Why SINA Corporation Stock Dropped Today
Shares of SINA Corporation (NASDAQ: SINA) fell as much as 11.5% early Tuesday, then partially recovered to trade down 7.3% as of 1:15 p.m. EST despite the Chinese online media company reporting better-than-expected third-quarter results.
SINA's adjusted net revenue climbed 62% year over year to $443.1 million, which translated to adjusted net income (attributable to SINA) of $57.7 million, or $0.77 per share. Both the top and bottom lines exceeded investors' expectations for adjusted earnings of $0.75 per share on revenue of $406.5 million.
Image source: Sina.
Source: Fool.com
