SINA Corp (NASDAQ: SINA ) stock was down on Wednesday despite the release of a positive earnings report for the first quarter of 2018.
SINA Corp reported revenue of $440.75 million for the first quarter of 2018. This is up from its revenue of $278.07 million that was reported in the first quarter of the previous year. While the company's first-quarter revenue does beat analysts' estimate of $433.32 million, it wasn't enough to save SINA stock.
SINA Corp's earnings report for the first quarter of the year includes earnings per share of 47 cents. This is a drop from its earnings per share of 52 cents from the same period of the year prior. It also wasn't able to keep SINA stock from falling today, despite coming in above Wall Street's earnings per share estimate of 42 cents for the quarter.
Net income reported by SINA Corp for the first quarter of 2018 came in at $77.09 million. This is an improvement over the company's net income of $61.40 million reported in the first quarter of 2017.
During the first quarter of the year, SINA Corp reported operating income of $73.30 million. The Chinese tech company reported operating income of $44.97 million for the same time last year.
"Weibo delivered robust growth of revenues and profit on the back of greater user scale, stronger platform effect and improved monetization efficiency," Charles Chao, Chairman and CEO of Sina Corp, said in a statement . "Weibo continue to benefit from ad budget shift toward social, mobile and video features which the platform combines."
SINA stock was down 8% as of Wednesday afternoon and the stock is down 7% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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