Business, Internet Posts Increased Chinese Internet Revenue

Chinese online company Sina Corporation announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010.

For the fourth quarter, net revenues grew 12% year over year to USD110.0 million. Advertising revenues and non-GAAP advertising revenues grew 30% year over year to a record USD82.5 million, reaching the high end of the company's guidance between USD81 million and USD83 million.

For the full year of 2010, net revenues grew 12% year over year to USD402.6 million. Non-GAAP net revenues grew 17% year over year to USD383.6 million. Advertising revenues grew 28% year over year to USD290.8 million. Non-advertising revenues decreased 14% year over year to USD111.8 million.

Gross margin for the fourth quarter of 2010 was 58%, up from 56% for the same period last year.

Net loss attributable to Sina for the fourth quarter of 2010 was USD100.0 million, compared to a net income attributable to Sina of USD372.1 million for the same period last year.

Sina estimates that its non-GAAP net revenues for the first quarter of 2011 to be between USD93 million and USD96 million, with non-GAAP advertising revenues to be between USD71 million and USD73 million and non-GAAP non-advertising revenues to be between USD22 million and USD23 million.

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