WB(WB) - 2025 Q1 - Quarterly Results

Financial Performance - Total net revenues for Q1 2025 were $396.9 million, flat year-over-year, or an increase of 1% on a constant currency basis[5] - Advertising and marketing revenues were$ 339.1 million, flat year-over-year, with a 1% increase on a constant currency basis; excluding Alibaba, revenues decreased by 6% to $296.5 million[7] - Value-added services (VAS) revenues increased by 2% year-over-year to$ 57.7 million, driven by growth in membership services[8] - Income from operations was $110.3 million, representing an operating margin of 28%, up from 25% in the same period last year[9] - Net income attributable to Weibo's shareholders was$ 107.0 million, compared to $49.4 million for the same period last year, with diluted net income per share of$ 0.41[12] - Non-GAAP income from operations was $129.5 million, with a non-GAAP operating margin of 33%, compared to 32% last year[9] - Non-operating income for Q1 2025 was$ 22.1 million, compared to a non-operating loss of $23.6 million for the same period last year[10] - Adjusted EBITDA improved from$ 133,025 thousand in Q1 2024 to $139,720 thousand in Q1 2025, indicating an increase of 5.1%[28] - Total net revenues slightly increased from$ 395,497 thousand in Q1 2024 to $396,855 thousand in Q1 2025, showing a growth of 0.34%[32] - Non-GAAP net income attributable to Weibo's shareholders also increased from$ 106,612 thousand in Q1 2024 to $119,532 thousand in Q1 2025, reflecting a growth of 12.1%[28] User Metrics - Monthly active users (MAUs) reached 591 million in March 2025, while average daily active users (DAUs) were 261 million[5] - The company has made Weibo Intelligent Search available to all users, achieving decent sequential growth in both user base and daily search queries[2] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled$ 2.08 billion as of March 31, 2025, down from $2.35 billion at the end of 2024[13] - Total assets increased from$ 6,504,499 thousand as of December 31, 2024 to $6,658,879 thousand as of March 31, 2025, representing a growth of approximately 2.37%[26] - Current liabilities increased from$ 968,136 thousand as of December 31, 2024 to $1,191,480 thousand as of March 31, 2025, a rise of 23.1%[26] - Total liabilities rose from$ 2,925,613 thousand as of December 31, 2024 to $3,150,661 thousand as of March 31, 2025, reflecting an increase of 7.7%[26] Revenue Breakdown - Advertising and marketing revenue from non-Ali advertisers decreased from$ 316,400 thousand in Q1 2024 to $296,494 thousand in Q1 2025, a decline of 6.3%[32] - Revenue from Alibaba increased from$ 22,551 thousand in Q1 2024 to $42,612 thousand in Q1 2025, representing a growth of 89.1%[32] - Non-GAAP operating margin improved from 32% in Q1 2024 to 33% in Q1 2025, indicating enhanced operational efficiency[28]