Weibo Shares Rise In Pre-market After Q1 Results Beat View

(RTTNews) - Shares of Weibo Corporation (WB) were up more than 3 percent in pre-market on Thursday after reporting better-than-expected first-quarter results.

Excluding one-time items, the Chinese social media company posted quarterly earnings of $106.61 million or $0.41 per share , that beat the average estimate of $0.36 per share, compiled by Thomson-Reuters.

Net income was $49.4 million or $0.19 per share, down from $100.5 million or $0.42 per share for the same period last year.

Revenues were $395.5 million, a decrease of 4% year-over-year. The consensus estimate was for $392.55 million.

Weibo shares had closed at $8.87, down 2.21 percent on Wednesday. The stock has been trading in the range of $7.58 - $16.05 in the last 1 year.