SINA Corporation announced its unaudited financial results for the second quarter ended June 30, 2015. Net revenues were $213.6 million, compared to $187 million for the same period last year.
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Non-GAAP net revenues for the second quarter of 2015 totaled $211 million, compared to $184.4 million for the same period last year.
Online advertising revenues for the second quarter of 2015 were $176.3 million, compared to $155.8 million for the same period last year.
The year-over-year growth in online advertising revenues resulted from an increase of $28.3 million in Weibo advertising and marketing revenues, offset by a decline of $7.9 million in portal advertising revenues.
Non-advertising revenues for the second quarter of 2015 were $37.3 million. Non-GAAP non-advertising revenues for the second quarter of 2015 were $34.7 million, compared to $28.6 million for the same period last year.
The year-over-year growth in non-GAAP non-advertising revenues was mainly attributable to portal’s new business initiatives and the increases in revenues from Weibo’s game business and membership fees, partly offset by a decrease in Weibo data license revenue.
Gross margin for the second quarter of 2015 was 60%, compared to 61% for the same period last year. Advertising gross margin for the second quarter of 2015 was 61%, compared to 59% for the same period last year.
Non-advertising gross margin for the second quarter of 2015 was 54%, compared to 67% for the same period last year. The decline in non-advertising margin was primarily due to lower margin contribution of portal’s new business, which is at the early stage of development.
Operating expenses for the second quarter of 2015 totaled $134.4 million, compared to $138.6 million for the same period last year. Non-GAAP operating expenses for the second quarter of 2015 totaled $120.1 million, compared to $116.9 million for the same period last year, primarily due to higher personnel costs, partially offset by decrease in sales and marketing expenditures.
Loss from operations for the second quarter of 2015 was $6.8 million, compared to $25.2 million for the same period last year.
Non-GAAP income from operations for the second quarter of 2015 was $6.0 million, compared to a non-GAAP loss of $5.4 million for the same period last year.
Non-operating income for the second quarter of 2015 was $22.8 million, compared to a non-operating income of $31.2 million for the same period last year.
Non-operating income for the second quarter of 2015 mainly included: an $18.9 million gain from sale of marketable securities, which is excluded under non-GAAP measure; and a $5.5 million loss from equity method investment in E-House and reported one-quarter in arrears.
Non-operating income for the second quarter of 2014 mainly included: a gain of $29.1 million from Tencent's acquisition of a 15% equity interest in Leju, a subsidiary of E-House, on a fully diluted basis from E-House; and a $6.8 million loss from the change in fair value of investor option liability in connection with Alibaba's investment in Weibo.
Net income attributable to SINA for the second quarter of 2015 was $11.7 million, compared to $16.6 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2015 was $0.19, compared to $0.25 for the same period last year.
Non-GAAP net income attributable to SINA for the second quarter of 2015 was $4 million, compared to $12.1 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2015 was $0.06, compared to $0.17 for the same period last year.
As of June 30, 2015, SINA’s cash, cash equivalents and short-term investments totaled $1.9 billion, compared to $2.2 billion as of December 31, 2014.
The decrease in cash, cash equivalents, and short-term investments was mainly due to the new investments made in the second quarter of 2015.
For the second quarter of 2015, net cash provided by operating activities was $121.4 million, capital expenditures totaled $12.8 million, and depreciation and amortization expenses amounted to $9.9 million. ■