SINA Corporation announced its unaudited financial results for the first quarter ended March 31, 2015. Net revenues were $184.6 million, compared to $171.5 million for the same period last year.
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Non-GAAP net revenues for the first quarter of 2015 totaled $182 million, compared to $167.3 million for the same period last year.
Online advertising revenues for the first quarter of 2015 were $150.4 million, compared to $135.7 million for the same period last year. The year-over-year growth in online advertising revenues resulted from an increase of $27.3 million in Weibo advertising and marketing revenues, offset by a decline of $12.7 million in portal advertising revenues.
Non-advertising revenues for the first quarter of 2015 were $34.2 million. Non-GAAP non-advertising revenues for the first quarter of 2015 were $31.6 million, remaining at a similar level for the same period last year.
The flattish year-over-year change in non-GAAP non-advertising revenues was mainly due to a decrease in Weibo data licensing revenues, partially offset by an increase in game revenues and Weibo membership services revenues.
Gross margin for the first quarter of 2015 was 58%, compared to 60% for the same period last year. Advertising gross margin for the first quarter of 2015 was 57%, compared to 60% for the same period last year. Non-advertising gross margin for the first quarter of 2015 was 61%. Non-GAAP non-advertising gross margin for the first quarter of 2015 was 58%, compared to 57% for the same period last year.
Operating expenses for the first quarter of 2015 totaled $132.5 million, compared to $111.7 million for the same period last year. Non-GAAP operating expenses for the first quarter of 2015 totaled $119.6 million, compared to $104.4 million for the same period last year, primarily due to higher personnel costs and marketing expenditures.
Loss from operations for the first quarter of 2015 was $25.2 million, compared to $8.7 million for the same period last year. Non-GAAP loss from operations for the first quarter of 2015 was $13.6 million, compared to $4.8 million for the same period last year.
Non-operating income for the first quarter of 2015 was $8.4 million, compared to a non-operating loss of $29.9 million for the same period last year. Non-operating income for the first quarter of 2015 mainly included $3.7 million, or $5.9 million on a non-GAAP basis, in earnings from equity-method investments, which are accounted for under the equity-method and reported one quarter in arrears.
Non-operating loss for the first quarter of 2014 was $29.9 million, including a $40.2 million loss from the change in fair value of investor option liability in connection with Alibaba's investment in Weibo and an $8.7 million, or $10.7 million on a non-GAAP basis, in earnings from equity method investments, which were accounted for under the equity-method and reported on a one-quarter lagging basis.
Net loss attributable to SINA for the first quarter of 2015 was $10.3 million, compared to $33.2 million for the same period last year. Diluted net loss per share attributable to SINA for the first quarter of 2015 was $0.18, compared to $0.52 for the same period last year.
Non-GAAP net income attributable to SINA for the first quarter of 2015 was $3 million, compared to $11.1 million for the same period last year. Non-GAAP diluted net income per share attributable to SINA for the first quarter of 2015 was $0.04, compared to $0.15 for the same period last year.
As of March 31, 2015, SINA's cash, cash equivalents and short-term investments totaled $2.1 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 share repurchase and new investments in the first quarter of 2015.
For the first quarter of 2015, net cash provided by operating activities was $0.7 million, capital expenditures totaled $10.9 million, and depreciation and amortization expenses amounted to $10.5 million. ■