Editorial Summary

Chinese Internet company Sina Corporation (Nasdaq: SINA) announced first quarter results after market on Wednesday. The company reported net revenues of $71.3 million, up from $70.7 million in the previous quarter and 39 percent year-on-year. Net income was $16.1 million, up 87 percent year-on-year and down from $17.5 million in the previous quarter. Advertising revenue totaled $47.8 million, up 51 percent year-on-year but down five percent from the fourth quarter. Non-advertising revenues were up 20 percent from a year ago to $23.5 million with $21.7 million contributed by the company's wireless value-added services.

Sina forecasts second quarter revenue between $88 million and $90 million, with advertising revenue between $64 million and $65 million.