After market closed, SINA Corp. (SINA) reported revenues of $96.4 million in the third quarter of 2009. Revenues was down 8.6% year over year but was up 6.8% sequentially. Revenues exceeded the company's guidance of $91.0 – $94.0 million and easily beat the Zacks Consensus estimate of $94.0 million. This reflects strong execution of the company’s online advertising business in China , which grew double-digits sequentially. We expect a huge improvement in SINA’s advertising business, as advertising spending recovers. SINA expects to benefit from government stimulus packages. Moreover, management is witnessing signs of a strong recovery in the advertising market in China in the second half of this year, which is reflected in the company’s higher-than-expected guidance. Advertising revenues decreased 16.3% year over year but was up 10% quarter over quarter, exceeding the company’s guidance of $60.0 – $62.0 million. Non-advertising ...

SINA Corporation (SINA) said that it has dropped plans for acquiring Focus Media Holding Limited (FMCN) due to the delay in approval from China's Ministry of Commerce regarding antitrust issues. The companies have decided not to extend the deadline of the agreement. In order to provide more effective and integrated marketing solutions, SINA entered into a definitive agreement with Focus Media Holding Ltd. in 2008 to acquire substantially all of the assets of Focus Media's digital out-of-home advertising networks, including LCD display network, poster frame network and in-store network.   SINA had said that the $1.4 billion transaction was undergoing antitrust review by the Department of Commerce in China. The companies said that the delay in receiving the approval from the antitrust authorities negatively impacted its business operations. Thus, after due consideration the decision to terminate the contract was taken jointly by both the companies. The ...