Weibo trims net loss by 56% in Q2 as income doubles
Print Edition
SINA’S popular microblogging site Weibo narrowed its net loss by 56 percent from a year ago to US$15.4 million in the second quarter as revenue more than doubled due to rising value-added services and e-commerce related income.
The revenue of Weibo hit US$77.3 million, with over 75 percent contributed by advertising income, the NASDAQ-listed firm said in a stock exchange filing yesterday.
“Weibo has made measurable progress toward building a social commerce platform and offering native advertising to large brand customers,” Charles Chao, Sina chief executive officer, said in a statement.
Mobile terminals now contribute as much as 39 percent to Weibo revenue and the company expects the trend to continue as users shift from desktop computers toward smartphones and tablet computers.
Weibo saw its average daily active users rise to 69.7 million at the end of June.
Its parent company Sina, which holds a 54-percent stake, reported profit of US$16.6 million in the three months ended June 30, reversing from net loss of US$11.5 million from a year earlier.
Its revenue surged 21 percent to US$187 million.
Sina also launched its own payment system and boosted promotion of its Internet finance platform to allow users to buy wealth management products, following Internet giants Alibaba and Baidu.
Alibaba Group bought 18 percent of Weibo for US$586 million last year and the two companies have launched partnerships, including letting Taobao vendors market their products to targeted users on Weibo.
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