Sina, a technology company that operates Weibo, one of the major social media web portals in China, said in its latest earnings report that it recorded an operating profit of US$388.6 million in 2017, a dramatic increase of 430% over the previous year, Yicai.com reported.
The Internet giant posted a net revenue of US$1.58 billion in 2017, which is a rise of 54% from a year earlier. The figure exceeds the firm’s annual forecast of US$1.3 to 1.44 billion.
The first publicly listed Chinese social media company on the Nasdaq Stock Market, the company recorded a net profit attributable of US$156.6 million, while the net profit per diluted share was US$2.09.
Can Guowei, chairman and CEO of Sina, said that Sina Weibo has maintained its growth momentum, driven by the continuous increase in subscribers and ongoing development in machine learning, content distribution efficiency and advertising system upgrades.
In the future, Sina will continue to extend its subscriber base, strengthen its content ecosystem and increase the budget for social media marketing.