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 ...

Financial Performance - For Q3 2023, Weibo reported net revenue of $442.2 million, a decrease of 3% year-over-year, but a 2% increase when adjusted for fixed exchange rates[3]. - Advertising and marketing revenue was $389.3 million, down 1% year-over-year, or up 3% when adjusted for fixed exchange rates[3]. - Value-added services revenue decreased by 12% year-over-year to $52.9 million, primarily due to a decline in gaming-related revenue[4]. - Total net revenue for the three months ended September 30, 2023, was $442.151 million, a decrease of 2.5% compared to $453.560 million for the same period in 2022[11]. - Advertising and marketing revenue for the nine months ended September 30, 2023, was $1,130.275 million, down 6.3% from $1,206.106 million for the same period in 2022[11]. - The company reported a net profit attributable to shareholders of $(17.137) million for the three months ended September 30, 2023, compared to a profit of $81.387 million for the same period in 2022[11]. - For the nine months ended September 30, 2023, total net revenue was $1,296,169 thousand, a decrease of 6.6% compared to $1,388,334 thousand for the same period in 2022[19]. Profitability Metrics - Operating profit for Q3 2023 was $134.0 million, with an operating margin of 30%, compared to 27% in the same quarter last year[4]. - Non-GAAP operating profit was $163.9 million, with a non-GAAP operating margin of 37%[4]. - Weibo reported a basic net loss per share attributable to shareholders of $(0.07) for the three months ended September 30, 2022, compared to a profit of $0.33 for the same period in 2023, reflecting a significant improvement[12]. - The diluted net income per share attributable to Weibo shareholders was $0.57 for the three months ended September 30, 2023, compared to $0.50 for the same period in 2022, reflecting a positive trend in earnings[16]. User Engagement - Monthly active users reached 605 million in September 2023, with a net increase of approximately 21 million users year-over-year[3]. - Daily active users averaged 260 million in September 2023, reflecting a net increase of about 8 million users year-over-year[3]. Financial Health - As of September 30, 2023, Weibo had cash, cash equivalents, and short-term investments totaling $2.8 billion[5]. - The company reported a total asset value of $6,710,537 thousand as of September 30, 2023, down from $7,129,454 thousand at the end of 2022, indicating a decrease in total assets[13]. - The total liabilities decreased to $3,433,087 thousand as of September 30, 2023, from $3,738,914 thousand at the end of 2022, indicating improved financial health[15]. Strategic Initiatives - The company plans to enhance its content ecosystem by increasing investments in key verticals to drive user engagement and monetization potential[2]. - The company emphasized a "mobile-first" approach in its advertising and marketing solutions, aiming to enhance user engagement and marketing effectiveness[9]. - The company is continuously improving its social interest graph recommendation engine to better target audiences based on demographics and behavior[9]. - The company is likely to continue focusing on enhancing its advertising revenue streams and exploring new market opportunities[19]. Future Outlook - Future outlook includes potential risks related to user growth and engagement, regulatory uncertainties in China, and competition in advertising and marketing expenditures[10]. - The management believes that non-GAAP financial metrics provide useful information for evaluating the company's ongoing performance and future prospects[8].

