UPDATE 1-Sina profit slides, revenue outlook misses

* Q1 adjusted EPS 23 cents vs Reuters Estimates 22 cents

* Sees Q2 sales $85-89 mln vs Reuters Estimates $92 mln

* Shares down more than 5 percent after hours

SAN FRANCISCO, June 9 (Reuters) - Chinese Internet company Sina Corp (SINA.O) saw its profit tumble more than 30 percent in the first quarter as it experienced a severe impact in its online advertising business.

The company said confidence has improved among advertisers, but it offered a sales forecast that still lagged average Wall Street expectations.

Shares of Sina fell 5.6 percent to $31.10 in after-hours trade on Tuesday.

The company reported net income of $9.75 million, or 17 cents a share, in the three months ended March 31, versus net income of $14 million, or 23 cents a share, for the same period last year.

Excluding certain charges, Sina said it earned 23 cents a share, beating the average analyst estimate by a penny, according to Reuters Estimates.

Sina generated $73.8 million in net revenue in the first quarter, at the low end of the company's forecast of $73 million to $78 million, and up 3.4 percent year-over-year.