Weibo Corp.’s second-quarter revenue topped estimates, climbing 39 percent to $107.8 million on higher advertising and marketing sales at the Chinese social-media service controlled by Sina Corp.
Analysts had projected, on average, revenue of $104.8 million, according to data compiled by Bloomberg. Net income was $4.2 million, compared with a year-earlier net loss of $15.5 million, the Beijing-based company said in a statement Tuesday.
Weibo, which is backed by Alibaba Group Holding Ltd., is competing with Tencent Holdings Ltd.’s WeChat messaging application for users. Weibo has been forging television and movie partnerships, helping to boost the number of monthly active users by 36 percent to 212 million in the latest period, Chief Executive Officer Wang Gaofei said in the statement. WeChat has 600 million users.
Advertising and marketing revenues increased 47 percent to $87.9 million, Weibo said.
For the third quarter, Weibo forecast revenue of $120 million to $123 million, compared with analysts’ prediction for $121.8 million.