China: Sina losses double on Weibo IPO chargeBy AP News May 22, 2014 2:59PM UTC
HONG KONG (AP) — Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a $40 million charge stemming from the stock listing of its Weibo microblog unit.
Sina Corp. said late Wednesday that it lost $33.2 million in the January-March period, up from $13.2 million a year earlier.
Weibo said separately that its first-quarter loss also more than doubled, to $47.4 million, because of the same non-cash charge.
Sina spun off its Twitter-like microblog site Weibo in April in a U.S. initial public offering that raised a less-than-expected $285.6 million.
The company also said it’s modifying its online publication and video channels after the Chinese government revoked two of the company’s licenses and fined it in May for indecent content.