TOKYO (MarketWatch) -- Sina Corp. said Tuesday that its second-quarter net profit dropped 41% from the year-earlier period to $13.3 million, or 23 cents per share, down from $22.5 million, or 37 cents a share, a year earlier, as advertising sales and margins shrank. The online media company and provider of mobile value-added services said its net revenues decreased 1% on year to $90.3 million, exceeding its forecast of between $85.0 million and $89.0 million. It predicted third-quarter revenue of $91 million to $94 million. "During the second quarter of 2009, we saw strong execution in our online advertising business in China, which grew 35% from the prior quarter. The sequential growth rate was faster than our typical seasonal adjustment and shows that we are able to take advantage of an economic rebound," Charles Chao, Sina's chief executive, said in a statement.
