ (945) |
$ 37,579 |
|||||||||
Diluted net income per share attributable to SINA * |
$ 0.31 |
$ 0.70 |
$ 0.59 |
$ 0.27 |
$ 0.52 |
$ 0.50 |
||||||||||||
Shares used in computing diluted |
||||||||||||||||||
net income per share attributable to SINA |
73,890 |
- |
73,890 |
77,202 |
- |
77,202 |
73,409 |
- |
73,409 |
|||||||||
Gross margin - advertising |
76% |
- |
76% |
64% |
1% |
65% |
70% |
1% |
71% |
|||||||||
Gross margin - non-advertising |
68% |
-1% |
67% |
59% |
-3% |
56% |
62% |
-2% |
60% |
|||||||||
Six months ended |
||||||||||||||||||
June 30, 2017 |
June 30, 2016 |
|||||||||||||||||
Non-GAAP |
Non-GAAP |
|||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
|||||||||||||
Advertising revenues |
$ 523,152 |
$ 523,152 |
$ 367,998 |
$ 367,998 |
||||||||||||||
Non-advertising revenues |
113,845 |
(5,218) |
(a) |
108,627 |
74,639 |
(5,218) |
(a) |
69,421 |
||||||||||
Net revenues |
$ 636,997 |
$ (5,218) |
$ 631,779 |
$ 442,637 |
$ (5,218) |
$ 437,419 |
||||||||||||
(5,218) |
(a) |
(5,218) |
(a) |
|||||||||||||||
4,336 |
(b) |
3,341 |
(b) |
|||||||||||||||
Gross profit |
$ 458,101 |
$ (882) |
$ 457,219 |
$ 272,826 |
$ (1,877) |
$ 270,949 |
||||||||||||
(39,040) |
(b) |
(28,736) |
(b) |
|||||||||||||||
(1,382) |
(c) |
(1,018) |
(c) |
|||||||||||||||
Operating expenses |
$ 318,456 |
$ (40,422) |
$ 278,034 |
$ 260,555 |
$ (29,754) |
$ 230,801 |
||||||||||||
(5,218) |
(a) |
(5,218) |
(a) |
|||||||||||||||
43,376 |
(b) |
32,077 |
(b) |
|||||||||||||||
1,382 |
(c) |
1,018 |
(c) |
|||||||||||||||
Income from operations |
$ 139,645 |
$ 39,540 |
$ 179,185 |
$ 12,271 |
$ 27,877 |
$ 40,148 |
||||||||||||
(5,218) |
(a) |
|||||||||||||||||
(5,218) |
(a) |
32,077 |
(b) |
|||||||||||||||
43,376 |
(b) |
1,018 |
(c) |
|||||||||||||||
1,382 |
(c) |
1,946 |
(d) |
|||||||||||||||
299 |
(d) |
(63,152) |
(e) |
|||||||||||||||
432 |
(e) |
(10,165) |
(f) |
|||||||||||||||
(13,239) |
(f) |
2,169 |
(g) |
|||||||||||||||
1,292 |
(h) |
(225) |
(h) |
|||||||||||||||
Net income attributable to SINA |
$ 61,914 |
$ 28,324 |
$ 90,238 |
$ 58,647 |
$ (41,550) |
$ 17,097 |
||||||||||||
Diluted net income per share attributable to SINA * |
$ 0.83 |
$ 1.21 |
$ 0.82 |
$ 0.23 |
||||||||||||||
Shares used in computing diluted |
||||||||||||||||||
net income per share attributable to SINA |
73,667 |
- |
73,667 |
76,982 |
(6,467) |
(i) |
70,515 |
|||||||||||
Gross margin - advertising |
73% |
1% |
74% |
62% |
1% |
63% |
||||||||||||
Gross margin - non-advertising |
66% |
-2% |
64% |
62% |
-3% |
59% |
||||||||||||
(a) To exclude the recognition of deferred revenue related to the license granted to Leju. |
||||||||||||||||||
(b) To exclude stock-based compensation. |
||||||||||||||||||
(c) To adjust amortization of intangible assets. |
||||||||||||||||||
(d) To exclude the Non-GAAP to GAAP reconciling items on the share of equity method investments, net of share of amortization of intangibles not on their books. |
||||||||||||||||||
(e) To exclude (gain) loss on sale of investments/business, (gain) loss on deemed disposal and impairment on investments, net. |
||||||||||||||||||
(f) To exclude Non-GAAP to GAAP reconciling items for the income attributable to non-controlling interests. |
||||||||||||||||||
(g) To exclude the amortization of convertible debt issuance cost. |
||||||||||||||||||
(h) To exclude the provision (benefit) for income tax related to item (c) and (e). Other non-GAAP to GAAP reconciling items have no income tax effect.** |
||||||||||||||||||
(i) To adjust the number of shares for dilution resulted from convertible debt and unvested equity granted. |
