Share Structure and Ownership - As of March 31, 2023, the number of Class B ordinary shares held by different voting rights beneficiaries is 87,822,024, representing approximately 64.1% of the voting power for all shareholder voting matters [3]. - If all issued and outstanding Class B ordinary shares are converted into Class A ordinary shares, the company will issue 87,822,024 Class A ordinary shares, which is about 59.6% of the total number of Class A ordinary shares outstanding as of March 31, 2023 [4]. - The company has a total of 234,186,394 ordinary shares outstanding as of December 31, 2022, which includes 139,361,056 Class A ordinary shares and 94,825,338 Class B ordinary shares [17]. User Engagement and Growth - Weibo Corporation reported an increase in daily active users (DAUs) to 241 million, representing a year-over-year growth of 5% [23]. - The average monthly active users (MAUs) reached 573 million, showing a 3% increase compared to the previous year [25]. - As of December 2022, the monthly active users reached 586 million, with an average daily active user count of 252 million [94]. - The company anticipates a slowdown in user growth rate over time due to increased market penetration in China's internet population [94]. - The company has implemented various features such as hot topics, search, short videos, and live streaming to stimulate user engagement and growth [96]. Financial Performance - Total revenue for the year was $1.8 billion, a decrease of 6% from the previous year [26]. - Advertising revenue accounted for approximately 80% of total revenue, amounting to $1.44 billion, down 8% year-over-year [26]. - Weibo's operating margin for the year was reported at 30%, a slight decline from 32% in the previous year [26]. - The company has set a revenue guidance of $1.7 billion to $1.9 billion for the next fiscal year, indicating a potential recovery in user engagement [26]. - The net profit attributable to shareholders of the company for the year ended December 31, 2022, was $85.6 million [66]. Regulatory and Legal Risks - The company operates through a complex structure involving VIEs due to restrictions on foreign ownership in the internet sector in China [30]. - There are significant uncertainties regarding the interpretation and application of current and future Chinese laws affecting the VIE structure [35]. - The company faces various legal and operational risks related to the complex and changing regulatory environment in China [36]. - The company is subject to potential penalties or loss of rights if the VIE structure is deemed non-compliant with Chinese regulations [34]. - The company faces significant regulatory risks from the Chinese government, which may severely limit or completely obstruct its ability to sell securities to investors [38]. Investment and Strategic Initiatives - The company plans to enhance its content creator ecosystem, targeting a 10% increase in the number of top content creators by the end of the next fiscal year [26]. - Weibo Corporation aims to expand its market presence in Southeast Asia, with a projected investment of $50 million over the next two years [26]. - The company is focusing on developing new technologies, including AI-driven content recommendations, with an expected launch in Q3 2023 [26]. - The company plans to apply for the Internet Audio-Visual Program Service License, which it currently does not qualify for under existing laws [49]. - The company is actively investing significant resources to expand its user base, increase user engagement, and develop new features and products, which may lead to high costs if market conditions change or demand forecasts are incorrect [133]. Competition and Market Challenges - The company faces intense competition for user traffic and engagement from major internet companies like Tencent and ByteDance, as well as traditional media [104]. - The company is competing with both online and offline gaming for user time and spending, as well as with e-commerce platforms for business solutions [105]. - The effectiveness of the company's channel partnerships is critical for driving traffic to its platform, and any decline in these partnerships could negatively impact business performance [87]. - The company faces significant competition in advertising and marketing expenditures, primarily from Tencent, ByteDance, Baidu, Kuaishou, Xiaohongshu, Bilibili, and iQIYI, which could adversely affect its business and operating performance [118]. Financial Obligations and Debt Management - The company issued $900 million of convertible senior notes due in 2022, with a 1.25% annual interest rate, and repaid $899.99 million upon maturity [178]. - The company also issued $800 million of senior notes due in 2024, with a 3.50% annual interest rate, which will mature on July 5, 2024 [178]. - The company may require additional funding but may not be able to obtain financing on acceptable terms, potentially leading to further dilution of shareholder equity [186]. - The ability to manage business operations and generate sufficient cash flow is critical for meeting debt obligations [182]. Data Security and Privacy Concerns - The company has invested significant resources in technology and product development to prevent user data leaks and security vulnerabilities [141]. - Privacy issues related to user data collection and management could negatively impact