Weibo posts 516% leap in Q2 net profit

Weibo Corp, the Chinese counterpart of Twitter Inc, expects a strong financial performance in the third quarter of the year, after the company saw more than fivefold increase in its net profit in the second quarter, driven by robust advertising revenue.

Weibo, majority owned by Chinese online media company Sina Corp, said on Monday its net profit surged to $25.9 million in the second quarter to June 30, marking a year-on-year growth of 516 percent.

Its revenue reached $146.9 million, beating analyst's average estimates of $146.7 million.