Weibo's share price is surging to an all-time high as it beats forecasts

Courtney Goldsmith
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Weibo is a leading social media platform in China (Source: Getty)

Shares in Chinese-language social media platform Weibo rocketed more than 20 per cent to an all-time high today after the firm beat expectations in the first quarter.

The figures

China's answer to Twitter posted higher than expected revenues of $199.2m (£154.2m), up 67 per cent compared with the previous year. Advertising and marketing revenues were up 71 per cent to $169.3m for the three months to the end of March.

Monthly active users grew 30 per cent to 340m users in March, 91 per cent of which were mobile users.

Investors were obviously impressed. The company's Nasdaq-listed shares shot up 25.15 per cent to $78.72 in US afternoon trading.

Why it's interesting

Weibo floated back in 2014, but shares remained relatively flat until early 2016, when they started a somewhat steady rise. Following a rocky start to 2017, the social media's stock is now firmly back on the rise.

For the second quarter, Weibo estimates net revenues will be between $240m and $250m as the group sees strong momentum in the mobile, social and video environment.

What Weibo said

Gaofei Wang, Weibo's chief executive said:

"Our relentless focus to build the best social media experience in China is reflected in Weibo's strong performance in the first quarter of 2017.

"Looking ahead, we continue to see strong momentum, as we further optimise Weibo to share, discover and consume information, especially for the mobile, social and video environment."

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