For the quarter ended December 2023, Weibo Corporation (WB) reported revenue of $463.67 million, up 3.5% over the same period last year. EPS came in at $0.31, compared to $0.75 in the year-ago quarter.The reported revenue represents a surprise of +2.51% over the Zacks Consensus Estimate of $452.3 million. With the consensus EPS estimate being $0.45, the EPS surprise was -31.11%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Financial Performance - For Q4 2023, Weibo reported net revenue of $463.7 million, a 3% increase year-over-year, or a 5% increase based on fixed exchange rates[2]. - Advertising and marketing revenue for Q4 2023 was $403.7 million, also up 3% year-over-year, or 5% based on fixed exchange rates[2]. - For the fiscal year 2023, Weibo's total net revenue was $1.76 billion, a 4% decrease from $1.84 billion in 2022[7]. - Operating profit for Q4 2023 was $119 million, with an operating margin of 26%, down from 36% in the same quarter last year[5]. - The net profit attributable to Weibo shareholders for Q4 2023 was $83.2 million, translating to a diluted earnings per share of $0.34[5]. - Operating profit for 2023 was $472.9 million, compared to $480.5 million in 2022, with an operating margin of 27% in 2023 versus 26% in the previous year[8]. - Net profit attributable to Weibo shareholders in 2023 was $342.6 million, significantly up from $85.6 million in 2022, with diluted earnings per share of $1.43 compared to $0.36 in 2022[8]. - Non-GAAP operating profit for 2023 was $592.1 million, down from $601.1 million in 2022, with a non-GAAP operating margin of 34% compared to 33% in the previous year[8]. - The diluted earnings per share (EPS) attributable to Weibo shareholders for Q3 2023 was $0.57, down from $0.75 in Q4 2022[22]. User Engagement - The number of monthly active users reached 598 million in December 2023, with a net increase of approximately 11 million users year-over-year[2]. - The average daily active users in December 2023 were 257 million, with a net increase of approximately 5 million users year-over-year[2]. - The company is focusing on enhancing its mobile-first strategy and improving its social interest graph recommendation engine to increase user engagement and marketing effectiveness[17]. - The company anticipates potential challenges in expanding its active user base and user engagement due to regulatory uncertainties in China[15]. Costs and Expenses - Total costs and expenses in 2023 amounted to $1.29 billion, down from $1.36 billion in 2022, primarily due to the depreciation of the RMB against the USD and a reduction in personnel-related costs[8]. - Total costs and expenses for the three months ended September 30, 2023, were $308.17 million, an increase of 7.2% from $287.53 million in the same period last year[17]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled $3.2 billion as of December 31, 2023[6]. - Cash generated from operating activities in 2023 was $672.8 million, a 19% increase from $564.1 million in 2022[9]. - The company completed the issuance of $330 million convertible senior notes due in 2030, with an annual interest rate of 1.375%[10]. - A special cash dividend of $0.82 per share has been approved, totaling approximately $200 million, to be paid on or around May 6, 2024[11]. Revenue Breakdown - The revenue from value-added services in 2023 was $225.8 million, a decrease of 6% compared to $239.7 million in 2022[8]. - Revenue from advertising and marketing for Q3 2023 was $389,301, slightly down from $390,544 in Q3 2022[25]. - The company reported a decrease in value-added services revenue to $52,850 in Q3 2023 from $57,454 in Q3 2022[25]. Assets and Liabilities - The company reported a total asset value of $7.28 billion as of December 31, 2023, compared to $7.13 billion as of December 31, 2022[20]. - Total liabilities amounted to $3,738,914 as of September 30, 2023, compared to $3,762,742 at the end of 2022[21]. - The total equity attributable to Weibo shareholders was $3,330,250 as of September 30, 2023, down from $3,398,735 at the end of 2022[21].

BEIJING, March 14, 2024 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. "In 2023, we further improved our product's competitiveness and operating efficiency," said Gaofei Wang, CEO of Weibo. "Our user community expanded this year, as we have reinforced our content ecosystem and enhanced core competitiveness of our products. ...

