China’s leading social media Weibo Corporation (NASDAQ: WB) this Wednesday reported better-than-expected second quarter financial results.
The Company said revenue rose 68% to USD 426.6 Million in the quarter ended June 30th, 2018, driven by strong performance of its advertising and marketing business. Revenue from advertising and marketing surged 69% to USD 369.9 Million.
Second-quarter net income rose 92% to USD 140.9 Million, or USD 0.62 per share.
The Company said the revenue was also impacted by currency headwind.
"We continue to see great momentum in our business. Net revenues grew 68% year over year, while both MAUs and DAUs maintained their growth trajectories," said Gaofei Wang, Weibo's CEO. "As a leading social media platform with a full spectrum of media formats in China, we believe Weibo's larger user scale, enriched content ecosystem and strong social marketing capabilities will put us in a unique position to take advantage of the marketing budget shift toward mobile, social and video in the Chinese mobile internet market."
The Company added approximately 70 Million monthly active users (MAUs) in the second quarter. It now had 431 Million MAUs now.
Weibo shares jumped 5% in the premarket trading. But it gave up all its gains in the early trading and was trading 2% down.
For the third quarter of 2018, the Company expects its net revenues to be between USD 465 Million and USD 475 Million, or an increase of 49% year over year to 52% year over year.