RTTNews | Nov 11, 2021 07:06AM EST

07:06 Thursday, November 11, 2021 (RTTNews.com) - Shares of Chinese social network company Weibo Corporation (WB) are rising more than 7% in pre-market on Thursday after reporting upbeat third-quarter results.

Net income in the third quarter increased significantly to $181.74 million or $0.78 per share $33.8 million or $0.15 per share.

Excluding items, earnings of $0.90 per share beat the average estimate of analysts polled by Thomson Reuters at $0.84 per share. Analysts estimates typically exclude special items.

Revenue for the quarter increased 30% year-over-year to $607.43 million. The consensus estimate was for $589.63 million.

The company said its monthly active users increased 62 million year-on-year to 573 million in September.

For the fourth quarter, Weibo expects its net revenues to increase 15% -20% year-over-year. Analysts see revenue growth of 15.8% for the quarter.

Looking forward, Gaofei Wang, CEO of Weibo commented, "We are committed to responding positively to the new regulatory requirements, and are confident that the new regulatory environment will benefit the internet sector, and empower Weibo's user growth and monetization in the long run."

Weibo shares closed Wednesday's trade at $44.08, up $0.64 or 1.47%. The stock is currently at $47.29.

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