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Weibo operator Sina more than doubles 3rd quarter profit
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SINA, operator of Weibo, China's most popular microblogging site, more than doubles its third quarter profit after Weibo posted stronger income growth as more vendors moved to social networking sites to engage consumers and market their products.
Profit jumped 157 percent to US$25.4 million and sales added 21 percent to US$185 million, it said in an exchange filing today.
Weibo contributed US$43.7 million in sales, more than double from last year, and also 46 percent higher from the previous quarter.
Total advertising income was up 26 percent to US$151.6 million.
Shares of Sina added as much as 4.7 percent in after-hours trading yesterday on NASDAQ after earnings were released.
Sina has been spending heavily on Weibo to enhance the user experience and create new advertising formats for vendors while striving to find ways to diversify income in order to make up for operational costs.
Sina reached a US$586 million deal earlier this year to allow Alibaba an 18 percent stake in Weibo, and expects this to bring in US$380 million of social commerce revenue in the next three years.
Market watchers expressed concerns that Weibo's mobile momentum would be offset by rival Tencent's popular smartphone chat application WeChat, and that a faster pace of monetization of Weibo could hurt the user experience.
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