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Weibo earnings nearly triple in 2nd quarter

WEIBO, the Twitter-like microblogging service of leading Internet portal Sina, said profits nearly tripled from a year ago in the second quarter thanks to an increase in mobile device visitors and more small and medium-sized advertisers.

Revenue in the three months ending June surged 72 percent to US$253.4 million, according to a stock exchange filing yesterday.

Advertising income from small and medium-sized companies and key accounts both increased. Non-advertising segments also saw robust growth, while profit and the platform’s user base also reached record highs.

“Our strategy of launching engaging features like Weibo Stories, and attracting KOLs (key opinion leaders), celebrities and other influencers to increase the social and viral nature of Weibo, is boding well for us,” Weibo CEO Wang Gaofei said, adding that new user growth in the future will mainly come from third and fourth tier cities.

In June, viewership of video clips from television variety shows on Weibo quadrupled, and video views of TV dramas were six times those of a year ago.
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