Weibo says profits beat expectations
Print Edition
China鈥檚 microblogging website Weibo reported higher than expected revenue and profit in the second quarter thanks to higher advertising income as brand owners embrace social media for marketing campaigns.
Profits jumped 80 percent from a year earlier to US$156.1 million and revenue grew 68 percent to US$426.6 million. Sports events such as the World Cup boosted social media activity and pushed up advertising.
Monthly active users reached 431 million 鈥 93 percent from mobile devices. Advertising and marketing accounted for 86.7 percent of revenue, compared with 86.1 percent a year earlier. Weibo sees Q3 revenue at US$465 million to US$475 million, a 49-52 percent annual increase.
BOCOM International said in a research note short-term profit might be under pressure due to aggressive sales and marketing and spending on user acquisition. It cut Weibo鈥檚 target price from US$139 to US$112 but it remains a 鈥淏uy.鈥
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