Weibo profits more than double in latest quarter to US$43m
Advertising and marketing revenue soar an impressive 45pc to US$187.9 million
Weibo, the Chinese micro-blogging social network often referred to as the country’s Twitter, has reported better-than-expected earnings for the quarter ending December as its social and video advertising revenue continued to gain traction.
Its net revenues increased 43 per cent year-over-year to US$212.7 million, beating the US$208 million consensus estimate of analysts surveyed by Bloomberg.
Net profit increased 125 per cent year over year to US$43 million, and diluted net profit per share was 19 US cents, compared with 9 US cents for the same period last year.
Its advertising and marketing revenue in the quarter, however, increased an impressive 45 per cent year-over-year to US$187.9 million.
San Francisco-based Twitter missed its revenue and profit estimates in the fourth quarter as user growth stalled.
But Weibo saw its monthly active users grow 33 per cent year-on-year to 313 million, 90 per cent of which were mobile users. Average daily active users in December grew 30 per cent year over year to 139 million.