Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
Chinese Carmaker Geely Signs Driver-Assistance System Deal with Mobileye
Chinese Genomics Company BGI to Provide Ethiopia with Coronavirus Testing Kits Made at African Plant
Trending in China: Autumn Milk Tea – Cynical Marketing Strategy or True Friendship?
IFC Mulls $80m Loan to Chinese Pig Rearing Firm Guangxi Yangxiang
Short Video Firm Kuaishou Optimizes Its E-Commerce By Connecting Livestreamers With Quality Products
Segway Owner Set to Make History With Shanghai IPO
BMW’s Use of High-Density Batteries Raises Safety Concerns
ByteDance Applies for Chinese Tech Export License as TikTok Negotiations Continue
Trending in China: Macau Eases Travel Restrictions but Will Covid-19 Tests Kill People’s Travel Bug?
Alibaba Subsidiary Cainiao Pushes Into Malaysia With Cross-Border Delivery Service
Trending in China: School Throws Away Students’ Food Deliveries To Force Use of Canteen
Chinese Electric Carmaker Li Auto Teams Up With U.S. Chipmaker Nvidia
JD.com-Backed Recycling Operator Wanwu Xinsheng Nets Over $100m
HSBC Shares Fall to Lowest Since 2009 As Investors Fret About Financial Crimes Report
Huawei Cuts R&D Investment and Jobs in Australia Amid Tech War
Weibo Posts Stronger User Growth Even as Revenue Falls Amid Pandemic

By Han Wei / May 20, 2020 03:39 AM / Business & Tech

Chinese social media platform Weibo Corp. reported a 19% revenue decline in the first quarter amid the coronavirus pandemic, despite strong growth in new users. The company said a recovery is underway.

Weibo’s revenue for the quarter ended March 31 fell to $323.4 million, reflecting a decline in advertising and marketing affected by the Covid-19 pandemic, the company said Tuesday in its earnings report. Net income attributable to Weibo was $52.1 million, compared with $150.4 million a year ago.

In March, Weibo delivered its strongest user growth in terms of net additions of monthly active users (MAUs) and daily active users (DAUs) on a year-over-year basis, said Wang Gaofei, CEO of Weibo.

The platform’s MAUs were 550 million in March, a net addition of 85 million from a year ago. Mobile MAUs represented about 94% of the total. DAUs were 241 million in March, a net increase of 38 million year-on-year.

"We are satisfied with our first-quarter result amid the coronavirus pandemic," Wang said. “We have seen a gradual recovery trend since March for most brands and merchants from the trough in February, although there are still uncertainties brought forth by the pandemic,” Wang said.

Weibo’s parent, leading internet portal provider Sina Corp., also reported first-quarter results Tuesday, with an 8% decline in revenue reflecting a drop in advertising.

Sina’s advertising revenue fell 20% year-over-year to $310.0 million for the quarter ended March 31, while nonadvertising revenue rose 44% to $125.1 million, the Nasdaq-listed company said Tuesday. Net income was $82.4 million, compared with $33.1 million a year ago.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

 

Share this article
Open WeChat and scan the QR code