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Sina Reports Better Q3 2004 Results Than Expected

SINA Corporation (NASDAQ: SINA) today announced its financial results for the third quarter ended September 30, 2004.

A summary is as follows:

– Net revenues for the quarter grew by 64.5% year-over-year to a record $52.5 million, beating the Company's guidance of between $49.0 million and $50.0 million.

– Advertising revenues for the quarter grew by 61.8% year-over-year to $18.5 million and accounted for 35.2% of total revenues.

– Non-advertising revenues for the quarter grew by 66.0% year-over-year to $34.0 million and accounted for 64.8% of total revenues.

– US GAAP net income for the quarter was $14.5 million; or $0.27 diluted net income per share, compared to a net income of $11.7 million, or $0.21 diluted net income per share for the same period in 2003.

– Pro forma net income for the quarter was $17.4 million, or $0.32 diluted net income per share, compared to a pro forma net income of $12.3 million, or $0.21 diluted net income per share for the same period in 2003.

"We are extremely happy with our financial performance for the third quarter," said Wang Yan, CEO of SINA. "Our better than expected results in a very tough market and regulatory environment further demonstrated SINA's execution capability."

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