Financial Performance - Weibo's net revenue for Q4 2023 was $463.7 million, a 3% increase year-over-year[2]. - Advertising and marketing revenue for Q4 2023 reached $403.7 million, also up 3% year-over-year[2]. - Value-added services revenue for Q4 2023 was $59.9 million, reflecting a 4% year-over-year increase[2]. - Total net revenue for the fiscal year 2023 was $1.76 billion, a 4% decrease compared to $1.84 billion in 2022[7]. - Operating profit for Q4 2023 was $119.0 million, with an operating margin of 26%[5]. - Operating profit for 2023 was $472.9 million, compared to $480.5 million in 2022, with an operating margin of 27% in 2023 versus 26% in the previous year[8]. - Net profit attributable to Weibo shareholders for Q4 2023 was $83.2 million, translating to diluted earnings per share of $0.34[5]. - Net profit attributable to Weibo shareholders for 2023 was $342.6 million, significantly up from $85.6 million in 2022, with diluted earnings per share of $1.43 compared to $0.36 in 2022[8]. - Non-GAAP operating profit for 2023 was $592.1 million, down from $601.1 million in 2022, with a non-GAAP operating margin of 34% compared to 33% in the previous year[8]. - Non-GAAP net profit attributable to Weibo shareholders for 2023 was $450.6 million, down from $540.1 million in 2022, with diluted non-GAAP earnings per share of $1.88 compared to $2.27 in 2022[8]. User Metrics - Monthly active users in December 2023 reached 598 million, with a net increase of approximately 11 million users year-over-year[2]. Cash and Dividends - The board approved a special cash dividend of approximately $200 million to shareholders[2]. - A special cash dividend of $0.82 per share has been approved, totaling approximately $200 million, to be paid on or around May 6, 2024[11]. - Cash, cash equivalents, and short-term investments totaled $3.2 billion as of December 31, 2023[6]. - Operating cash flow for Q4 2023 was $218.2 million, with capital expenditures of $7.5 million[6]. - Cash generated from operating activities in 2023 was $672.8 million, a 19% increase from $564.1 million in 2022[9]. Costs and Expenses - Total costs and expenses for 2023 amounted to $1.29 billion, down from $1.36 billion in 2022, primarily due to the depreciation of the RMB against the USD and a reduction in personnel-related costs[8]. - Total costs and expenses for the three months ended September 30, 2023, were $308.17 million, an increase of 7.2% compared to $287.53 million for the same period in 2022[17]. Assets and Liabilities - The company reported a total asset value of $7.28 billion as of December 31, 2023, compared to $7.13 billion as of December 31, 2022[20]. - Total liabilities amounted to $3,738,914 as of September 30, 2023, slightly down from $3,762,742 at the end of 2022[21]. - The total equity attributable to Weibo shareholders was $3,330,250 as of September 30, 2023, compared to $3,398,735 at the end of 2022[21]. Revenue Breakdown - Weibo's revenue is primarily derived from advertising and marketing services, which accounted for the majority of its income[17]. - Revenue from advertising and marketing for Q3 2023 was $389,301, a slight decrease from $390,544 in Q3 2022[25]. - Value-added services revenue for Q3 2023 was $52,850, down from $57,454 in Q3 2022[25]. Tax and Regulatory Environment - The income tax expense for 2023 was $145.3 million, up from $30.3 million in 2022, primarily due to tax liabilities related to uncertain tax positions[8]. - The company faces risks including regulatory uncertainties in China and competition in advertising and marketing expenditures[15]. Strategic Focus - The company is focusing on enhancing its mobile-first strategy and improving its social interest graph recommendation engine to increase marketing effectiveness[17].

