China’s Weibo second-quarter earnings beat estimates
the company is projecting its third quarter revenue to rise between US$290 million to US$300 million
Weibo Corp, the Chinese Twitter-like social media, posted a 184-per cent surge in second-quarter net income to US$73.5 million, the company said on Wednesday night.
The diluted earnings per share was US$0.33, compared to US$0.12 for the same period last year.The results surpassed market expectation of a US$65.9 million in net income based on a Bloomberg survey of analysts’ forecasts.
The company said its revenue for the quarter rose 72 per cent to US$253 million, as active monthly users reached new high.
“We continue to see great momentum in our business,” said Gaofei Wang, CEO of Weibo in a company statement.
He said revenues from SMEs, key accounts and non-advertising segments saw robust growth, while the company’s profit and user base reached new highs.
The company’s monthly active users (MAUs) reached 361 million in June, a 28 per cent year-on-year growth. Among them, 92 per cent were mobile users.