Weibo cuts Q2 losses to $15m

Weibo Corp, Chinese twitter-like micro-blogging platform, reported a net loss of $15.4 million in the second quarter of this year, compared to a loss of $35.1 million during the same period of last year, the company said in a statement on Friday.

Despite the loss, an increase in the number of active users helped boost the company's revenue from advertising and value-added services.

Total net revenues for the second quarter of this year rose to $77.32 million from $37.64 million the prior year. For the third quarter of 2014, Weibo estimates its net revenues to be between $79 million and $82 million.

The daily number of active users on Weibo rose to 69.7 million at the end of June, Bloomberg reported.

The Beijing-based service owned by Sina Corp and Alibaba Group Holding Ltd went public on the Nasdaq Stock Market and raised $3.46 billion on April 17.