Stock Alert: Weibo Corporation Rises 8% As Earnings Surpass Estimates

(RTTNews) - Shares of Chinese social media platform Weibo Corporation (WB) are climbing more than 8% Monday morning after reporting better-than-expected second-quarter results.

Second-quarter earnings, on an adjusted basis, were $114.5 million or $0.50 per share compared with $156.4 million or $0.68 per share in the same quarter a year ago. Analysts polled by Thomson Reuters were expecting the company to report earnings of $0.46 per share.

Revenue for the quarter decreased 10% year-over-year to $387.4 million due to decrease in advertising and marketing revenues adversely impacted by Covid-19. The consensus estimate was for $379.94 million.

For the third quarter, Weibo estimates net revenues to decrease by 5% to 7% year-over-year. The Street sees a revenue decline of $1.70%.

WB is currently trading at $35.25. It has been trading in the range of $28.93- $55.52 in the last one year.