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Popularity of Weibo lifts Sina’s net profit in Q3
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Sina, operator of China’s most popular microblogging site Weibo, more than doubled its third-quarter net profit from last year after the site’s income grew strongly as more vendors chose social networking sites to better engage with consumers and market their products.
Sina’s net earnings jumped 157 percent to US$25.4 million and sales added 21 percent to US$185 million, it said yesterday.
Weibo contributed US$43.7 million of the sales, more than doubled from that of last year and also 46 percent higher from the previous quarter. Total advertising income gained 26 percent to US$151.6 million.
Sina has been spending heavily on Weibo to enhance user experience and create new advertising formats for vendors. Earlier this year Sina reached a US$586 million deal for Alibaba to buy an 18 percent stake in Weibo. The deal is expected to yield US$380 million of revenue in the next three years.
Separately, Tencent, China’s largest Internet company by market value and operator of the popular WeChat smartphone chatting application, said earnings in the third quarter increased 20 percent from a year ago to 3.87 billion yuan (US$635 million).
Its revenue jumped 34 percent to 15.5 billion yuan, the company said yesterday.
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