the company's reputation and lead to user attrition, affecting overall business performance [140]. - The company faced a data breach incident in March 2020, leading to regulatory meetings and mandated improvements in data security practices [145]. - New data protection laws and regulations may lead to substantial costs and require significant changes to business practices [148]. Content and User Experience - The company relies on user-generated content, and a lack of valuable contributions from users and partners could lead to decreased user traffic and engagement [87]. - The introduction of promotional marketing in user feeds may negatively affect user experience and lead to a decline in user engagement [166]. - Spam content on the platform may degrade user experience and harm the company's reputation, potentially leading to decreased user engagement and increased operational costs [137]. - The company has faced challenges with user complaints regarding promotional products, which could delay monetization efforts [166]. Intellectual Property and Compliance - The company faces significant risks related to potential third-party intellectual property infringement claims, which could adversely affect its business, financial condition, and outlook [191]. - The effectiveness and enforceability of intellectual property rights in the Chinese internet sector remain uncertain, increasing the risk of infringement claims [191]. - The company has received notifications from copyright holders claiming that user-generated content infringes their intellectual property, which could result in costly legal actions [192]. - Any successful claims against the company could result in substantial damages, impacting its financial condition and operational performance [192].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Exhibit 99.1 Reconciliation between U.S. GAAP and International Financial Reporting Standards The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards (“IFRS”). The effects of material differences between the consolidated financial statements of the Group prepared under U.S. GAAP and IFRS are as follows: Reconciliation of consolidated statements of comprehensive income data (in US$ thousands): For the Y ...

Financial Data and Key Metrics Changes - In Q4 2022, total revenue reached $448 million, a decrease of 27% year-over-year and 1% quarter-over-quarter [6][30] - Advertising and marketing revenues were $390.5 million, with mobile contributing 94% of total revenue [7][31] - Non-GAAP operating income was $152 million, representing a non-GAAP operating margin of 34% [7][30] - For full-year 2022, total revenue was $1.84 billion, a decrease of 19% year-over-year [7][30] - Non-GAAP net income attributable to Weibo was $540.1 million, with a net margin of 29% [30][38] Business Line Data and Key Metrics Changes - Advertising and marketing revenue for full-year 2022 was $1.6 billion, a decrease of 19% year-over-year [7][31] - Value-added service (VAS) revenues in Q4 were $57.5 million, a decrease of 12% year-over-year [35] - The number of video accounts and effective video views grew double-digit year-over-year, with effective use of video feed increasing over 50% year-over-year [14] Market Data and Key Metrics Changes - In December 2022, Weibo's MAUs reached 586 million, with a net addition of approximately 13 million users year-over-year [8][29] - Average DAUs reached 252 million, with a net addition of approximately 3 million users year-over-year [8][29] - The advertising revenue from the automobile industry showed year-over-year growth, benefiting from better recognition of new car launches [21][32] Company Strategy and Development Direction - The company plans to focus on user growth, operational efficiency, and strengthening core competitiveness in 2023 [19][28] - Emphasis on enhancing marketing capabilities for top KOLs and improving monetization strategies for content creators [17][28] - Continued investment in hot trends and entertainment verticals to drive user engagement and traffic growth [18][19] Management Comments on Operating Environment and Future Outlook - Management noted that the advertising market faced challenges due to macroeconomic conditions and COVID disruptions, but expressed optimism for recovery in 2023 [26][35] - The company anticipates a gradual recovery in advertising demand, particularly in the automobile and luxury sectors [27][35] - Management highlighted the importance of operational efficiency and cost control measures implemented in 2022 to stabilize earnings [36][52] Other Important Information - The company achieved a significant increase in ad revenue during the World Cup season, surpassing that of the Beijing Winter Olympics [21] - The annual GMV for the aesthetic medicine e-commerce business on Weibo doubled from the previous year, indicating potential for future growth in e-commerce [24] Q&A Session Summary Question: Can management share more detailed color around the monthly trend of ad revenue recovery and year-on-year growth trend? - Management indicated that Q4 faced negative impacts from political issues and COVID, affecting operations and customer budgets. They expect a clearer evaluation of recovery speed by late March or early April [41][44] Question: What are the plans for efficient improvement and cost control in 2023? - Management stated that they aim to reduce marketing-related