Chinese social media company Weibo Corporation (NASDAQ: WB) on Thursday reported better-than-expected first-quarter earnings, even as the top line narrowly missed the street estimate.
Revenues grew 14% to $399.2 million, below the Wall Street consensus of $401.51 million. However, adjusted net income for the quarter was 56 cents per share, topping 51 cents per share projected by analysts.
Advertising and marketing revenues grew 13% from the prior-year period. Value-added service revenues saw a growth of 24%, primarily due to revenues derived from the live streaming business acquired in the fourth quarter of 2018.
Monthly active users (MAUs) stood at 465 million in March 2019, representing a net addition of approx. 54 million users on a year-over-year basis. Mobile MAUs comprised 94% of MAUs.
Average daily active users (DAUs) were 2013 million during this period, representing a net addition of around 19 million users on a year-over-year basis.
Costs increased 15% during the quarter, primarily due to the higher expenses related to its live streaming business.
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