What happened

Shares of China-based social network operator Weibo (NASDAQ:WB) fell as much as 14.7% today, following the release of solid first-quarter results. The stock traded 13.3% lower near 1 p.m., EDT.

So what

Weibo's first-quarter revenue rose 76% higher year over year, landing at $350 million. Adjusted earnings nearly doubled over the same period, from $0.26 to $0.50 per diluted share. The average analyst would have settled for earnings of $0.47 per share on sales near $342 million, so Weibo exceeded expectations across the board. Looking ahead, management also set second-quarter revenue guidance slightly above the current Street consensus.

Two young Chinese women giggle over their smartphones.

Image source: Getty Images.

Now what

The microblogging giant now boasts 411 million monthly active users, a 70 million increase above the year-ago period. 93% of them accessed Weibo's social platforms through a mobile device.

In short, the growth story continues to impress here. So why the plunging stock chart? Well, Weibo entered this report on a massive tailwind. Share prices had gained a staggering 115% over the previous year and 17% just in the last two weeks. After this correction, Weibo shares trade at a frothy 55 times trailing earnings.

So don't cry for Weibo investors, some of whom simply took some profits off the table today. The paused market momentum will return.

Anders Bylund has no position in any of the stocks mentioned. The Motley Fool recommends Weibo. The Motley Fool has a disclosure policy.