Weibo revenue more than doubles in Q1

By Ding Yining | May 23, 2014, Friday |

Online Edition

Sina's microblogging site Weibo more than doubled its revenue in the first quarter due to its collaboration with e-commerce giant Alibaba.

Weibo, which raised US$286 million in an initial public offering on the New York Stock Exchange, reported a net loss of US$4.8 million, 74 percent less than a year earlier.

Sales jumped 1.6 times from a year ago to US$67.5 million, the company said in a statement yesterday.

Online marketing related income surged 1.7 times to US$51.9 million after it started to allow e-commerce vendors and brand owners to sell advertising to Weibo users on their timeline last year.

Weibo claimed 143.8 million monthly active users as of March, with daily active users reaching 66.6 million.

The company said it will continue to offer mobile-based value added services and improve its advertising system for medium and small vendors in the wake of competition from Tencent's popular smartphone application WeChat.

Weibo also allows Taobao users to open accounts on the website and connect them with the popular payment service Alipay, aiming at better integration with Weibo's existing service.

Alibaba Group purchased an 18 percent stake in Weibo last year for US$586 million and the two companies have launched a series of partnerships.

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Weibo revenue more than doubles in Q1

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