Weibo’s profit improves
Print Edition
SINA’S Twitter-like social platform weibo saw net earnings improve in the first quarter due to increased social advertising income.
Net profit under non-GAAP (Generally Accepted Accounting Principles) rules totaled US$2.9 million, a reversal from a net loss of US$4.8 million a year ago, according to a stock exchange filing yesterday.
Revenue rose 43 percent annually to US$96.3 million, beating the company’s estimate of US$93-US$96 million.
Ad income climbed 53 percent to US$79.2 million and sales in the small and medium enterprise segment more than doubled.
Weibo sees revenue in the second quarter at between US$102 million and US$105 million.
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