BEIJING - Weibo Corporation (NASDAQ:WB) shares jumped 6.9% in premarket trading Tuesday after the Chinese social media company reported third quarter earnings and revenue that exceeded analyst expectations.
Weibo posted adjusted earnings per share of $0.53, surpassing the consensus estimate of $0.44. Revenue came in at $464.5 million, beating expectations of $436.96 million and representing a 5% year-over-year increase.
The company's advertising and marketing revenues grew 2% year-over-year to $398.6 million, while value-added services revenue surged 25% to $65.9 million.
"We had a solid quarter," said Gaofei Wang, CEO of Weibo. "On the monetization front, our advertising business has exhibited a stabilized trend this quarter. We are pleased to see robust growth of ad revenues from certain key sectors, mainly driven by ad demand during the Summer Olympics."
Monthly active users reached 587 million in September 2024, with daily active users averaging 257 million.
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