SINA Corp (NASDAQ:SINA) has reported their Q1 2013 results. The increased their revenues and saw net losses reduced to $13.2 million. This is down from a loss of $13.7 million one year earlier. Sina recorded overall net revenues of $126 million, which is up from $106.2 million for the same period in 2012. The company’s advertising revenues increased 20% year-on-year to $94.3 million. Non-advertising revenues were also up with a rise of 14% to $31.7 million.
Sina’s revenues saw a hit from the last quarter when they reported $139.1 million (Q4 2012). They also posted a profit of $2.4 million in Q4 2012. Generally there is a slow down in Q1 2013 due to the Chinese New Year so a decrease was expected.
Sina’s micro-blogging platform Weibo product has over 400 million registered users. What makes Weibo different from Twitter is that Weibo is heavily regulated by the government. Sina is still struggling to find ways to successfully monetize the Weibo service on a large scale. Weibo has around 50 million active users per day with over 75% logging into the service from their smartphone.
Late last month, Alibaba received an 18% stake in Sina Weibo for $586 million. Alibaba and Sina will work closely on combined products to connect Alibaba’s web stores to Sina Weibo. Alibaba’s most popular web stores are B2B Taobao and B2C Tmall.
Sina is forecasting net revenues of between $143 and $147 million in net revenues for Q2 2013. “Advertising revenue to be between $117 million and $119 million, and non-GAAP non-advertising revenue to be between $26 million and $28 million,” said Sina in a statement.