By Dave Sebastian

Weibo Corp. said its profit and revenue fell for the first quarter as advertisers pulled back amid the Covid-19 pandemic, though monthly active users rose.

The Chinese social-media company Tuesday posted net income of $52.1 million, or 23 cents a share, compared with $150.4 million, or 66 cents a share, in the comparable quarter last year.

Adjusted earnings were 30 cents a share. Analysts polled by FactSet were expecting adjusted earnings of 31 cents a share.

Revenue fell to $323.4 million from $399.2 million in the year-ago period, led by a 19% decrease in advertising and marketing revenues. Analysts were targeting $322.8 million.

The company expects revenue to fall 7% to 12% in the second quarter on a constant-currency basis.

Monthly active users, or MAUs, were 550 million in March, up about 85 million from the previous year. About 94% of those users were on mobile, Weibo said. Average daily active users, or DAUs, were 241 million in March, up about 38 million from the year-ago period.

"In March, we delivered our strongest user growth in terms of net additions of MAUs and DAUs on a year-over-year basis," Chief Executive Gaofei Wang said. "On monetization, we have seen a gradual recovery trend since March for most brands and merchants from the trough in February, although there are still uncertainties brought forth by the pandemic." 



  Write to Dave Sebastian at dave.sebastian@wsj.com