By Stephen Nakrosis
The American depository receipts of Weibo Corp. are trading lower on the Nasdaq Monday, after the company released third-quarter financial results showing lower net income and flat revenues.
At 11:23 a.m., the company's ADRs were trading 12.07% lower at $38.96. Volume at the time topped 2.2 million ADRs, above the 65-day average volume of some 1.2 million.
Before the bell Monday, the Chinese social-media company reported third-quarter net income of $33.8 million, or 15 cents a share, on revenue of $465.7 million. In the year-ago period, the company reported net income of $146.2 million, or 64 cents a share, on revenue of $467.8 million.
Weibo said third-quarter advertising and marketing revenues were up 1% year-over-year, while value-added service revenues were down 11%. It added that it expects fourth-quarter net revenues to increase by 1% to 3% year-over-year on a constant currency basis.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
12-28-20 1152ET