Shares of Weibo Corporation (WB) increased by over 3% in pre-market trading on Thursday following the release of their better-than-expected first-quarter results.
Excluding one-time expenses, the Chinese social media firm reported quarterly earnings of $106.61 million, or $0.41 per share, surpassing the average forecast of $0.36 per share, as per Thomson-Reuters.
Net income came in at $49.4 million, or $0.19 per share, a decline from $100.5 million, or $0.42 per share, for the same period last year.
Revenue totaled $395.5 million, reflecting a 4% decrease year-over-year. The consensus estimate had projected revenues of $392.55 million.
Weibo shares had closed at $8.87 on Wednesday, marking a 2.21% drop. Over the past year, the stock has fluctuated within a range of $7.58 to $16.05.
