Chinese social media giant Weibo Corp.’s Nasdaq-listed shares plunged nearly 14% Monday after it provided disappointing guidance for the fourth quarter. The company is continuing to struggle with headwinds as China emerges from the depths of the Covid-19 pandemic.

For the fourth quarter, Weibo estimated net revenue would increase by 1% to 3% year-over-year on a constant currency basis. The outlook is below analysts’ estimates of 4.5% growth.

The company’s projection reflects the impact of an interactive entertainment company that Weibo acquired and consolidated in November. The new unit is expected to add 2% to revenue.

Weibo reported net revenue of $465.7 million for the third quarter of 2020, down 4% in constant currency from $467.8 million in the same period last year.

Net income was $33.8 million, down 77% from $146.2 million a year earlier. Adjusted earnings per share fell from $0.77 in the quarter a year ago to $0.66, which beat the consensus of analysts’ estimates at $0.60.

Known for its microblogging website, Weibo had 511 million monthly active users as of September, an increase of 14 million year-over-year.

Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

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