RTTNews | Aug 27, 2021 10:14AM EDT

10:13 Friday, August 27, 2021 (RTTNews.com) - Shares of Weibo Corp. (WB) are slipping nearly 9% on Friday morning as China's crackdown on tech companies listed in the US continues.

WB is currently trading at $49.69, down $4.83 or 8.85%, on the Nasdaq. The stock has traded between $32.51 and $64.70 in the 52-week period.

Due to China's crackdowns on for-profit education firms, tech companies and other sectors, U.S.-listed Chinese stocks have been impacted in recent weeks.

Recently, microblogging site Weibo sold a 1 percent stake in its Chinese entity to a state firm and gave them access to its Board of Directors.

Early this month, Weibo reported second-quarter profit of $81.0 million or $0.35 per share, down from $198.4 million or $0.86 per share last year.

Adjusted earnings were $0.79 per share, compared to $0.50 per share last year. Analysts expected earnings of $0.63 per share for the quarter.

Revenues were $574.5 million, an increase of 48% compared to $387.4 million for the same period last year. Analysts expected revenue of $527.89 million for the quarter.

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