Weibo Corporation (NASDAQ: WB) has reported a decline in adjusted earnings for the first quarter of 2022, despite an increase in revenues, even as operating costs increased sharply.
The China-based social networking company reported an adjusted profit of $0.56 per share for the most recent quarter, down 2% from the year-ago period. On an unadjusted basis, it incurred a loss of $67.5 million or $0.29 per share, compared to earnings of $49.8 million or $0.22 per share last year.
Meanwhile, revenues increased by 6% year-over-year to $484.6 million. At the end of the quarter, Weibo had around 582 million monthly active users and 252 million daily active users.
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Shares of Weibo traded lower early Friday after closing the previous session down 4.5%. The stock has lost about 34% since the beginning of the year.