China’s Twitter-like microblogging platform Weibo (NASDAQ: WB) reported a 7.6% monthly active users (MAU) growth mixed with a 10% dip in net revenues, both on year-over-year basis, in its Q2 2020 earnings results.
The Beijing-based company, which is a subsidiary of internet portal Sina (NASDAQ: SINA), has seen its MAU grow to 523 million in June 2020 from 486 million in June last year, while its net revenues drop to USD 387.4 million from USD 431.8 million in the same period last year.
Weibo citied “the adverse impact of the coronavirus pandemic on advertisers from certain industries” as one of the factors led to its decline in advertising and marketing revenues, which represent the vast majority of the revenue that Weibo picks up.
On Monday, Weibo’s previous competitor, Tencent Weibo by Tencent (HKG: 0700), officially closed its service after a years-long decline, KrASIA reported, further consolidate 11-year-old Sina Weibo’s status as the biggest microblogging platform in the country, and a sole survivor of its kind.
However, Tencent’s flagship social media and chatting app WeChat is way more popular than Weibo in China, WeChat and its international version combined had 1.2 billion MAU globally as of the end of June.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.