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Sina Weibo reports improved 1st quarter earnings
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SINA'S Twitter-like social platform Weibo reported improved earnings in the first quarter thanks to higher social advertising income.
Profit under non-GAAP rules were US$2.9 million, compared to a net loss of US$4.8 million a year ago, with revenues adding 43 percent annually to US$96.3 million, beating the company's previous guidance of US$93 million to US$96 million, according to a stock exchange filing today.
Advertising income boosted sales of Weibo, which has been partnering with brand owners and e-commerce vendors to market their merchandise and services.
Ads income climbed 53 percent to US$79.2 million and sales in the small and medium enterprise segment more than doubled, thanks to a wider adoption of smartphone usage and advertisers attitude shift.
Weibo has been encouraging the adoption of its self-service advertising system for verified corporate users to better leverage its user base and target potential audience.
Its monthly active users in March added 38 percent from a year ago to 198 million, with 86 percent of that being mobile users.
It expects revenue in the second quarter this year to be between US$102 million and US$105 million, adding that certain business initiatives with e-commerce giant Alibaba will also begin in the second quarter.
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