WeiboCorp’s net loss more than doubled in first quarter
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.