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November 23, 2016

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Weibo’s Q3 profit rises to US$54.6m

CHINESE social networking site Weibo yesterday said profit in the third quarter rose 1.5 times year on year to US$54.6 million as the company reaped a 48 percent jump in advertising and marketing income.

Weibo also reported earnings of 24 US cents per share on revenue of US$176.9 million in the three months ended on September 30, beating analysts’ estimates for 17 cents per share earnings on revenue of US$173.4 million, its quarterly earnings report showed.

Weibo, whose second-largest shareholder is e-commerce giant Alibaba Group, has been boosting advertising income from online vendors as well as brand owners.

In the third quarter, ad revenue made up 88.6 percent of Weibo’s overall income.

“Weibo’s ad revenue from small and medium companies has doubled year on year ... for the third consecutive quarter,” said Weibo Chief Executive Officer Wang Gaofei.

The Twitter-like social networking service saw monthly active users grow 34 percent to 297 million in September.



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