By Micah Maidenberg

Weibo Corp. beat forecasts from analysts for revenue in its third quarter, but higher spending crimped earnings.

The Chinese social-media company on Monday reported a profit of $33.8 million, or 15 cents a share, down from the profit of $146.2 million, or 64 cents a share, for the year-earlier period. Weibo's adjusted earnings on a per-share basis of 66 cents surpassed the consensus estimate by 7 cents, according to FactSet.

Net revenue fell to $465.7 million from $467.8 million, but advertising and marketing revenue were up 1% year over year. Analysts predicted $451 million for the latest quarter.

Overall, expenses rose to $304.8 million for the quarter from $295.2 million. Product development and general and administrative costs rose, Weibo said, but lower sales and marketing expenses helped results. The company also said it recorded a $110 million non-deductible impairment charge tied to equity and loan investments.

Weibo said its average daily active users rose to 224 million in September, up from 216 million year over year.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

12-28-20 0648ET