Weibo Trades Higher On Q2 Earnings Beat

Weibo Corp WB shares are trading higher after the company reported better-than-expected second-quarter EPS and sales results.

The company reported second-quarter earnings of 68 cents per share, which beat the analyst consensus estimate of 59 cents. Weibo reported net revenues increased 1% year-over-year to $431.8 million, which beat the analyst consensus estimate of $429.7 million.

The company reported advertising and marketing revenues were $370.7 million, flattish year-over-year. Monthly active users were 486 million in June 2019, a net addition of approximately 55 million users year-over-year. Mobile MAUs represented approximately 94% of MAUs.

"Weibo delivered strong user performance this quarter," said Gaofei Wang, CEO of Weibo. "We are delighted to see a notable acceleration in user growth from prior quarter and robust user engagement trends, underpinned by our strengthened social network effect as well as the consistent efforts in user product upgrade and optimization. On monetization, we continued to showcase unique value proposition to advertisers, leveraging the ongoing ad product evolution to mobile, social and video."

Weibo shares were trading up 7.25% at $39.77 in Monday’s pre-market session. The stock has a 52-week high of $83.35 and a 52-week low of $34.26.

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