Weibo Corp. (Nasdaq: WB) posted an announcement Wednesday in response to the problems in the collection and use of personal information in its Weibo App.
Recently, Weibo App was reported to have misled users to agree to the collection of personal information in an improper way, including collecting user device information after users agree to this statement:
"When you post on Weibo or use the location-based service provided by Weibo, we will collect your location information and device information."
Additionally, the company says it is making internal corrections to ensure that the statements of the privacy agreement are updated within the deadline as required by the competent authorities.
Nine research firms gave Weibo the rate of “hold”, according to Marketbeat. And the average 12-month price objective among brokerages that have covered the stock in the last year is $42.17.
Shares of Weibo fell 4.25% today, closing at $44.72.