Weibo Beats Market Forecasts to Post 70% Income Growth in Second Quarter
Zhang Xia
DATE:  Aug 10 2017
/ SOURCE:  Yicai
Weibo Beats Market Forecasts to Post 70% Income Growth in Second Quarter Weibo Beats Market Forecasts to Post 70% Income Growth in Second Quarter

(Yicai Global) Aug. 10 -- Operating income at leading Chinese social media platform Weibo Corp. [NASDAQ:WB] saw an annual increase of 72 percent in the second quarter thanks to a sharp rise in advertising revenue.

Net operating income passed USD253 million in the period, according to Weibo's unaudited quarterly financial report released yesterday. Wall Street earlier forecast the figure at USD246.8 million.

Income from advertising and marketing made up UD218.3 million of the total, up 72 percent on the year, the report shows. Total revenue from other businesses grew 78 percent to USD35 million while net profit attributable to the company soared 184 percent to USD73.5 million.

As of June 30, Weibo had cash, cash equivalents and short-term investments worth USD602 million, with USD157 million in cash provided for operations.

The microblogging platform now plans to focus on such features as Weibo Stories to develop a diverse and multi-dimensional content eco-system, Gao Fei, chief executive said after the report was released. "We'll continue to focus on innovating ad products and marketing models," he added.

Weibo Stories is a new feature where users can upload videos that are available for 24 hours, a trend made popular by Snap Inc.'s [NYSE:SNAP] Snapchat and later adopted by other foreign social media platforms.

The company forecast net operating income at between USD290 million and USD300 million for the third quarter.

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Keywords:   Weibo,Social Media