Wei­boCorp’s net loss more than dou­bled in first quar­ter

China Daily (Canada) - - BUSINESS -

Weibo Corp’s net loss more than dou­bled in the first quar­ter as the Chi­nese mi­croblog­ging ser­vice con­trolled by Sina Corp spent more to at­tract users. Its first-quar­ter net loss was $47.4 mil­lion, com­pared with a loss of $19.2 mil­lion a year ear­lier, the Bei­jing­based com­pany said in a state­ment. The loss matched the pre­lim­i­nary es­ti­mate pro­vided in its list­ing prospec­tus. Weibo, also backed by Alibaba GroupHold­ing Ltd, boosted daily ac­tive users by 37 per­cent in the first three months as China’s 618 mil­lion In­ter­net users mi­grated to­ward con­tent us­ing their smart­phones and tablet com­put­ers. For the sec­ond quar­ter, Weibo fore­cast net rev­enue of some $76 mil­lion, ac­cord­ing to the fil­ing. That’s al­most dou­ble the $37.6 mil­lion a year ear­lier, ac­cord­ing to data com­piled by Bloomberg.

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