Weibo is on the rise again in China with the micro-blogging platform reporting net revenues of $426.6m in Q2 – a 68% increase year-on-year.
The rise in overall revenues was driven by robust advertising and marketing revenues, which grew 69% year-on-year to reach $369.9m. Value-added service revenues were also up by 62% for the quarter to total 56.6 million.
It comes as the platform sees a surge of growth as younger users join the platform, Weibo reported the addition of 70 million users in Q2 to total 431 million monthly active users in June this year. Meanwhile, daily active users reached 190 million, with the platform attracting 31 million users year-on-year.
Nearly all of Weibo’s monthly active users (93%) access the platform via mobile.
Gaofei Wang, chief executive officer, Weibo, said, "We continue to see great momentum in our business. Net revenues grew 68% year over year, while both MAUs and DAUs maintained their growth trajectories. As a leading social media platform with a full spectrum of media formats in China, we believe Weibo's larger user scale, enriched content ecosystem and strong social marketing capabilities will put us in a unique position to take advantage of the marketing budget shift toward mobile, social and video in the Chinese mobile internet market."
Weibo estimates its Q3 net revenues will be between $465m and $475m, which reflects roughly a 50% increase year-on-year.
Weibo reported a strong 2017 fiscal year when the company’s revenues passed the $1bn mark for the first time.