Sina earns $20m in Q1 net revenue

Sina Co, a leading social media company that offers the Weibo service, earned 126 million yuan ($20.3 million) in first quarter net revenue, up 19 percent from the same period last year, according to its unaudited financial report.

The company saw its stock jump by 3.74 percent after the report was published.

Income was generated mainly from advertisements, which brought in 94.3 million yuan. Non-advertisement revenue went up to 31.7 million yuan, far exceeding the company's forecast of 2.1 to 2.3 million yuan.

"In 2013, we transferred much of our services from PC to mobile phones," said Charles Cyhao, Sina's CEO and board chairman, on the company's website.

"We are also collaborating with Alibaba to give Weibo a larger role in e-commerce, particularly mobile e-commerce. In the future, our customers will be able to search, share and purchase products on Weibo."