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Sina Q1 revenue four point three five one US $billion down 8% year on year net profit of US $82.4 million

via:博客园     time:2020/5/19 20:27:44     readed:990

On May 19, Sina released its unaudited financial report for the first quarter ended March 31, 2020. According to the financial report, in the first quarter of 2020, Sina's net revenue is four point three five one Billion US dollars, 8% lower than the same period of last year, higher than the expected market revenue three point eight two In the first quarter of 2020, Sina's net profit is 82.4 million US dollars, compared with 33.1 million US dollars in the same period of last year.

Sina's share price rose in front of the market after the financial report was released 2.92%% , newspaper thirty-six Dollars.

Among them, Sina's advertising revenue in the first quarter of 2020 is three point one zero zero Billion US dollars, compared with the same period of last year three point eight eight zero $billion down 20%; non advertising revenue in the first quarter of 2020: one point two five one US $billion, up 44% from US $87.1 million in the same period last year. Non GAAP non advertising revenue in the first quarter of 2020 is one point two two four Billion US dollars, up 45% from 84.5 million US dollars in the same period last year.

In terms of gross profit, in the first quarter of 2020, Sina's gross profit rate was 66%, compared with 76% in the same period last year. In the first quarter of 2020, the gross profit rate of advertising business is 75%, compared with 78% in the same period of last year. In the first quarter of 2020, the gross profit margin of non advertising business is 44%, compared with 64% in the same period of last year.

In addition, in the first quarter of 2020, Sina's operating expenses and operating profit are respectively two point five seven nine Sina said the decline in expenditure caused by the new crown epidemic was not enough to completely offset the impact of the epidemic on revenue.

First quarter 2020 performance focus

According to the non-U.S. GAAP, we assume that the exchange rate of RMB against U.S. dollar in the first quarter of 2020 is the same as that in the first quarter of 2019, that is to say, the exchange rate of RMB against U.S. dollar is the same as that in the first quarter of 2019 six point seven three RMB to US $1.

Business performance in the first quarter of 2020

Net revenue in the first quarter of 2020 four point three five one Billion US dollars, compared with the same period of last year four point seven five one Billion dollars down 8%. Non GAAP net revenue for the first quarter of 2020 is four point three two four Billion US dollars, compared with the same period of last year four point seven two five Billion dollars down 8%.

Advertising revenue in the first quarter of 2020 was $310 million, down 20 percent from $388 million a year earlier, mainly in response to the new coronavirus pneumonia epidemic (

Non-advertising revenue was $125.1 million in the first quarter of 2020, up 44% from $87.1 million a year earlier. Non-US General Accounting Standard non-advertising revenue in the first quarter of 2020 was $122.4 million, up 45% from $84.5 million a year earlier. The year-on-year increase in non-advertising revenue was mainly due to the increase in revenue from Sina's financial technology business, which was mainly due to the increase in loan dealmaking volume and the update of 2016-13 according to US accounting standards

In the first quarter of 2020, the gross profit rate was 66%, compared with 76% in the same period of last year. In the first quarter of 2020, the gross profit rate of advertising business is 75%, compared with 78% in the same period of last year. In the first quarter of 2020, the gross profit margin of non advertising business is 44% and the same period of last year is 64%, which is mainly related to the adoption of the expected credit loss method to withdraw the credit loss reserve of financial technology business in accordance with ASU 2016-13 requirements, and the presentation of certain financial technology business income and cost in total amount.

Operating expenses for the first quarter of 2020 are two point five seven nine Billion US dollars, the same period last year two point seven two seven Billion dollars. Non GAAP operating expenses for the first quarter of 2020 are two point three one seven Billion US dollars, the same period last year two point four five three Billion dollars.

Operating profit in the first quarter of 2020 was US $30.8 million, compared with us $86.9 million in the same period last year. In the first quarter of 2020, the operating profit margin was 7% compared with 18% in the same period of last year, which was mainly related to the fact that the decrease in expenditure caused by the new crown epidemic was not enough to completely offset the impact of the epidemic on revenue. Non GAAP operating profit in the first quarter of 2020 was $57.1 million, compared with the same period last year one point one four two Billion dollars. Non GAAP operating profit margin in the first quarter of 2020 was 13%, compared with 24% in the same period of last year.

Non operating profit in the first quarter of 2020 one point two six seven Billion US dollars, compared with 77.7 million US dollars in the same period last year. Non operating profit in the first quarter of 2020 mainly includes (I) one point five three five The net income of $billion of deemed disposal investment and the net loss caused by the change of fair value and impairment of $47 million 100 thousand of disposal investment are not included in the non operating profit and loss calculated according to the non US GAAP; (II) 1500 Net income from equity investment of US $0000, which is recognized on a quarterly basis; (III) net interest and other income of US $5.2 million. Non operating profit in the first quarter of 2019 mainly includes (I) net income from the sale of investment of $80.8 million, changes in fair value of investment and impairment, which is not included in non operating profit and loss calculated in accordance with non-U.S. GAAP; (II) net interest of $13.1 million and other income; (III) 1630 The net loss of equity investment of US $0000 shall be recognized on a quarterly basis.

The income tax expense in the first quarter of 2020 is US $25.8 million, compared with us $65.2 million in the same period of last year, which is mainly related to the decrease of deferred tax expense caused by the change of fair value of investment and the decrease of profit in the first quarter of 2020.

In the first quarter of 2020, Sina's ordinary shareholders should account for a net profit of 82.4 million US dollars, compared with 33.1 million US dollars in the same period of last year. In the first quarter of 2020, the diluted net income per share of sina common shareholders is one point two one US dollar, 46 cents a year ago. In the first quarter of 2020, non-U.S. GAAP Sina common shareholders accounted for a net profit of $17 million, compared with $28.9 million in the same period last year. In the first quarter of 2020, non-U.S. GAAP Sina common shareholders should account for 25 cents of diluted net income per share, compared with 40 cents a year earlier.

As of March 31, 2020, Sina's total cash, cash equivalents and short-term investments amounted to $2.7 billion, compared with $2.9 billion as of December 31, 2019. Net cash inflow from operating activities in the first quarter of 2020 was $77.3 million, capital expenditure was $11.1 million and depreciation and amortization expense was $11.5 million.

Other developments

As of March 31, 2020, the company has repurchased about 3.2 million shares accumulatively according to its 2020 repurchase plan, with an average cost per share of about thirty point five nine Dollars. As of March 31, 2020, the company has issued 65384161 shares of common stock.

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