Chinese microblogging platform Weibo has reported a 111% year-on-year increase in profit while adding 70 million monthly users, local media is reporting.

The NASDAQ-listed company released its 2018 Q1 unaudited financial results on May 9, displaying a net profit of $99.1 million. The company’s revenue increased by 76% compared to this time last year, rising from $199.2 million to $349.9 million.

Weibo said that as of March 2018 it had a total of 411 million monthly active users (MAU), more than half of China’s internet population. Of these, 93% use mobile devices to access the network. Average daily users increased to 184 million, up 30 million compared to 2017 Q1.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.