Chinese social media giant Sina Weibo reports surging Q3 revenue

Chinese social media giant Sina Weibo reported revenue growth in the third quarter (Q3) of 2017 beating expectations, due to strong advertising, marketing and user growth.

The Twitter-like service raked in net revenue of 320 million US dollars, up 81 percent on last year, according to the company's unaudited financial report released Tuesday.

Advertising and marketing remained the major revenue contributors, increasing 77 percent

to 276.8 million US dollars.

Weibo CEO Wang Gaofei attributed the company's robust top and bottom line growth to breakthroughs in expanding its advertising customer base, improving advertising system efficiency and developing innovative marketing solutions.

User growth continues to be healthy. Monthly active users increased by about 79 million compared to last year, reaching 376 million in September, with 92 percent of them accessing the service on cellphones.

Weibo estimates that its net revenue in Q4 will be between 355 million and 365 million US dollars, according to the statement.

(ASIA PACIFIC DAILY)