expenses by 20% and continue restructuring to enhance operational efficiency [50][52] Question: What is the strategy for the VAS business in 2023, particularly regarding social e-commerce? - Management plans to leverage KOL live streaming and enhance traffic monetization through social e-commerce, aiming to increase market share and revenue from membership services [55][58]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q3 2022 reached $453.6 million, a decrease of 25% year-over-year and an increase of 1% quarter-over-quarter [9][40] - Non-GAAP operating income was $162.1 million, representing a non-GAAP operating margin of 36%, up from 32% in the previous quarter [9][34] - Net income attributable to Weibo was approximately $519 million, with a net margin of 36% [40][48] Business Line Data and Key Metrics Changes - Advertising and marketing revenues were $383.4 million, a decrease of 27% year-over-year [41] - Mobile ad revenues accounted for approximately 95% of total ad revenues, amounting to $372 million [41] - The online gaming sector showed resilience, with a significant increase in traffic and interactions, particularly during eSports events [23][28] Market Data and Key Metrics Changes - The luxury and automobile sectors exhibited a solid recovery trend, with double-digit growth both year-over-year and sequentially [42] - The FMCG and e-commerce sectors continued to face challenges due to weak consumption sentiment and COVID-19 control measures [29][42] - Ad revenues from Alibaba decreased by 28%, aligning with the overall advertising business performance [45] Company Strategy and Development Direction - The company is focusing on improving operating efficiency and enhancing user engagement through product optimization and community investments [10][35] - Weibo aims to deepen cooperation with handset manufacturers to expand user scale and improve content distribution [14][35] - The strategy includes diversifying revenue streams beyond advertising, with a focus on e-commerce and membership systems [70][75] Management Comments on Operating Environment and Future Outlook - Management noted that the advertising market remains uncertain, but there are positive signals from certain industries, particularly during the Double 11 shopping festival [30][56] - The company anticipates a stable trend in e-commerce advertising and expects to capture advertising budgets related to the World Cup [32][56] - Management emphasized the importance of cost optimization and operational efficiency in navigating the uncertain macro environment [33][60] Other Important Information - Weibo's cash, cash equivalents, and short-term investments totaled $3 billion as of September 30, 2022 [49] - The company repurchased approximately 3.1 million ADS for a total cost of $157.7 million as part of its share repurchase program [50] Q&A Session Summary Question: Advertising outlook and sentiment in Q4 and 2023 - Management indicated that the recovery is closely tied to macroeconomic conditions, with expectations for a quarter-over-quarter improvement in Q4 [52][53] - The company anticipates a stable trend in e-commerce advertising during the Double 11 shopping festival [56][57] Question: Cost optimization strategies and margin outlook - Management confirmed ongoing cost optimization efforts, particularly in marketing and operational expenses, with expectations for a stable margin in Q4 [62][64] - The focus will remain on improving core competencies and operational efficiency [64][66] Question: Diversifying revenue streams beyond advertising - Management acknowledged the need to diversify monetization methods, with VAS currently accounting for about 13% of total revenue [70][75] - The company is investing in e-commerce and membership systems to enhance monetization opportunities [71][73]

Financial Performance - Net revenue for Q3 2022 was $453.6 million, a decrease of 25% year-over-year, and a 20% decrease when calculated at fixed exchange rates[3] - Advertising and marketing revenue was $393.4 million, down 27% year-over-year, primarily due to weak advertising demand and the impact of COVID-19 in China[4] - Total net revenue for the three months ended September 30, 2022, was $453.56 million, a decrease from $607.43 million in the same period of 2021, representing a decline of approximately 25.3%[11] - Advertising and marketing services accounted for $393.43 million of net revenue, down from $537.62 million year-over-year, reflecting a decrease of about 26.8%[11] - The company reported a net loss attributable to shareholders of $17.1 million for Q3 2022, compared to a net profit of $181.7 million in the same period last year[4] - Weibo's net loss attributable to shareholders was $(17,137) thousand for the three months ended September 30, 2022, compared to a profit of $181,738 thousand for the same period in 2021[16] - The company reported a non-GAAP operating profit of $162,105 thousand for Q3 2022, down from $248,704 thousand in Q3 2021[16] - Non-GAAP net profit attributable to shareholders was $119 million, with diluted earnings per share of $0.50[4] - Adjusted EBITDA for the three months ended September 30, 2022, was $144,744 thousand, down from $255,255 thousand year-over-year[17] - The adjusted net profit attributable to Weibo shareholders for the nine months ended September 30, 2022, was $361,559 thousand, down from $523,030 thousand in the