("Sina Swings To 4Q Profit Absent Write-Downs; 1Q View Cautious," at 4:57 p.m. EST, incorrectly stated that the company posted a loss, in the first paragraph. The correct version follows:) DOW JONES NEWSWIRES Sina Corp. (SINA) swung to a fourth-quarter profit as higher advertising revenue and fewer write-downs helped the Chinese Internet company's earnings. Shares still fell 2.7% to $61.28 after hours as the company projected that its first-quarter adjusted top line, which excludes the impact of deferred-license revenue, would be between $101 million and $104 million, falling short of the average $114 million estimate from analysts polled by Thomson Reuters. Sina's core earnings, meanwhile, have continued to deteriorate amid higher product-development and advertising costs. Yet the company, which owns the largest Internet portal in China as well as a microblogging service akin to that of Twitter Inc., still benefits from a massive user base that includes members of China's growing middle class. In the latest quarter, Sina posted a profit of $9.3 million, or 14 cents a share, compared with a year-earlier loss of $100 million, or $1.62 a share. Excluding stock-based compensation, write-downs and other adjustments, the company's per-share profit fell to 21 cents from 46 cents. Analysts polled by Thomson Reuters expected 21 cents. Revenue rose 21% to $133.4 million. Excluding deferred revenue, the top line was $128.7 million, in line with the company's November forecast of $128 million to $131 million. Gross margin narrowed to 54.5% from 57.8%. Advertising revenue climbed 26% to $103.7 million, while nonadvertising revenue grew 8% to $29.7 million. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com
