BRIEF: Olympics provides lift to Weibo’s profit

Social media platform Weibo Corp. (WB.US; 9898.HK) announced on Tuesday its revenue rose 5% to $464.5 million year-on-year in third-quarter. It credited the growth to strong ad revenues from certain key sectors, driven by demand during the Paris Summer Olympics. The company’s net profit for the period increased by 68.5% year-on-year to $130 million.

Weibo’s advertising and marketing revenue reached $398.6 million during the quarter, up 2% year-on-year. Its value-added services revenue totaled $65.9 million, up 25%. In terms of operational data, its number of monthly active users (MAUs) in September was 587 million, compared to 583 million in June this year; and its number of daily active users (DAUs) in September was 257 million, compared to 256 million in June.

Weibo’s stock rose 6.3% to $9.05 in New York on Tuesday after the release of the earnings.

By Lee Shih Ta

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