same period of 2021[17] User Engagement - Monthly active users reached 584 million in September 2022, with a net increase of approximately 11 million users year-over-year[3] - Daily active users averaged 253 million in September 2022, with a net increase of approximately 5 million users year-over-year[3] Operating Costs and Expenses - Operating profit for Q3 2022 was $123.2 million, with an operating margin of 27%, down from 35% in the same period last year[4] - Operating profit for the three months ended September 30, 2022, was $123.21 million, compared to $213.05 million in the same period of 2021, indicating a decline of approximately 42.1%[11] - Total costs and expenses for the three months ended September 30, 2022, were $330.35 million, down from $394.39 million in the same period of 2021, a decrease of about 16.2%[11] - Operating costs increased to $2,544 million in Q3 2022 from $2,450 million in Q3 2021, while sales and marketing expenses rose to $5,107 million from $4,700 million[12] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $3 billion as of September 30, 2022[5] - Cash and cash equivalents totaled $2,758,901 thousand as of September 30, 2022, compared to $2,423,703 thousand as of December 31, 2021[14] - The company has authorized a stock repurchase plan of up to $500 million, with approximately 3.1 million ADS repurchased at a total cost of $57.7 million as of September 30, 2022[6] Assets and Liabilities - The total assets of Weibo decreased to $6,827,630 thousand as of September 30, 2022, down from $7,519,522 thousand as of December 31, 2021[14] - Weibo's total liabilities decreased to $3,522,442 thousand as of September 30, 2022, compared to $3,831,502 thousand as of December 31, 2021[15] - Weibo's total equity attributable to shareholders decreased to $3,214,804 thousand as of September 30, 2022, from $3,593,821 thousand as of December 31, 2021[15] Strategic Focus and Risks - The company emphasized a "mobile-first" approach, enhancing its social interest graph recommendation engine to improve targeted marketing effectiveness[9] - Weibo's revenue is primarily derived from advertising and marketing services, which are crucial for its financial performance[9] - The company faces risks including regulatory uncertainties in China and competition in advertising and marketing expenditures[10] - The company is focused on expanding its user base and engagement to drive future growth despite current challenges[10] Earnings Per Share - Weibo reported a basic net loss per share of $(0.07) for the three months ended September 30, 2022, compared to a profit of $0.79 for the same period in 2021[12] - The diluted net loss per share attributable to Weibo shareholders was $(0.07) for Q3 2022, compared to $0.78 for Q3 2021[12] - The number of diluted shares used to calculate GAAP net loss per share attributable to Weibo shareholders was 235,894 thousand for the three months ended September 30, 2022, compared to 237,183 thousand for the same period in 2021[17]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q2 2022 were $450.2 million, a decrease of 22% year-over-year or 19% on a constant currency basis [11] - Advertising revenues reached $385.6 million, down 23% year-over-year, with 95% of ad revenues coming from mobile [11][48] - Non-GAAP operating income was $145.3 million, representing a non-GAAP operating margin of 32%, up from 29% in the prior quarter [11][42] - Net income attributable to Weibo was $109.7 million, with a net margin of 24%, compared to 32% last year [57] Business Line Data and Key Metrics Changes - The gaming, food and beverage, and electronic vehicle sectors continued to trend upward despite tough market conditions [50] - Value-added service (VAS) revenues were $64.6 million, a decrease of 10%, mainly due to less revenue from membership and game-related services [55] Market Data and Key Metrics Changes - The advertising market faced significant headwinds due to COVID-related disruptions, particularly affecting e-commerce and cosmetics industries [28][49] - The automotive and luxury sectors showed signs of recovery, with advertisers gradually increasing their budgets [35][36] Company Strategy and Development Direction - The company is focusing on enhancing competitiveness, improving operating efficiency, and maintaining user engagement [12][27] - Weibo aims to strengthen its brand performance ad offerings and integrate them with content operations to capture higher ad value share [27][40] - Cost optimization initiatives have led to a 27% reduction in sales and marketing expenses year-over-year [42][56] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are signs of economic recovery, the speed of recovery varies across industries [62] - The company remains confident in its long-term monetization opportunities, leveraging its unique value proposition and diversified content ecosystem [54] Other Important Information - Weibo's cash, cash equivalents, and short-term investments totaled $3 billion as of June 30, 2022 [58] - The company released its first ESG report in August, highlighting its commitment to sustainable development and social responsibility [59] Q&A Session Summary Question: Can you share more color on outlook for the ad spend in the second half? - Management indicated that two-thirds of revenue is related to consumption-related industries, which are expected to recover with stimulus policies [62] - There is a shift from offline to online advertising strategies, particularly in the automotive and luxury sectors [64][66] Question: What types of measures would be in place for second half regarding efficiency optimization and cost control? - Management highlighted a 27% reduction in marketing fees and improved user acquisition costs, focusing on core business scenarios [78][80] - The company aims to maintain high-quality growth and a steady gross margin while enhancing operational efficiency [88]

