Earning Alert - Sina (SINA) beats by $0.09, beats on revenue - 8/12/13

• Sina (SINA) expects Q3 revenue of $176M-$180M, well above a $165.5M consensus.
• Ramping Weibo monetization helped fuel the Q2 beat. Weibo ad revenue +209% Y/Y to $30M, and Weibo value-added service (VAS) revenue (games, membership fees) +186% to $7.7M. Weibo now makes up 24% of total revenue.
• Total ad revenue +17% Y/Y to $120.6M (+20% in Q1), total non-ad revenue +35% to $32.2M (only +17% in Q1).
• Ad revenue is expected to surge to $151M-$153M in Q3, but non-ad revenue is expected to drop to $25M-$27M thanks to a $6M Q/Q decline in mobile VAS revenue.
• Gross margin was 54%, up from 51% in Q1 and 53% a year ago.
• Another reason for the EPS beat: opex only rose 13% Y/Y, less than rev. growth of 20% and representing a sharp slowdown in growth from recent quarters. Lower marketing spend was partly responsible.
• CC at 9PM ET

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