Thu. Nov 14th, 2019

Weibo’s stock surges after profit, revenue beat expectations

1 min read

Shares of Weibo Corp.

WB, +4.86%

surged 6.0% in premarket trading Monday, after the Beijing-based social media company reported a second-quarter profit and revenue that beat expectations. Net income fell to $103.0 million, or 46 cents a share, from $140.9 million, or 62 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 68 cents, above the FactSet consensus of 60 cents. Revenue rose 1% to $431.8 million, to beat the FactSet consensus of $430.5 million, as advertising and marketing revenue rose 0.2% to $370.7 million.. Monthly active users grew 13% to 486 million in June, while average daily active users rose 11% to 211 million. The stock, which closed at a 3-year low on Aug. 5, has tumbled 23.3% over the past three months through Friday, while the S&P 500

SPX, +1.44%

has gained 1.0%.

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