The Canadian Press - ONLINE EDITION

First-quarter losses at Weibo and parent Sina double on charge for Chinese microblog's IPO

  • Print

HONG KONG - Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a $40 million charge stemming from the stock listing of its Weibo microblog unit.

Sina Corp. said late Wednesday that it lost $33.2 million in the January-March period, up from $13.2 million a year earlier. Revenue rose by more than a third to $171.5 million.

Weibo, reporting its first earnings since going public, said separately that its first-quarter loss also more than doubled, to $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 $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.

Sina said the modifications will have "an adverse impact" on revenue but it was not able to "quantify the magnitude and extent of such impact."

The penalties for Sina are part of a wider crackdown on online expression that has resulted in the closure of individual microblogs and punishments for spreading rumours online.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart - Take It Easy

View more like this

Photo Store Gallery

  • A gosling stares near water at Omands Creek Park-See Bryksa 30 day goose challenge- Day 25– June 21, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Perfect Day- Paul Buteux walks  his dog Cassie Tuesday on the Sagimay Trail in Assiniboine Forest enjoying a almost perfect  fall day in Winnipeg- Standup photo – September 27, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Should Winnipeg control growth to deal with climate change?

View Results

Ads by Google