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Weibo Shares Slump After Q1 Revenue Growth Slows

By Isabelle Li / May 24, 2019 02:48 AM / Business & Tech

Photo: VCG

Photo: VCG

Shares of Weibo Corp. slumped on Nasdaq after China’s Twitter-like social media company reported that revenue growth slowed for the sixth quarter in a row.

Although earnings rose and beat analysts’ expectations, Weibo said net revenue for the first quarter gained just 14% year-on-year to $399.2 million. In the 2018 fourth quarter, revenue increased 28%.

The stock fell 14% to $44.90 at 2:30 p.m. in New York. The shares reached $77.25 Feb. 27 but have lost about a quarter of their value so far this year.

For the first quarter, Weibo reported Thursday that net income climbed 52% year-on-year to $150.4 million. 

Diluted net income per share was $0.66, compared with $0.44 for the same period last year, beating analysts’ expectations on Yahoo Finance. 

Monthly active users were little changed from the fourth quarter at 465 million in March 2019, with mobile MAUs representing about 94% of the total. Daily active users were 203 million on average by March.

Related: Top Tech: Weibo Profits Up 63.5% as User Numbers Surge

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