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Sina Weibo reports better than expected Q1 revenue

Xinhua, May 12, 2016 Adjust font size:

Sina Weibo, China's version of Twitter, reported increased revenue and more active users in Q1.

The leading social media platform made over 119 million U.S. dollars in Q1, up 24 percent year on year, while its net profit increased almost five fold year on year to 16.4 million U.S dollars, according to the financial statement released on Thursday.

Monthly and daily active users rose by 26 million and 14 million respectively compared with last quarter, a record high.

User growth came from more streamlined and targeted information services and rising demand for online videos. Most use Weibo via mobile devices such as smartphones, according to Charles Chao, board chairman of Weibo Corporation.

Advertising has become the major source of Weibo's income, with a growing contribution from smaller companies, Chao added.

The company has been working closely with celebrities to access the fan economy through video and other entertainment content.

Sina Weibo expects Q2 revenue to be between 138 million and 143 million U.S. dollars as fan-based marketing gains steam. Endi