(Adds details, share movement)
Aug 14 Weibo Corp, the company behind
China's biggest microblog by users, reported second-quarter
revenue above analysts' expectations, helped by a surge in
The company, majority owned by Chinese internet firm Sina
Corp, forecast third-quarter revenue between $79
million and $82 million.
Analysts on average were expecting third-quarter revenue at
$80.2 million, according to Thomson Reuters I/B/E/S.
Weibo, which made its listing debut in the United States in
April, said advertising and marketing revenue nearly doubled to
$59.6 million in the second quarter ended June 30.
But growth in daily active users for the Twitter-like
messaging service slowed during the three months to 32 percent
from 37 percent in the preceding quarter.
Weibo, in which China's biggest e-commerce company Alibaba
Group Holdings Ltd IPO-BABA.N also has a stake, ended the
quarter with 69.7 million daily active users.
The microblogging company has come under pressure as China
stepped up its censorship of the internet over the past year.
This has dealt a heavy blow to microblogs like Weibo where open
debate about political issues can land a user in jail.
Net loss attributable to shareholders narrowed to $15.4
million, or 8 cents per share, in the second quarter, from $35.1
million, or 24 cents per share, a year earlier.
On an adjusted basis, the company earned 3 cents per share,
inline with expectations.
Revenue more than doubled to $77.3 million, above analysts'
average estimate of $75.9 million.
Separately, Sina reported a 19 percent rise in net revenue
on Weibo's strong performance and a 29 percent jump in
Weibo's shares were down 4.2 percent in after-market
trading, after closing at $21.46 on the Nasdaq on Thursday.
(Reporting by Abhirup Roy in Bangalore and Paul Carsten in
Beijing; Editing by Feroze Jamal)