Financial Data and Key Metrics Changes - Weibo's total revenues for Q2 2023 reached $440.2 million, a decrease of 2% year-over-year, but an increase of 5% on a constant currency basis [21][22] - Advertising revenues were $385.7 million, flat year-over-year, or up 7% on a constant currency basis, with 94% of ad revenues coming from mobile [21][22] - Non-GAAP operating income was $153.8 million, representing a non-GAAP operating margin of 35%, an increase from 32% in the same period last year [21][26] - Net income attributable to Weibo increased by 15% to $126.4 million, with a net margin of 29% compared to 24% last year [21][26] Business Line Data and Key Metrics Changes - The entertainment vertical saw over 20% year-over-year growth in traffic and user engagement, driven by offline activities [12][18] - The online gaming vertical experienced over 50% growth in traffic and 40% growth in engaged users, with significant user engagement growth exceeding 100% [12][13] - The healthcare vertical grew nearly 30% in traffic, leading to over 30% year-over-year revenue growth [18] Market Data and Key Metrics Changes - The automobile and digital product sectors showed strong recovery, with ad revenues from the automobile sector growing by 40% year-over-year [17][33] - The luxury sector experienced rapid year-over-year revenue growth due to increased marketing budgets and a rebound in the entertainment sector [17][18] - The cosmetics and personal care sector continued to show slower-than-expected recovery, impacting overall ad revenue growth [19][35] Company Strategy and Development Direction - The company is focusing on improving user acquisition capabilities and enhancing user engagement through targeted marketing and content distribution [9][10] - Weibo is increasing investment in vertical content, particularly in entertainment, online gaming, and anime, to drive user engagement and traffic recovery [11][12] - The company aims to support verticals like food and travel to regain traffic contributions that have declined due to COVID-19 [36][42] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery pace for the second half of the year, despite some macroeconomic challenges [30][32] - The company anticipates a better recovery in August compared to July, with a focus on traffic support for key verticals [31][32] - Management highlighted the importance of adapting strategies to support verticals facing headwinds, such as cosmetics and travel [35][42] Other Important Information - Weibo completed a special dividend distribution of $0.85 per ordinary share, totaling $200 million [27] - The company reported cash and short-term investments totaling $2.83 billion as of June 30, 2023 [27] Q&A Session Summary Question: Outlook for the second half of the year and ad revenue growth - Management noted a positive growth trajectory in Q2, with a 13% quarter-over-quarter growth and 7% year-over-year growth, driven by holidays and increased ad placements [30] - For July and August, growth rates were slightly down compared to June, but management remains confident in recovery for the second half [31][32] Question: User growth outlook and operational strategies - Management emphasized the need to increase traffic efficiency and focus on high ARPU clients, particularly among iPhone and Huawei users [38] - The company plans to support traffic recovery in culture and entertainment, with significant growth in interactive users [39][40] Question: AIGC deployment and application scenarios - Management discussed AIGC's role in enhancing content production for key accounts and improving engagement for medium to long-tail accounts [45][46] - AIGC is expected to supplement vertical traffic and content, particularly in travel and food sectors [46][48]

Financial Performance - For Q2 2023, Weibo reported net revenue of $440.2 million, a decrease of 2% year-over-year, but a 5% increase when adjusted for fixed exchange rates[4]. - Advertising and marketing revenue was $385.7 million, remaining flat compared to the same period last year, with a 7% increase when adjusted for fixed exchange rates[4]. - Value-added services revenue decreased by 16% year-over-year to $54.6 million, primarily due to a reduction in membership service income[5]. - Operating profit for Q2 2023 was $123.5 million, with an operating margin of 28%, up from 21% in the same quarter last year[5]. - Net profit attributable to Weibo shareholders was $81.4 million, translating to diluted earnings per share of $0.34, compared to $0.12 in the prior year[5]. - Total net revenue for the second quarter of 2023 was $440,240 thousand, a decrease of 2.2% compared to $450,152 thousand in the same period of 2022[13]. - Advertising and marketing revenue for Q2 2023 was $385,674 thousand, showing a slight increase from $385,559 thousand in Q2 2022[13]. - Net income attributable to Weibo shareholders for Q2 2023 was $81,387 thousand, compared to $28,300 thousand in Q2 2022, representing a significant increase of 187.5%[13]. - Basic net income per share attributable to Weibo shareholders for Q2 2023 was $0.35, up from $0.12 in Q2 2022[14]. - The company reported a total operating profit of $123,453 thousand for Q2 2023, an increase from $93,938 thousand in Q2 2022[13]. - Operating profit for Q2 2023 reached $123,453 thousand, a 27.8% increase from $96,490 thousand in Q1 2023[17]. - Non-GAAP net profit attributable to Weibo shareholders for Q2 2023 was $126,376 thousand, up from $111,229 thousand in Q1 2023, marking a 13.6% increase[18]. - Adjusted EBITDA for Q2 2023 was $163,881 thousand, compared to $133,744 thousand in Q1 2023, representing a 22.5% increase[18]. User Engagement - Monthly active users reached 599 million in June 2023, with a net increase of approximately 17 million users year-over-year[4]. - Daily active users averaged 258 million in June 2023, reflecting a net increase of about 5 million users year-over-year[4]. Cash and Investments - As of June 30, 2023, Weibo had cash, cash equivalents, and short-term investments totaling $2.8 billion[6]. - Cash and cash equivalents as of June 30, 2023, were $2,360,744 thousand, down from $2,690,768 thousand as of December 31, 2022[15]. - Long-term investments increased to $1,309,217 thousand as of June 30, 2023, compared to $993,630 thousand as of December 31, 2022[15]. Dividends and Shareholder Returns - The company declared a special cash dividend of $0.85 per share in July 2023, totaling approximately $200 million[3]. Operational Strategy - The company continues to focus on expanding its advertising services and enhancing user engagement through new product developments and market strategies[19]. - The majority of the company's revenue comes from advertising and marketing services, focusing on a mobile-first approach[11]. - The company has developed a social interest graph recommendation engine to enhance marketing effectiveness based on user demographics and behavior[11]. - The company has a commitment to continuously improve its platform and develop new features and products[12]. Risks and Forward-Looking Statements - Forward-looking statements regarding financial performance and operational plans will be made during the call, highlighting potential risks and uncertainties[12]. - The company faces risks related to user growth, regulatory environment, and competition in the advertising market[12]. Financial Reporting and Metrics - Non-GAAP operating profit was $153.8 million, with a non-GAAP operating margin of 35%, compared to 32% in the same quarter last year[5]. - Non-GAAP financial metrics will be discussed, including operating profit and net profit attributable to shareholders[9]. - The company emphasizes the importance of non-GAAP metrics for reflecting ongoing operational performance and facilitating meaningful comparisons over periods[9]. Conference Call - The company will hold a conference call on August 24, 2023, to report its financial and operational performance[8]. Financial Position - Total assets decreased to $6,878,933 thousand as of June 30, 2023, from $7,129,454 thousand as of December 31, 2022[16]. - Total liabilities decreased to $3,685,299 thousand as of June 30, 2023, from $3,738,914 thousand as of December 31, 2022[16]. - The company reported a significant increase in operating profit for the first half of 2023, totaling $219,943 thousand, compared to $196,787 thousand in the same period of 2022[17]. - The company’s non-GAAP operating profit for the first half of 2023 was $282,345 thousand, slightly down from $287,019 thousand in the first half of 2022[17]. Shareholder Equity and Liabilities - Shareholders' equity totaled $3,344,745,000, slightly decreasing from $3,345,116,000, representing a marginal decline of 0.01%[24]. - The company’s total equity attributable to shareholders was $3,330,250,000, down from $3,296,276,000, reflecting a decrease of approximately 1%[24]. Accounting Standards - The adjustments between US GAAP and IFRS accounting standards were detailed, highlighting differences in the treatment of convertible bonds and lease liabilities[26].

