Weibo shrinks net loss on higher income
Print Edition
AN unexpected rise in revenue on higher advertising income helped Sina’s microblogging site Weibo shrink its net loss by 1.9 percent to US$5.2 million in the third quarter from a year ago.
Weibo’s revenue during July to September jumped 58 percent year on year to US$84.1 million, with advertising income from mobile channels making up 44 percent of total ad income, the company said in a stock exchange filing yesterday.
“Weibo’s mobile advertising income and commercialization process, especially on the smartphone channels, is progressing smoothly,” said Charles Chao, Weibo’s chairman.
Weibo projects revenue at between US$102 million and US$105 million in the fourth quarter of this year.
Advertising income from Weibo’s microblogging post feeds more than quadrupled to US$22.8 million as it added advertising packages for small- and medium-sized merchants to sell products or services to their followers on Weibo. Meanwhile, third quarter revenue at Sina’s portal businesses rose 8 percent from a year ago to US$198.6 million and profit jumped to US$133.6 million from US$25.4 million a year earlier due to a one-off gain from the sale of part of its stake in Alibaba.
Weibo’s monthly active users by the end of September rose 36 percent from a year ago to 167 million.
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