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News Summary: Sina says quarterly profit triples

Associated Press Published: August 16, 2012

GOOD AND BAD: Sina Corp., which operates a popular Chinese Internet portal, says quarterly earnings tripled but warns its fast-growing Weibo microblog service is unlikely to produce significant profit this year.

ABOUT SINA: Sina offers entertainment, games and other content on the Internet and mobile platforms and operates Sina Weibo, the country's most popular microblog service. The number of registered Weibo accounts reached 368 million by the end of June, up 13.6 percent from March.

HURTING THE COMPANY: The company says revenue was hurt by a relatively soft Chinese advertising market due to slower economic growth.