(MENAFN - Baystreet.ca) Weibo Corporation (NASDAQ:WB) saw its shares reach for the stars on second-quarter earnings Monday.
The company, a leading social media in China, reported net revenues increased 1% year-over-year to $431.8 million, representing an increase of 7% on a constant currency basis.
Advertising and marketing revenues were $370.7 million, flattish year-over-year. Value-added service ("VAS") revenues increased 8% year-over-year to $61.2 million.
Net income was $103.0 million, compared to $140.9 for the same period last year, and diluted net income per share was $0.46, compared to $0.62 for the same period last year.
Non-GAAP net income attributable to Weibo was $156.4 million, and non-GAAP diluted net income per share was $0.68, both flat year-over-year. Monthly active users numbered 486 million in June 2019, a net addition of approximately 55 million users year-over-year. Mobile MAUs represented approximately 94% of MAUs.
Average daily active users were 211 million in June 2019, a net addition of approximately 21 million users year-over-year
According to CEO Gaofei Wang, "Weibo delivered strong user performance this quarter.
"We are delighted to see a notable acceleration in user growth from prior quarter and robust user engagement trends, underpinned by our strengthened social network effect as well as the consistent efforts in user product upgrade and optimization. On monetization, we continued to showcase unique value proposition to advertisers, leveraging the ongoing ad product evolution to mobile, social and video.'
Weibo shares sprinted $3.37, or 9.1%, to $40.45