Sina's Q4 revenue jumps 43% as Weibo soars
(REUTERS) - Sina Corp's revenue soared 43 per cent in the fourth quarter, as its Weibo messaging service more than doubled advertising sales despite strong competition from Tencent Holdings Ltd's WeChat.
Weibo, one of several Chinese Twitter-like services, increased ad revenue by 163 per cent to US$56 million (S$71 million) in the final three months of 2013. Sina Weibo has hired investment banks for a US$500 million United States initial public offering later this year, a source told Reuters on Monday.
Still, shares of the Chinese company slid 3.4 per cent after Sina's overall results barely beat Wall Street's expectations.
Investors are accustomed to seeing the Chinese Internet company outpace its targets by wide margins.