Weibo adds users, tempering Q2 losses

Chinese microblog operator Weibo (WB.NASDAQ) increased the number of daily active users of its microblog by 32%  in the second quarter from a year earlier, a gain that boosted advertising revenue and tempered losses, Bloomberg reported, citing a Thursday statement from the company. The net loss was US$15.4 million in the three months ended June 30, down from a loss of US$35.1 million a year earlier. Sales more than doubled to US$77.3 million, higher than Weibo’s May forecast of US$74 million to US$76 million. CEO Wang Gaofei is investing in marketing and product development to win users amid competition from Tencent’s (0700.HKG) WeChat messaging application.