||||||||||||||||||
* |
Net income attributable to SINA is adjusted for diluted shares issued by our subsidiary and equity method investments. |
|||||||||||||||||
** |
Most of the reconciliation items were recorded in entities in tax free jurisdictions hence no income tax implications. For impairment on investments, valuation allowances were made for those differences the Company does not expect they can be realized in the foreseeable future. |
|||||||||||||||||
UNAUDITED RECONCILIATION OF SINA'S SHARE OF EQUITY INVESTMENTS' NON-GAAP TO GAAP RESULTS* |
||||||||||||||||||
Three months ended |
||||||||||||||||||
June 30, 2017 |
June 30, 2016 |
March 31, 2017 |
||||||||||||||||
Actual |
Adjustments |
Non-GAAP |
Actual |
Adjustments |
Non-GAAP |
Actual |
Adjustments |
Non-GAAP |
||||||||||
To exclude stock-based compensation |
$ 736 |
$ 1,356 |
$ 320 |
|||||||||||||||
To exclude amortization of intangible |
||||||||||||||||||
assets resulting from business acquisitions |
1,035 |
587 |
102 |
|||||||||||||||
To exclude gain on disposal and impairment on investments |
(1,319) |
(739) |
(321) |
|||||||||||||||
To exclude (gain) loss resulting from the fair value |
||||||||||||||||||
changes in investments |
(637) |
1,236 |
39 |
|||||||||||||||
To exclude tax impacts related |
||||||||||||||||||
to amortization of intangible assets |
(143) |
(180) |
(21) |
|||||||||||||||
Earning (Loss) from equity method investments, net |
$ (4,862) |
$ (328) |
$ (5,190) |
$ (6,023) |
$ 2,260 |
$ (3,763) |
$ 3,248 |
$ 119 |
$ 3,367 |
|||||||||
Share of amortization of equity investments' |
||||||||||||||||||
intangibles not on their books |
(523) |
523 |
- |
(223) |
223 |
- |
(125) |
125 |
- |
|||||||||
Share of tax impacts related to amortization of |
||||||||||||||||||
equity investments' intangibles not on their books |
120 |
(120) |
- |
56 |
(56) |
- |
20 |
(20) |
- |
|||||||||
$ (5,265) |
$ 75 |
$ (5,190) |
$ (6,190) |
$ 2,427 |
$ (3,763) |
$ 3,143 |
$ 224 |
$ 3,367 |
||||||||||
Six months ended |
||||||||||||||||||
June 30, 2017 |
June 30, 2016 |
|||||||||||||||||
Non-GAAP |
Non-GAAP |
|||||||||||||||||
Actual |
Adjustments |
Results |
Actual |
Adjustments |
Results |
|||||||||||||
To exclude stock-based compensation |
$ 1,056 |
$ 2,911 |
||||||||||||||||
To exclude amortization of intangible |
||||||||||||||||||
assets resulting from business acquisitions |
1,137 |
1,377 |
||||||||||||||||
To exclude gain on disposal and impairment on investments |
(1,640) |
(1,547) |
||||||||||||||||
To exclude gain resulting from the fair value |
||||||||||||||||||
changes in investments |
(598) |
(890) |
||||||||||||||||
To exclude tax impacts related |
||||||||||||||||||
to amortization of intangible assets |
(164) |
(366) |
||||||||||||||||
Loss from equity method investments, net |
$ (1,614) |
$ (209) |
$ (1,823) |
$ (16,293) |
$ 1,485 |
$ (14,808) |
||||||||||||
Share of amortization of equity investments' |
||||||||||||||||||
intangibles not on their books |
(648) |
648 |
- |
(615) |
615 |
- |
||||||||||||
Share of tax impacts related to amortization of |
||||||||||||||||||
equity investments' intangibles not on their books |
140 |
(140) |
- |
154 |
(154) |
- |
||||||||||||
$ (2,122) |
$ 299 |
$ (1,823) |
$ (16,754) |
$ 1,946 |
$ (14,808) |
|||||||||||||
* Earning (Loss) from equity method investments is recorded one quarter in arrears. |
View original content:http://www.prnewswire.com/news-releases/sina-reports-second-quarter-2017-financial-results-300501847.html
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