Shares of Sina, a Chinese media company, soared more than 18% intraday, touching their highest level since August 2008, after the company reported Tuesday Q1 adjusted net profit of $0.50 per share, compared to a net loss of $0.04 per share in the prior year period. Analysts polled by Capital IQ expected EPS of $0.26.
Net revenues were $278.1 million, up from $198.7 million reported for the same period last year. The Street estimate was for revenues of $267.1 million. The new 52-week price range for the shares is $45.06 – $100.98.