(Yicai Global) May 20 -- A historic rise in user numbers could not fend off Chinese social media platform Weibo's net profit slump in the first quarter as advertising income slowed amid the Covid-19 epidemic.

But the second-quarter could be slightly better as revenue could fall by a point between 7 percent and 12 percent from a year ago, the Beijing-based company predicted in its earnings report published yesterday before the Nasdaq opened.

Net profit slid by 65 percent to USD52.1 million in the first quarter from a year earlier, the report added. Revenue decreased by 19 percent, or in constant currency terms by 15 percent, to USD323.4 million.

The microblogging platform's number of monthly active users grew 18 percent to 550 million from a year ago while the daily figure rose by 19 percent to 241 million, the highest growth rates ever, said Chief Executive Wang Gaofei.

Weibo has been instrumental in helping people to understand how the Covid-19 epidemic spreads while staying in touch with other people, Wang added. Since March, most brands and merchants on the platform have shown signs of recovery since the low point of February, he added.

Advertising and marketing revenues decreased by 19 percent to USD275.4 million over the quarter. However, Alibaba Group Holding, the firm's second-largest shareholder, was offering a helping hand by increasing its ad spending by 65 percent to USD27.5 million.

Weibo's stock price [NASDAQ:WB] fell 1.94 percent to USD35.89 yesterday.

Editor: Emmi Laine