Financial Performance - For Q2 2022, Weibo reported net revenue of $450.2 million, a decrease of 22% year-over-year, and a 19% decline when adjusted for fixed exchange rates[4]. - Advertising and marketing revenue was $385.6 million, down 23% year-over-year, primarily due to the resurgence of COVID-19 and macroeconomic uncertainties affecting the advertising industry in China[5]. - Operating profit for Q2 2022 was $93.9 million, with an operating margin of 21%, down from 34% in the same period last year[5]. - Non-GAAP operating profit was $145.3 million, with a non-GAAP operating margin of 32%, compared to 39% in the previous year[5]. - Net profit attributable to Weibo shareholders was $28.3 million, translating to diluted earnings per share of $0.12, down from $81 million and $0.35 per share year-over-year[5]. - The company reported a total cost and expenses of $356.2 million, a decrease of 7% year-over-year, mainly due to a 25% reduction in sales and marketing expenses[5]. - Net revenue for the second quarter of 2022 was $450.15 million, a decrease of 21.7% compared to $574.47 million in the same period of 2021[12]. - Operating profit for the second quarter of 2022 was $93.94 million, down 51.4% from $193.24 million in the same quarter of 2021[12]. - The total cost and expenses for the second quarter of 2022 amounted to $356.21 million, a decrease of 6.6% from $381.23 million in the same quarter of 2021[12]. - The net profit attributable to Weibo shareholders for the second quarter of 2022 was $28.30 million, a decline of 65.1% from $81.03 million in the same period of 2021[12]. - Basic and diluted earnings per share attributable to Weibo shareholders were both $0.12 for the second quarter of 2022, compared to $0.36 in the same quarter of 2021[13]. - Adjusted EBITDA for Q2 2022 was $132,911, down 42.7% from $232,423 in Q2 2021[17]. - The adjusted net profit attributable to Weibo shareholders for Q2 2022 was $109,695, down 40% from $182,805 in Q2 2021[17]. User Engagement - Monthly active users reached 582 million in June 2022, with a net increase of approximately 16 million users year-over-year, and mobile users accounted for 95% of total monthly active users[4]. - Daily active users averaged 252 million in June 2022, with a net increase of approximately 7 million users year-over-year[4]. - The company emphasizes the importance of user engagement and expanding its active user base for future growth[11]. Financial Metrics and Reporting - The company uses non-GAAP financial metrics to reflect ongoing operational performance, allowing for meaningful comparisons over periods[9]. - Non-GAAP metrics include operating profit, net profit attributable to shareholders, diluted earnings per share, and adjusted EBITDA, excluding certain costs and non-cash items[9]. - The company reported a total of 235.52 million basic shares used for calculating earnings per share for the second quarter of 2022, compared to 228.10 million in the same quarter of 2021[13]. - The number of diluted shares used for calculating non-GAAP earnings per share was 243,778 for Q2 2022, an increase from 236,308 in Q2 2021[17]. Cash and Assets - As of June 30, 2022, Weibo had cash, cash equivalents, and short-term investments totaling $3 billion[6]. - Total assets as of June 30, 2022, were $7.20 billion, down from $7.52 billion as of December 31, 2021[15]. - Total liabilities as of June 30, 2022, were $3.67 billion, a decrease from $3.83 billion as of December 31, 2021[14]. - Cash and cash equivalents as of June 30, 2022, were $2.34 billion, down from $2.42 billion as of December 31, 2021[15]. Strategic Initiatives - Weibo's primary revenue source comes from advertising and marketing services, with a focus on mobile-first solutions and native advertising[10]. - The company has developed a social interest graph recommendation engine to enhance targeted marketing based on user demographics and behavior[10]. - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[16]. Risks and Uncertainties - Forward-looking statements regarding financial performance and operational plans are subject to inherent risks and uncertainties[11]. - Key risks include limited operating history in new businesses, regulatory uncertainties in China, and reliance on advertising revenue[11]. - Weibo's financial performance may be affected by macroeconomic conditions, including currency depreciation and global economic uncertainties[11]. - The company does not undertake an obligation to update the information provided in the press release unless required by law[11]. ESG Reporting - Weibo released its first Environmental, Social, and Governance (ESG) report in August 2022, detailing its initiatives and performance in these areas[7]. Conference Call - The management team will hold a conference call on September 1, 2022, to report on the company's financial and operational performance[8].

