WB(HK:09898)2024-03-14 09:00Financial 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].