Chinese social media giant Sina Weibo reported strong financial performance in the first quarter (Q1) of this year thanks to booming advertising and marketing demand.

The tech firm raked in net revenue of about 199.2 million U.S. dollars, up 67 percent year on year, according to its financial statement released Tuesday.

Net income attributable to Weibo reached 46.9 million U.S. dollars, an increase of 561 percent year on year.

Advertising and marketing services remained the major source of income, bringing in 169.3 million U.S. dollars in Q1, a 71-percent surge over Q1 of 2016.

Weibo boasted about 340 million monthly active users as of the end of March, up 30 percent year on year, with 91 percent of them coming from mobile devices.

"Looking ahead, we expect to see continuous strong momentum as we further optimize Weibo to share, discover and consume information, especially in the mobile, social and video fields," said Weibo CEO Wang Gaofei.

Weibo estimated its net revenue will be between 240 and 250 million U.S. dollars for the second quarter of 2017.

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