Financial Performance - Net revenue for Q1 2022 was $484.6 million, a 6% increase year-over-year, and a 3% increase when calculated at fixed exchange rates[3]. - Advertising and marketing revenue reached $427.1 million, reflecting a 10% year-over-year growth[4]. - Value-added services revenue declined to $57.5 million, a 17% decrease compared to the same period last year[4]. - Total net revenue for the three months ended March 31, 2022, was $484.6 million, a decrease from $616.3 million in the same period of 2021[22]. - Total costs and expenses for Q1 2022 were $381.8 million, a 9% increase year-over-year[4]. - Operating profit for Q1 2022 was $102.8 million, with an operating profit margin of 21%[4]. - Operating profit for Q1 2022 was $102.849 million, down from $108.604 million in Q1 2021, indicating a decline of 5.2%[12]. - The company reported a net loss attributable to Weibo shareholders of $67.524 million for Q1 2022, compared to a profit of $49.820 million in Q1 2021[12]. - Non-GAAP net profit attributable to Weibo was $132.9 million, with a diluted net profit per share of $0.56[5]. - Non-GAAP net income attributable to Weibo shareholders for the three months ended March 31, 2022, was $132.9 million, compared to $130.7 million for the same period in 2021[19]. User Engagement - Monthly active users in March 2022 were 582 million, with a net increase of approximately 51 million users year-over-year[3]. - Daily active users in March 2022 averaged 252 million, with a net increase of approximately 22 million users year-over-year[3]. Cash and Assets - Cash, cash equivalents, and short-term investments totaled $3.3 billion as of March 31, 2022[6]. - Cash and cash equivalents as of March 31, 2022, were $2.50 billion, an increase from $2.42 billion as of December 31, 2021[18]. - The total assets as of March 31, 2022, were $7.47 billion, compared to $7.52 billion as of December 31, 2021[18]. - The total liabilities as of March 31, 2022, amounted to $3.81 billion, slightly down from $3.83 billion as of December 31, 2021[16]. - The total equity attributable to Weibo shareholders as of March 31, 2022, was $3.56 billion, down from $3.59 billion as of December 31, 2021[16]. Expenses and Losses - Total costs and expenses for Q1 2022 were $381.773 million, an increase from $350.292 million in Q1 2021, representing an increase of 9.4%[12]. - The company reported a significant increase in product development expenses, totaling $13.3 million for the three months ended March 31, 2022, compared to $8.1 million in the same period of 2021[13]. - Non-operating losses, including investment impairment and changes in fair value, amounted to $177.950 million in Q1 2022, significantly higher than $58.200 million in Q1 2021[12]. Management Insights - The company’s adjusted EBITDA was not disclosed in the provided data, but it is noted that adjusted EBITDA excludes interest income, income tax expenses, and depreciation[9]. - Weibo's management emphasizes the importance of non-GAAP financial metrics for assessing ongoing performance and making meaningful comparisons over time[9]. - The company expects to continue focusing on expanding its advertising revenue and enhancing user engagement in the upcoming quarters[22]. Market Challenges - Weibo faces risks including regulatory uncertainties in China, competition in advertising and marketing, and challenges in expanding its active user base[11].