Weibo (WB) Climbs 11.3% on Stellar Earnings

We recently published 10 Stocks Crushing While Wall Street Naps. Weibo Corp. (NASDAQ:WB) is one of the top performers on Thursday.

Weibo Corp. rallied for a third straight day on Thursday, soaring 11.28 percent to close at $11.44 apiece following an impressive earnings performance in the second quarter of the year.

During the period, Weibo Corp. (NASDAQ:WB) grew its net income attributable to shareholders by 12.23 percent to $125.68 million from $111.9 million in the same period last year. Net revenues, however, grew by only 1.6 percent year-on-year to $444.8 million from $437.9 million, but surpassed analysts’ expectations of $439.68 million.

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In the first half, attributable net profit jumped by 44 percent to $232.6 million from $161.37 million, while revenues inched up by nearly 1 percent to $841.6 million from $833.37 million.

Commenting on the figures, Weibo Corp. (NASDAQ:WB) CEO Gaofei Wang said that the company delivered a solid performance for the quarter.

“On the user product front, we focused on the integration of social products and upgrade of recommendation system, which are aimed at improving user engagement and content consumption on the platform. On the AI technology application front, our user community of AI-powered intelligent search grew robustly, which further drove the increase of the overall search needs of users. On the monetization front, our advertising business exhibited solid trend this quarter, leveraging our strengths in new product launch marketing and our capability to capture advertising budget during the e-commerce season,” he said.