China-based Weibo (WB) reported second-quarter earnings before the market open Wednesday that edged past analyst estimates. Weibo stock initially jumped on the news but gave back its gains by early morning.
Weibo, a social media company with a website comparable to Twitter (TWTR), reported revenue of $426.6 million. That was virtually in line with the consensus estimate of $427 million. It reported adjusted earnings of 68 cents per share, beating analyst forecasts for 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.
Forecast Below Views
For the third quarter, Weibo sees net revenue of $465 million-$475 million, below views for $499 million.
Weibo shares jumped nearly 6% during premarket trading on the stock market today, but then the stock gave back those gains. During afternoon trading Weibo shares were down 2.7%, near 81.20. Weibo stock is well off record highs set in the first quarter.
Sina (SINA) , which operates a popular China internet portal, owns a majority stake in Weibo. Sina also reported strong quarterly earnings Wednesday morning that topped estimates. but shares reversed an upward trend. Sina shares were down 5.6%, near 76.
The post Weibo Stock Wavers Despite Earnings Beat, Growing User Base appeared first on Investor's Business Daily.
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