China’s Weibo over­takes Twit­ter in mar­ket cap

China Daily (USA) - - NEWS CAPSULE -

Chi­nese so­cial me­dia gi­ant Sina Weibo over­took its US coun­ter­part Twit­ter in mar­ket cap­i­tal­iza­tion for the first time ever dur­ing trad­ing on Monday.

Nas­daq-listed Sina Weibo saw its mar­ket value rise to about $11.32 bil­lion at one point dur­ing trad­ing on Monday, while that for Twit­ter, which is listed on the New York Stock Ex­change, stood at about $11.22 bil­lion at the same time. It is the first time the Chi­nese mi­croblog ser­vice has out­per­formed its US coun­ter­part in mar­ket cap.

Sina Weibo’s share price closed at $52.91 per share while that for Twit­ter stood at $16.73, with the for­mer lag­ging be­hind the lat­ter by about $600 mil­lion at mar­ket close.

Fi­nan­cial re­ports for the sec­ond quar­ter of this year showed that Twit­ter raked in about $602 mil­lion in Q2, more than quadru­ple that of Sina Weibo. (Photo 5)


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