China-based Weibo (WB) reported second-quarter earnings before the market open Wednesday that edged past estimates.
Weibo, a social media company with a website comparable to Twitter, reported revenue of $426.6 million. That was about in line with the consensus estimate of $427 million. It reported adjusted earnings of 68 cents per share, beating the consensus of 67 cents.
Monthly active users grew by a net addition 70 million year over year to reach 431 million in June 2018. Average daily active users had a net addition of 31 million year over year and reached 190 million.
For Q3, Weibo sees net revenues of $465 million-$475 million, below consensus for $499 million.
Weibo shares jumped 5.4% to 87.98 during premarket trading on the stock market today. Weibo stock is well off record highs set in the first quarter.
Sina (SINA) owns a majority stake in Weibo. Sina, which operates a popular China internet portal, is also reported strong quarterly earnings Wednesday morning.
The post Weibo Stock Surges As Earnings Beat, User Keep Growing appeared first on Investor's Business Daily.
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