China's Weibo Swings To Quarterly Profit As Monthly Users Surge

Weibo Corp. , often referred to as China's Twitter, late Wednesday said it swung to a third-quarter profit of $14.5 million, or 7 cents a share, from a loss of $6.7 million, or 3 cents a share, a year earlier. On an adjusted basis, Weibo would have earned 10 cents a share. Revenue grew 48% to $124.7 million on the back of strong gains in advertising and marketing revenue. Analysts surveyed by FactSet had forecast earnings of 3 cents a share on revenue of $121.7 million. The Chinese company also reported monthly active users increased 33% year-on-year to 222 million with mobile users accounting for 85%. Daily active users climbed 30% to 100 million on average. U.S.-listed shares of Weibo rose 1.9% in after-hours trading.