Exhibit 99.1 Weibo Reports Second Quarter 2023 Unaudited Financial Results BEIJING, China – August 24, 2023 – 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 second quarter ended June 30, 2023. “We are pleased with the recovery of our business and improvement of our operating efficiency this quarter,” said Gaofei Wang, CEO of Weibo. “During this quarter, our user community experienced continuou ...

Financial Data and Key Metrics Changes - Weibo's total revenues for Q1 2023 were $413.8 million, a decrease of 15% year-over-year or 7% on a constant currency basis [22][6] - Total advertising revenues reached $355.3 million, with mobile ad revenues contributing approximately 95% [5][23] - Non-GAAP operating income was $128.6 million, representing a non-GAAP operating margin of 31% [6][28] - Net income attributable to Weibo was $111.2 million, with a net margin of 27% [22][28] - Diluted EPS was $0.47 compared to $0.56 last year [22] Business Line Data and Key Metrics Changes - Non-ad revenues increased by 2% year-over-year to $58.5 million, or 10% on a constant currency basis [6][27] - The average daily active users (DAUs) reached 255 million, with a net addition of 3 million users year-over-year [5][21] - The average monthly active users (MAUs) reached 593 million, adding approximately 11 million users year-over-year [5][21] Market Data and Key Metrics Changes - The advertising market showed a gradual recovery post-pandemic, with certain sectors like automotive and luxury goods demonstrating strong confidence and increased investment [18][20] - The number of new car releases in the automotive sector increased by 40% compared to the same period last year [18] - The luxury goods sector saw a significant number of shows, achieving nearly 90% coverage of business cooperation in Q1 [18] Company Strategy and Development Direction - Weibo's strategy focuses on user scale growth and improving operating efficiency to enhance traffic growth and strengthen competitive advantage [7][16] - The company aims to optimize product mechanisms and algorithms to enhance user engagement and content consumption [9][10] - Investment in key content verticals is prioritized to meet changing user demands, particularly in entertainment, digital, and automotive sectors [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising demand was relatively low due to macro uncertainties and seasonal factors, but a recovery is expected as offline consumption picks up [5][20] - The company anticipates a more meaningful recovery in advertising demand in the second half of the year, driven by ongoing recovery in various consumer markets [20] - Management expressed confidence in the gradual recovery of the advertising business, particularly in sectors like automotive and e-commerce [39][41] Other Important Information - Weibo announced a total cash dividend of approximately $200 million, reflecting its commitment to returning value to shareholders [29][30] - The company is exploring applications for AITC technology to enhance content creation efficiency and improve operational capabilities [15][36] Q&A Session Summary Question: Can you elaborate more on your plan for the AITC area? - Management discussed the application of AITC in enhancing content creation efficiency for top media accounts and optimizing content generation for long-tail accounts [32][33] Question: What is the outlook for the advertising market recovery? - Management indicated that while Q1 showed weak growth due to seasonal factors, there has been a positive trend since March, with expectations for stronger growth in Q2 [39][40] Question: What is the margin outlook for this year? - Management expects stable development in margins with a slight increase, supported by cost reduction initiatives and a focus on operational efficiency [50][51]

