Weibo Corporation Q1 Earnings Beat; Expects Revenue To Rise In Q2, Above Estimates

(RTTNews) - Weibo Corporation (WB) reported net income of $49.8 million or$0.22 per share in the first quarter compared with $52.1 million or $0.23 per share for the same period last year.

Excluding items, earnings were $130.7 million or $0.57 per share. In the year-ago quarter, the company had adjusted earnings of $67.4 million or $0.30 per share. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share in the quarter.

Weibo's revenue in the quarter increased 42% to $458.9 million from $323.4 million for the same period last year. The consensus estimate was for $429.84 million.

The company said its Monthly active users were 530 million in March 2021, a decrease of 4% year-over-year.

Looking forward to the second quarter, Weibo expects revenues to increase by 25% to 30% year-over-year. Analysts see a revenue growth of 24.1% in the quarter.