RTTNews | Nov 11, 2021 06:07AM EST

06:07 Thursday, November 11, 2021 (RTTNews.com) - Weibo Corporation (WB), a Chinese social media company, on Thursday posted a surge in net income for the third quarter ended in September, as revenues were helped by an increase in sales at advertising and marketing, and value-added services segments. In addition, the adjusted earnings of the firm beat the Street view.

The Beijing-headquartered firm reported a net income of $181.7 million, or $0.78 per share, for the three-month period ended in September, compared with a net income of $33.8 million or $0.15 per share, recorded for the same period last year.

Excluding items, it posted its adjusted income at $209.6 million or $0.90 per share for the three-month to September, versus $152.9 million or $0.66 per share, recorded for the quarter ended on September 30, 2020.

Ten analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share at $0.84. Analysts' estimates typically exclude one-time items.

Owing to positive market sentiments, the company's income from operations rose to $213.04 million for the September quarter, from a $160.95 million, year-over-year basis.

The adjusted EBITDA for the 90-day period ended in September was reported at $255.25 million, compared with $186.49 million, posted for the same period last year.

For the September quarter, the company generated a net revenue of $607.43 million, versus $465.73 million, last year. Analysts, on average, had expected Weibo to post a revenue of $589.63 million.

It also generated revenues of $537.62 million and $69.81 million for the third quarter, from advertising and marketing segments, and value-added service segments, respectively, compared to $ 416.67 million and $49.06 million, year-on-year basis.

For the fourth quarter of 2021, Weibo expects its net revenues to increase by 15 percent to 20 percent year-over-year on a constant currency basis.

Analysts, on average, now expect the company to report a revenue of $594.3 million for the quarter scheduled to end in December.

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