[0 -> 18] Good day and thank you for standing by. Welcome to the WIBO Reports First Quarter 2023 Financial [18 -> 24] Results. At this time, all participants are in a listen-only mode. After the speaker's [24 -> 29] presentation, there will be a question and answer session. To ask a question during the [29 -> 33] session, you will need to press star 1 and 1 on your telephone. You will then hear an [33 -> 39] automated message advising your hand is raised. To withdraw your question, please press star [39 -> ...

Financial Performance - Net revenue for Q1 2023 was $413.8 million, a decrease of 15% year-over-year, and a 7% decrease when adjusted for fixed exchange rates[3]. - Advertising and marketing revenue was $355.3 million, down 17% year-over-year, while value-added services revenue increased by 2% to $58.5 million[4]. - The company reported a net profit attributable to Weibo shareholders of $100.5 million, compared to a net loss of $67.5 million in the same period last year[5]. - Operating profit for Q1 2023 was $96.5 million, with an operating margin of 23%, compared to 21% in the same period last year[4]. - Non-GAAP operating profit was $128.6 million, with a non-GAAP operating margin of 31%, up from 29% year-over-year[4]. - Total revenue for the quarter ending March 31, 2023, was $413.778 million, down from $484.622 million in the same quarter of the previous year, representing a decrease of approximately 14.6%[22]. - Adjusted EBITDA for Q1 2023 was $133,744 thousand, down from $153,088 thousand in Q1 2022, indicating a decline of approximately 12.6%[20]. User Metrics - Monthly active users reached 593 million in March 2023, with a net increase of approximately 11 million users year-over-year[3]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled $2.8 billion as of March 31, 2023[5]. - The company’s cash and cash equivalents decreased from $2,690,768 thousand as of December 31, 2022, to $2,284,216 thousand as of March 31, 2023[17]. Dividends and Shareholder Returns - The board approved a special cash dividend of $0.85 per share, totaling approximately $200 million, to be paid on or around July 19, 2023[6]. Costs and Expenses - The total costs and expenses for the three months ended March 31, 2023, were $317.3 million, compared to $484.6 million for the same period in 2022[14]. - Operating costs increased from $2,337 million in Q1 2022 to $2,536 million in Q1 2023, reflecting a rise of 8.4%[15]. - The total assets decreased from $7,129,454 thousand as of December 31, 2022, to $7,014,237 thousand as of March 31, 2023[17]. - The total liabilities decreased from $3,738,914 thousand as of December 31, 2022, to $3,539,622 thousand as of March 31, 2023[18]. Management and Strategy - The company aims to enhance monetization potential by focusing on resilient industries and growth opportunities amid economic challenges[2]. - The management team held a conference call on May 25, 2023, to discuss the financial and operational overview of the company[8]. - The company continues to focus on mobile-first advertising solutions and has developed a social interest graph recommendation engine to enhance marketing effectiveness[12]. - Weibo's management believes that non-GAAP financial measures provide useful information for assessing the company's ongoing performance[10]. Risks and Challenges - The company faces risks including regulatory uncertainties in China and competition in the advertising market[13]. - Weibo's financial performance is subject to fluctuations, and the company has acknowledged the impact of macroeconomic conditions on its operations[13]. Share Performance - The basic net loss per share attributable to Weibo shareholders was $(0.29) for March 31, 2022, improved to $0.43 by March 31, 2023[15]. - The company reported a total of 236,895 diluted shares used for calculating net loss per share attributable to Weibo shareholders for Q1 2023[20]. Product Development - The company plans to continue focusing on product development, with product development expenses rising from $13,336 thousand in Q1 2022 to $13,800 thousand in Q1 2023[15].