Plus   Neg

Stock Alert: Weibo Corporation Rises 8% As Earnings Surpass Estimates

Shares of Chinese social media platform Weibo Corporation (WB) are climbing more than 8% Monday morning after reporting better-than-expected second-quarter results.

Second-quarter earnings, on an adjusted basis, were $114.5 million or $0.50 per share compared with $156.4 million or $0.68 per share in the same quarter a year ago. Analysts polled by Thomson Reuters were expecting the company to report earnings of $0.46 per share.

Revenue for the quarter decreased 10% year-over-year to $387.4 million due to decrease in advertising and marketing revenues adversely impacted by Covid-19. The consensus estimate was for $379.94 million.

For the third quarter, Weibo estimates net revenues to decrease by 5% to 7% year-over-year. The Street sees a revenue decline of $1.70%.

WB is currently trading at $35.25. It has been trading in the range of $28.93- $55.52 in the last one year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Telecom giant AT&T, Inc. reported Thursday a 24 percent decline in profit for the third quarter, primarily hurt by lower revenues across all its operating segments amid the impact from COVID-19 pandemic. Adjusted earnings for the quarter met analysts' expectations, while quarterly revenues topped their estimates. A Brazilian volunteer, who participated in a clinical trial of the COVID-19 vaccine developed by AstraZeneca and Oxford University, has died, Brazilian health authority Anvisa said. Oxford university reportedly confirmed the plan to continue the trial after careful assessment that there have been no concerns about safety of the clinical trial. NASA's Osiris-Rex robotic spacecraft briefly touched down on near-Earth asteroid Bennu's surface on Tuesday to collect rock and dust samples that will be brought back to Earth in 2023. Bennu is currently more than 200 million miles, or 321 million kilometres, from Earth. Osiris-Rex launched from Cape Canaveral Air Force Station in Florida in September 2016.
Follow RTT