FX.co ★ Weibo Q1 Profit Falls

Weibo Corp. (WB) reported a significant decline in first-quarter earnings on Thursday, attributed to decreased revenues compared to the same period last year.

Quarterly earnings dropped to $49.44 million, down from $100.49 million in the previous year. This translates to earnings of $0.19 per share, a decrease from $0.42 per share in the prior year.

On an adjusted basis, the company posted earnings of $106.61 million or $0.41 per share.

Seven analysts surveyed by Thomson Reuters had, on average, projected earnings of $0.36 per share. These estimates typically exclude special items.

Revenues fell to $395.49 million, compared to $413.78 million in the previous year.