Alibaba Rumored To Buy 15-20% Stake In Sina Weibo

Posted on Nov 19 2012 - 4:38am by Editorial Staff

What happens when a giant rumored to purchase a part of another giant? If, not sounds like believing than you have to as according to TechNode, Alibaba rumored to purchase 15 to 20% stake in Sina Weibo, which comes with a valuation of $2 billion to $ 3 billion. Although it’s not clear how much the news is true, but it’s not good enough for the Sina’s market cap on Friday sunk to below $3 billion.

Sina even recently announced its unaudited financial results for the third quarter ended September 30, 2012. The company reported the net revenues of $152.4 million, increased 17% year over year. Non-GAAP net revenues increased 18% year over year to $147.7 million. Net income attributable to SINA was $9.9 million, or $0.14 diluted net income per share attributable to SINA. Non-GAAP net income attributable to SINA was $11.7 million, or $0.17 non-GAAP diluted net income per share attributable to SINA.

 

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.