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Weibo posts strong financial performance in Q3
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SHARES of Chinese social networking site Weibo added more than 3 percent to US$45.6 on NASDAQ hours after trading, boosted by better-than-expected financial results for the third quarter released earlier today.
Non-GAAP profit in the third quarter added 1.5 times year over year to US$54.6 million, it said in the quarterly earnings report today, thanks to a 48 percent jump in advertising and marketing income.
Weibo reported adjusted earnings of 24 cents per share on revenue of US$176.9 million in the three months ended September 30, beating analysts’ estimates earnings of 17 cents per share with revenue of US$173.4 million.
"Weibo's quarterly ad revenue from small and medium companies has doubled year on year under constant currency measures for the third consecutive quarter,” said Weibo chief executive officer Wang Gaofei.
The Twitter-like social networking service reported a 34 percent increase in monthly active users in September to 297 million, with heated discussion of key news events such as the Olympics also boosting usage.
In the past few months it has also been benefitting from shifting of ad expenditure toward mobile, social and video platforms.
Weibo, which is partly owned by e-commerce giant Alibaba Group, has been boosting advertising income from online vendors as well as brand owners.
The company expects fourth-quarter revenue to be between US$205 million to US$210 million.
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