Sina Tells Q3 Revenues DropTop Chinese web portal Sina.com said on Wednesday that by the end of March 31 this year, its revenues in third quarter showed a drop of 1.5 percent to US $ 9 million. Per share loss was placed at 22 cents and for the first time Sina posted a quarterly decline near 20 percent.According to Ming Pao Daily, Sina already had US $ 28.13 million of losses in the first three fiscal quarters. Chief operating officer Daniel Mao said that a sluggish US economy and shrinking tech expenditure by traditional enterprises are two major reasons that had resulted in a slump of Sina's revenues. Mao predicted that commercial earnings from mainland markets may regain a further growth in contrast to a decline of income from US and Taiwan markets. The fourth quarter proceeds from ads as predicted may experience another 10 percent drop. He said that Sina will lay off 5 percent of employees to keep a staff of 600. By PD Online staff member Li Yan |
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