Reuters: Technology News: Sina ad revenue increases 12 percent in second-quarter

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Sina ad revenue increases 12 percent in second-quarter Aug 15th 2012, 22:32 SAN FRANCISCO | Wed Aug 15, 2012 6:32pm EDT SAN FRANCISCO (Reuters) - China's Sina Corp reported a 12 percent increase in advertising revenue in the second quarter and grew its profit due to a gain from an equity investment. Shares of Sina were up 5.8 percent at $53.84 after hours on Wednesday. Net income attributable to Sina during the second quarter was $33.2 million, or 49 cents a share, compared to $10 million, or 15 cents a share in the year ago period. During the quarter Sina recognized a $32.8 million gain related to the merger of a real estate company in which Sina owns a 34.4 percent stake. Excluding certain items, Sina said it earned $3.7 million, or 5 cents a share. Analysts polled by Thomson Reuters I/B/E/S expected Sina to post a one cent loss on an adjusted basis. Sina's net revenue in the three months ended June 30 totaled $131.6 million, up from $118.96 million in the year-ago period. Sina's advertising revenue increased 12 percent year-on-year to $103.1 million, while non-advertising revenue increased 5 percent to $28.5 million.

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