Financial Performance - For Q4 2023, Weibo's net revenues were $463.7 million, a 3% increase year-over-year, or a 5% increase on a constant currency basis[3] - Advertising and marketing revenues for Q4 2023 were $403.7 million, also a 3% increase year-over-year, with a constant currency increase of 5%[3] - For fiscal year 2023, total net revenues were $1.76 billion, a 4% decrease year-over-year, but a 1% increase on a constant currency basis[5] - Total net revenues for the three months ended September 30, 2023, were $442,151 thousand, a decrease of 1.9% from $447,998 thousand for the same period in 2022[27] - Total net revenues for the three months ended September 30, 2023, were $389,301, slightly down from $390,544 in the previous year, reflecting a decrease of approximately 0.3%[35] - Total net revenues for the twelve months ended December 31, 2023, reached $1,836,332, up from $1,759,836 in the previous year, indicating a growth of approximately 4.4%[35] Income and Profitability - Non-GAAP net income attributable to Weibo's shareholders for Q4 2023 was $76.4 million, down from $178.5 million in the same period last year[10] - Net income attributable to Weibo's shareholders for the twelve months ended December 31, 2023 was $342,598 million, compared to $85,555 million for the twelve months ended December 31, 2022, indicating a significant increase[32] - Non-GAAP net income attributable to Weibo's shareholders for the twelve months ended December 31, 2023 was $450,566 million, up from $540,077 million for the twelve months ended December 31, 2022[32] - Non-GAAP operating margin improved to 34% for the twelve months ended December 31, 2023, compared to 33% for the same period in 2022[32] - The company reported a non-GAAP diluted net income per share of $1.88 for the twelve months ended December 31, 2023, compared to $2.27 for the twelve months ended December 31, 2022[32] Operating Metrics - Operating income for Q4 2023 was $119.0 million, with an operating margin of 26%, down from 36% in the previous year[8] - Non-GAAP income from operations for fiscal year 2023 was $592.1 million, with a non-GAAP operating margin of 34%[12] - Weibo's income from operations for the three months ended September 30, 2023, was $133,986 thousand, a decrease of 16.5% from $160,470 thousand for the same period in 2022[27] User Engagement - Monthly active users (MAUs) reached 598 million in December 2023, with a net addition of approximately 11 million users year-over-year[4] Cash Flow and Investments - Cash provided by operating activities for fiscal year 2023 was $672.8 million, a 19% increase year-over-year[14] - The company completed an offering of convertible senior notes totaling $330 million, maturing in December 2030[15] - Cash and cash equivalents decreased from $2,690,768 million as of December 31, 2022 to $2,584,635 million as of December 31, 2023, a decline of 3.9%[29] - Long-term investments rose significantly from $993,630 million as of December 31, 2022 to $1,320,386 million as of December 31, 2023, an increase of 33%[29] Shareholder Returns - Weibo's board approved a special cash dividend of $200 million, translating to $0.82 per ordinary share and ADS[16] Cost Management - Total costs and expenses for the three months ended September 30, 2023, were $308,165 thousand, an increase of 7.2% from $287,528 thousand for the same period in 2022[27] - The company reported a significant increase in product development expenses, which rose to $82,764 thousand for the three months ended September 30, 2023, compared to $99,328 thousand in the same period last year[27] Advertising Revenue - Non-Ali advertisers revenue for the three months ended September 30, 2023, was $367,633, showing a slight increase from $348,271 in the same period last year, representing a growth of approximately 8.3%[35] - Alibaba's revenue as an advertiser decreased to $21,668 for the three months ended September 30, 2023, down from $42,273 in the same period last year, indicating a decline of about 48.7%[35] - Value-added services revenue increased to $52,850 for the three months ended September 30, 2023, compared to $57,454 in the same period last year, marking a decline of about 8.8%[35] - Non-Ali advertisers revenue for the twelve months ended December 31, 2023, was $1,489,676, compared to $1,422,406 in the previous year, representing an increase of about 4.7%[35] - Alibaba's revenue as an advertiser for the twelve months ended December 31, 2023, was $106,974, slightly down from $111,608 in the previous year, reflecting a decrease of approximately 4.7%[35] - Value-added services revenue for the twelve months ended December 31, 2023, was $239,682, compared to $225,822 in the previous year, indicating an increase of about 6.1%[35]

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Editor's note: Seeking Alpha is proud to welcome Bargain Buyer as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » PETER PARKS/AFP via Getty Images Investment Thesis I believe Weibo (NASDAQ:WB) is an undervalued, dominant player in the Chinese social media market that happens to be a low-risk, high-uncertainty bet at current prices. I think the market has ...

Spencer Platt Chinese social media stock Weibo (NASDAQ:WB) has underperformed even its PRC peers this week on the back of a Bank of America Securities downgrade, dipping below $9 per share, which represents not only the 52-week low, but a low for the entire trading history of the stock. With a strong record of profitability, single digit price-to-earnings ratio, a third of its market cap in net cash, half its market cap in long term investments, and a powerhouse competitive position as China's equivalen ...

Exhibit 99.1 INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2022 and September 30, 2023 F-2 Unaudited Interim Condensed Consolidated Statements of Comprehensive Income for the Nine Months ended September 30, 2022 and 2023 F-3 Unaudited Interim Condensed Consolidated Statements of Shareholders’ Equity for the Nine Months ended September 30, 2022 and 2023 F-4 Unaudited Interim Condensed Consolidated Stateme ...

Weibo Corporation (NASDAQ:WB) Q3 2023 Results Conference Call November 9, 2023 6:00 AM ET Company Participants Sandra Zhang - IR Gaofei Wang - CEO Fei Cao - CFO Conference Call Participants Miranda Zhuang - Bank of America Daisy Chen - Haitong International Timothy Zhao - Goldman Sachs Operator Good day, and thank you for standing by. Welcome to the Weibo Reports Third Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would ...