Chinese social media platform Weibo Corp.’s bottom line was halved in the second quarter of the year even as active users hit record-highs during the period, the company announced in a filing.
- Net income fell to $81.0 million from $198.4 million in 2020, while diluted net income per share declined to $0.35 from $0.86. Weibo reported $66.6 million in impairment charges on equity investments, a $10.9-million net loss on fair value change of investments, and an $11.5-million net interest and other income.
- Net revenues climbed 48% to $574.5 million from $387.4 million, with both advertising and marketing and value-added services revenues posting double-digit increases.
- Monthly active users stood at 566 million in June, up 43 million from 2020, while daily active users grew by 16 million to 246 million. Both hit the highest level on record, attributed to enhanced competitiveness in social products.
Weibo maintained its net revenue growth outlook at 20% to 25% year-on-year on a constant currency basis. WB is down 0.06%.