Weibo Corp (ADR) (NASDAQ: WB ) stock took a hit on Wednesday despite releasing a positive earnings report for the first quarter of 2018.
Weibo Corp's earnings report for the first quarter of the year includes earnings per share of 50 cents. This is an increase over its earnings per share of 26 cents reported in the first quarter of 2017. It is also better than Wall Street's earnings per share estimate of 47 cents for the period.
During the first quarter of 2018, Weibo Corp reported net income of $98.71 million. The Chinese social media company reported net income of $46.64 million the same period of the year prior.
Operating income reported by Weibo Corp for the first quarter of the year came in at $109.38 million. Operating income reported in same quarter of the previous year by WB was $55.85 million.
Weibo Corp also reported revenue of $348.83 million for the first quarter of 2018. This is better than its revenue of $199.20 million that was reported for the same time last year. It also came in above analysts' revenue estimate of $342.39 million for the quarter.
It's unclear what is causing WB stock to drop today even with its strong earnings report for the first quarter of the year. However, parent company SINA Corp (NASDAQ: SINA ) is also seeing its stock drop today . The drop at SINA also comes despite it reporting an earnings per share and revenue beat for the first quarter of the year.
WM stock was down 12% as of Wednesday afternoon, but is up 13% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.