Why Weibo Stock Was Moving Higher Today
Shares of Weibo (NASDAQ: WB) were gaining today after the company delivered a better-than-expected second-quarter earnings report. The Chinese social media platform that's often likened to Twitter still saw revenue slide in the quarter, but the performance was enough to please investors. As of 11:17 a.m. EDT on Monday, the stock was up 6.3%.
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Weibo said that business was recovering as the coronavirus pandemic has been brought under control in China. In the quarter ended June 30, revenue fell 10%, or 7% on a constant-currency basis, to $387.4 million, which beat estimates at $379.9 million.
Source Fool.com
