Weibo Corp. Up 4% In Pre-market On Upbeat Quarterly Results

(RTTNews) - Shares of Chinese social media company Weibo Corporation (WB) are rising more than 4% in pre-market on Thursday after reporting better-than-expected fourth quarter results.

Net income in the fourth quarter was $115.7 million or $0.50 per share compared with $29 million or $0.13 per share for the same period last year.

In the last year's quarter, Weibo had impairment charges of $185.37 million, while this year it was $41.98 million.

Excluding one-time items, earnings were 0.83 per share, that beat the average estimate of 14 analysts polled by Thomson Reuters at $0.81 per share.

Revenue for the quarter increased 20% year-over-year to $616.29 million, driven by growth in advertising and marketing revenues. The consensus estimate was for $607.75 million.

Weibo said its monthly active users were 573 million in December 2021, a net addition of about 52 million users on year-over-year basis.

Weibo stock closed at $27.42, up $0.54 or 2.01% on Wednesday. I is currently trading in pre-market at $28.70.