Sina, Weibo top Wall Street estimates for quarter
U.S. shares of Sina Corp. rose in the extended session Monday while shares of Weibo Corp. struggled to hold onto slight gains after the Chinese online media companies topped Wall Street estimates. Sina shares advanced 4% to $60.65, while U.S. shares of Weibo ticked 0.1% higher to $37.20 after hours. Sina reported adjusted second-quarter earnings of 27 cents a share on revenue of $244 million. Analysts surveyed by FactSet had expected earnings of 15 cents a share on revenue of $229.2 million. Sina raised its full-year revenue to a range of $950 million and $1 billion, while analysts expect $951.1 billion. Weibo, which is majority owned by Sina, reported adjusted earnings of 16 cents a share on revenue of $146.9 million. Analysts had estimated adjusted earnings of 11 cents a share on revenue of $146.7 million. Weibo expects third-quarter revenue of $168 million to $173 million, while analysts estimate $164.6 million.
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