SINA - SINA cheers on Q2 beat announces privatization

SINA (SINA) reports Q2 beat with 1% decline in revenue on a constant currency basis.Ad revenue fell 10% Y/Y to $392.2M, primarily due to continued weak advertising demand from certain industries in the aftermath of the coronavirus impact. Non-ad sales gained 16% to $115.5M, which mainly came from growth in the fintech businesses.Gross margin rate fell 300 bps to 74%.Adjusted operating margin rate contracted 800 bps to 21%SINA ended the quarter with $2.6B in cash and equivalents.Shares up 7.4% premarket.Previously: SINA inks agreement with New wave for going private for $43.3 per share (Sept. 28)Press Release

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SINA cheers on Q2 beat, announces privatization