Ge Long Hui·2025-11-19 05:12Core Viewpoint - UBS's research report indicates that Weibo's Q3 performance met the revised forecasts, with a year-on-year revenue decline of 5% and an adjusted net profit drop of 20% [1] Financial Performance - Revenue decreased by 5% year-on-year [1] - Adjusted net profit fell by 20% [1] - Gross margin narrowed by 412 basis points to 76%, which was below expectations [1] - Operating expenses were lower than anticipated, leading to operating profit meeting expectations [1] Future Outlook - Due to the decline in gross margin and a more cautious outlook for Q4 revenue, UBS has reduced the adjusted net profit forecast for the year by 2% [1] - The company's fundamentals are largely reflected in the stock price, with an expected dividend yield of 8% next year, which may provide downside protection for the stock price [1] Price Target Adjustments - UBS has lowered the target price for Weibo's US stock from $14.5 to $14.2 while maintaining a "Buy" rating [1] - The target price for Weibo's H-shares has been adjusted down to HKD 110.4 [1]