Shares Rally As Weibo Swings To First-quarter Profit
Weibo Corp. , commonly referred to as China's Twitter, late Wednesday reported it swung to a first-quarter profit of $7.1 million, or 3 cents a share, from a loss of $3.1 million, or a penny a share, a year earlier. On an adjusted basis, Weibo would have earned 7 cents a share. Revenue grew 24% to $119.3 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $114 million. In the second quarter, the Chinese company expects revenue in a range of $138 million to $143 million, above the average $136 million forecast by analysts. U.S.-listed shares of Weibo rose 3.3% in after-hours trading.
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