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Weibo renders better-than-expected performance in Q4
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CHINESE microblogging site Weibo reported better-than-expected profit and revenue in the fourth quarter last year as it benefitted from smartphone users’ increasing interest in short videos and other social networking formats.
Net revenue in the three months ended December last year surged 43 percent to US$212.7 million while profit was US$0.34 per share, beating Reuters’ estimate of US$0.28 per share, according to a stock exchange filing today.
Advertising and marketing revenue jumped 42 percent from a year ago while monthly active users in December added 33 percent from a year earlier to 313 million, with 90 percent of them coming from mobile devices.
Short videos and live-streaming services are becoming a new boost for social networking sites like Weibo. In December, the average viewership of short videos on Weibo jumped 7 times from a year earlier.
“Weibo's user scale, ad offering has put us in a unique position to take advantage of the marketing budget shift toward mobile, social and video,” Weibo chief executive officer Wang Gaofei said in a statement.
Weibo, whose second-largest shareholder is e-commerce giant Alibaba Group, has been boosting advertising income from online vendors as well as brand owners, and new social networking formats such as videos and live-streaming provided new channels to interact with viewers.
It expects revenue in the first quarter this year to be between US$185 million to US$190 million versus analysts’ expectation of US$180.4 million,
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