$ 99.1 million profits in the first quarter of 2018 fo rWeibo, with revenue up 76% from the same period in 2017
Record numbers for Weibo! The Chinese microblogging platform, in fact, recorded a profit increase of 111% on an annual basis, reaching the threshold of 70 million monthly users.
The company, listed on the NASDAQ, published the financial results, although not certified, for the first quarter of 2018: net income stood at $ 99.1 million, while revenues increased by 76% compared to the same period of the year 2017. In fact, it went from $ 199.2 million to $ 349.9 million.
The microblogging platform has attracted almost half of all Chinese internet users
Weibo reported that, in March 2018, the total monthly active users were 411 million units, more than half of the Chinese Internet population. Of these, 93% use mobile devices to access the network. On average, average daily users increased to € 184 million, up by € 30 million compared to the first quarter of 2017.
The great success, both public and economic, is certainly driven by several factors, among which advertising and marketing stand out. These two factors pushed the company’s revenue growth, earning $ 277.6 million from small and medium-sized businesses.
Weibo is aiming for the second quarter of 2018 to touch the $ 430 million in revenue
Despite the growing numbers, however, Weibo does not stop; on the contrary, it doubles. According to the top of the platform, in fact, the revenues of the second quarter of 2018 will reach peaks that reach $ 430 million.
Yet Weibo, despite these numbers, has recently been hit by some controversy. In fact, in April, the microblogging platform announced its intention to eliminate any homosexual theme content.
The statement, not even to say, sparked the protest online and the hashtag “I am gay” became viral within a few hours. The company, after this user action, changed its decision by declaring that it would only target violent and vulgar content.