Why Weibo Stock Popped by Over 11% Today
One of China's largest and most important social media companies, (NASDAQ: WB), was a real hit with American investors on Thursday. The company's American Depositary Shares (ADSes) closed that trading session almost 11% higher in price, thanks to a very well-received quarterly earnings report. This made Weibo quite the outlier, as the S 500 (SNPINDEX: ^GSPC) essentially traded flat that day.
Reporting in U.S. dollars, Weibo said its second-quarter net revenue was just under $445 million, for a 2% year-over-year increase. Much of this derived from that classic social media revenue stream, advertising and marketing -- this also rose 2%, to slightly over $383 million. Value-added services went in the opposite direction, sinking by 2% to $61 million and change.
Image source: Getty Images.
Source Fool.com
