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SINA (NASDAQ: SINA) and its social media platform Weibo(NASDAQ: WB) both shed nearly 20% of their market value after posting their third-quarter reports on Nov. 14. SINA spun off Weibo in an IPO in 2014, but it still retains a majority voting stake in Weibo, and generates most of its revenue from the company.
SINA's revenue rose 1% annually to $561.4 million during the quarter. On a non-GAAP basis, its revenue rose 1% (5% in constant currency terms) to $558.8 million and beat estimates by about $1 million. Its non-GAAP EPS rose 1% to $0.94 and beat expectations by $0.22.