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Mobile Revenue Falls In China For Sina.com As Company Sees Overall Growth

Chinese online media company Sina Corporation today announced its unaudited financial results for the quarter ended June 30, 2010, and stated net revenues grew 10% year over year.

Sina reported net revenues of USD99.4 million, compared to USD90.3 million for the same period last year. Advertising revenues for the second quarter of 2010 were USD73.1 million, compared to USD57.8 million for the same period last year. The company says year over year advertising revenue growth was partially boosted by a successful coverage of the 2010 World Cup.

Non-advertising revenues for the second quarter of 2010 totaled USD26.3 million, compared to USD32.5 million for the same period last year. Mobile value-added service revenues for the second quarter of 2010 amounted to USD20.0 million, compared to USD30.9 million for the same period last year.

The year over year decline in MVAS revenues was primarily due to China Mobile implementing series of measures in late November 2009 and January 2010, including the suspension of billing of WAP, limiting service offerings and partnerships allowed for each SMS code, preventing television and radio promotion of certain IVR products and requiring additional notices and customer confirmations in the MVAS ordering process.

Gross margin for the second quarter of 2010 was 58%, up from 56% for the same period last year. Advertising gross margin for the second quarter of 2010 was 60%, up from 58% for the same period last year.

Sina’s operating income for the second quarter of 2010 was USD26.1 million, compared to USD13.6 million for the same period last year.

As of June 30, 2010, Sina’s cash, cash equivalents and short-term investments totaled USD828.2 million, compared to USD821.5 million as of December 31, 2009. Cash flow from operating activities was USD12.9 million for the second quarter of 2010, compared to USD18.8 million for the same period last year.

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