Sina Corp, the operator of the mainland's leading internet portal, warned of a slump in its online advertising business in the first quarter amid lingering economic uncertainty worldwide.
Chief executive Charles Chao made the gloomy forecast after the Shanghai-based online media giant yesterday reported its fourth-quarter net profit grew 46 per cent to US$25.6 million from US$17.5 million a year earlier.
'The spillover of the global financial crisis into post-Olympic China has had a negative impact on the Chinese brand advertising market,' Mr Chao said.
'Such an impact has been severe in the first quarter this year, as many of our advertising customers have experienced delays in their budgeting process or advertising campaigns.'
Nasdaq-listed Sina forecast revenue for the first quarter would be between US$73 million and US$77 million.
Advertising income is projected to be between US$43 million and US$46 million, while non-advertising revenue would be between US$30 million and US$31 million.
