Why SINA Stock Plunged Today
Shares of SINA (NASDAQ: SINA) were down 17.1% as of 10:48 a.m. EST Thursday despite stronger-than-expected third-quarter 2019 results from the Chinese internet media company. Rather, the culprit appeared to be worrisome forward guidance that was simultaneously released this morning by Chinese microblogging platform Weibo (NASDAQ: WB), in which SINA owns a majority stake.
Regarding SINA's results, adjusted (non-GAAP) quarterly revenue climbed 1% year over year (or 5% at constant currency) to $558.8 million, translating to adjusted net income of $67 million, or $0.94 per share. Though we don't normally pay close attention to Wall Street's near-term demands, most analysts were modeling lower adjusted earnings of $0.59 per share on revenue of $555.7 million.
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Source Fool.com
