WB-微博-SW(09898) - 2025 Q1 - 季度业绩

Financial Performance - Weibo's net revenue for Q1 2025 was $396.9 million, flat year-over-year, or a 1% increase when adjusted for fixed exchange rates[4]. - Advertising and marketing revenue was$ 339.1 million, unchanged from the previous year, with a 6% decline in revenue excluding Alibaba's contributions[5]. - Value-added services revenue increased by 2% year-over-year to $57.7 million, driven by growth in membership services[5]. - Operating profit for Q1 2025 was$ 110.3 million, with an operating margin of 28%, up from 25% in the same quarter last year[6]. - Net profit attributable to Weibo shareholders was $107.0 million, compared to$ 49.4 million in the prior year, with diluted earnings per share of $0.41[7]. - Non-GAAP operating profit was$ 129.5 million, with a non-GAAP operating margin of 33%[6]. - Non-GAAP net profit attributable to Weibo shareholders was $119.5 million, with diluted earnings per share of$ 0.45[7]. - The company reported a 3% decrease in total costs and expenses to $286.5 million, primarily due to reduced sales and marketing expenses[5]. - The total net revenue for the three months ended March 31, 2024, was$ 395,497 thousand, slightly increasing to $396,855 thousand in 2025, indicating stable revenue growth[16]. - Operating profit for the three months ended March 31, 2024, was$ 99,737 thousand, which increased to $110,310 thousand in 2025, showing improved operational efficiency[16]. - The basic earnings per share attributable to Weibo shareholders rose from$ 0.21 in 2024 to $0.45 in 2025, demonstrating strong earnings growth[17]. - The diluted earnings per share attributable to Weibo shareholders increased from$ 0.19 in 2024 to $0.41 in 2025, indicating enhanced profitability per share[17]. - Advertising and marketing revenue for the three months ended March 31, 2024, was$ 338,951 thousand, slightly increasing to $339,106 thousand in 2025, reflecting stable demand in advertising[16]. - Value-added services revenue grew from$ 56,546 thousand in 2024 to $57,749 thousand in 2025, indicating a positive trend in service offerings[16]. - Total costs and expenses decreased from$ 295,760 thousand in 2024 to $286,545 thousand in 2025, highlighting cost management efforts[16]. - The company reported a total revenue of$ 396,855 thousand for the three months ended March 31, 2025, compared to $395,497 thousand for the same period in 2024, indicating a marginal increase of 0.34%[22]. User Engagement - Monthly active users reached 591 million in March 2025, while daily active users were 261 million[4]. - The company expects to continue enhancing its advertising and marketing solutions to improve user engagement and relevance[13]. Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled$ 2.08 billion as of March 31, 2025, down from $2.35 billion at the end of 2024[7]. - As of March 31, 2025, total assets increased to$ 6,658,879 thousand from $6,504,499 thousand as of December 31, 2024, representing a growth of approximately 2.37%[18]. - Total liabilities increased from$ 2,925,613 thousand as of December 31, 2024, to $3,150,661 thousand as of March 31, 2025, marking an increase of approximately 7.68%[19]. - Long-term investments increased from$ 1,389,199 thousand as of December 31, 2024, to $1,408,323 thousand as of March 31, 2025, reflecting a growth of approximately 1.01%[18]. - The company's cash and cash equivalents decreased from$ 1,890,632 thousand as of December 31, 2024, to $1,205,765 thousand as of March 31, 2025, a decline of about 36.3%[18]. Management Insights - Weibo's management emphasizes the importance of non-GAAP financial metrics to provide a clearer picture of ongoing operational performance[11]. - The number of shares used to calculate diluted earnings per share attributable to Weibo shareholders increased from 263,644 thousand to 266,494 thousand from March 31, 2024, to March 31, 2025[21]. - Adjusted EBITDA for the three months ended March 31, 2025, was$ 139,720 thousand, compared to $133,025 thousand for the same period in 2024, showing an increase of about 5.7%[21]. - Non-GAAP operating profit for the three months ended March 31, 2025, was$ 129,479 thousand, compared to $125,808 thousand for the same period in 2024, reflecting a growth of approximately 1.33%[20]. - The company's net income attributable to Weibo shareholders for the three months ended March 31, 2025, was$ 106,964 thousand, up from $49,438 thousand for the same period in 2024, indicating a significant increase of 116%[20]. - Advertising revenue from non-Alibaba advertisers decreased slightly from$ 316,400 thousand in Q1 2024 to $296,494 thousand in Q1 2025, a decline of about 6.3%[22].