Sina's Weibo Corporation today announced its third quarter financial report ended September 30, 2014. Even though Weibo has not yet earned profits, its CEO Gaofei Wang said that net revenues and user numbers are still increasing rapidly.

Sina's Weibo is a Chinese microblogging and social networking website that enables users to follow celebrities and share user-generated content.

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"I'm delighted that Weibo reported another quarter of strong financial performance," said Wang.

"On the operational front, we are taking meaningful steps in growing Weibo's user base and engagements, as well as refining formats and improving relevance of our advertising products. In addition, we have made significant progress in expanding the scale of our payment system, building a solid foundation for long term growth of the social commerce eco-system on Weibo," he said.

Weibo's net revenues increased 58% to $84.1 million in the third quarter compared to the same period last year. This also compares to first quarter revenue of $67.5 million, and second quarter revenue of $77.3 million. In this quarter's net revenues, advertising and marketing revenues reached $65.4 million increasing 50% year-over-year. The ratio of the advertising revenues from mobile devices reached 44%, compared to 30% for the fourth quarter last year.

Weibo's monthly active users (MAUs) totaled 167 million as of September 30, 2014, an increase of 36% year-over-year. Daily active users (DAUs) were 76.6 million on average for September 2014, an increase of 30% from the same month last year. The ratio of Weibo's DAUs on mobile device increased to 78%.

The programs of "Travel with Weibo" and "Movie Reviews" have driven the increase of user activity. The movie review on Weibo in the past summer were more than 4.3 million, 2.5 times of last quarter. The numbers of professional groups on Weibo are over 100 thousands covering 23 industries.

Weibo information flow advertising increased 438% to $22.8 million, covering 35% of the total $65.4 million advertising and marketing revenues.

According to the third quarter report, Weibo cooperated with 80 TV programs on Chinese TV stations. The advertising revenues related to variety shows covered 16% of brand clients' advertising revenues. The discussion volume of the variety shows increased 30% year-over-year as well.

In addition, Weibo paid users reached 7.92 million as of the middle of October increasing nearly 60% compared to the last quarter. In the first half year, Weibo sold cell phones, paid music as well as movie tickets and automobiles. Weibo earned more clients and users from those trials. 

TagsSina's Weibo Corporation, third quarter results