Sina losses double on IPO charge

|
News,Business,Financial Markets,IPOs

HONG KONG (AP) — Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a $40 million charge stemming from the stock listing of its Weibo microblog unit.

Sina Corp. said late Wednesday that it lost $33.2 million in the January-March period, up from $13.2 million a year earlier.

Weibo said separately that its first-quarter loss also more than doubled, to $47.4 million, because of the same non-cash charge.

Sina spun off its Twitter-like microblog site Weibo in April in a U.S. initial public offering that raised a less-than-expected $285.6 million.

The company also said it's modifying its online publication and video channels after the Chinese government revoked two of the company's licenses and fined it in May for indecent content.

View article comments Leave a comment