An advertisement for Weibo.com, the Twitter-like microblogging service of Sina, is seen at Shanghai Hongqiao International Airport in Shanghai, China, 13 July 2013. (PHOTO / IMAGE CHINA / CHINA DAILY)
BEIJING - Chinese social media giant Sina Weibo reported expectation-beating
revenue growth in the third quarter (Q3) of 2017 due to strong advertising,
marketing and user growth.
The Twitter-like service raked in net revenue of US$320 million, surging 81 percent year on year, according to the company's unaudited financial report released Tuesday.
Advertising and marketing remained the major revenue contributors, increasing 77 percent year on year to US$276.8 million in Q3.
Wang Gaofei, CEO of Weibo, attributed the company's robust top and bottom line Q3 growth to breakthroughs in expanding its advertising customer base, improving advertising system efficiency as well as developing innovative marketing solutions.
User growth continues to be healthy. Monthly active users increased by about 79 million users year on year to reach 376 million in September, with 92 percent of them mobile users.
Weibo estimated that its net revenue in Q4 will be between 355 million and US$365 million, according to the statement.
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