Ge Long Hui·2025-11-20 03:31Core Viewpoint - Citigroup's report indicates that Weibo's Q3 revenue met expectations while profits exceeded expectations, with total revenue decreasing by 5% year-on-year to $442 million [1] Revenue Analysis - Total revenue decreased by 5% year-on-year to $442 million, with advertising and marketing revenue down by 6% to $375 million [1] - Revenue from Alibaba's advertising increased by 112% year-on-year, but this was offset by a 13% decline in advertising revenue excluding Alibaba [1] Forecast Adjustments - Citigroup has lowered Weibo's revenue forecasts for 2025 to 2027 by 1.7%, 5.6%, and 7.1% respectively [1] - Non-GAAP diluted earnings per share estimates were reduced by 8.9%, 10%, and 11% for the same years, reflecting Q3 performance and management's qualitative comments on Q4 and 2026 outlook [1] Target Price and Rating - Citigroup has decreased Weibo's target price from $14 to $12, citing low valuation and potential growth in AI search products, as well as potential upside in monetization capabilities [1] - The rating remains "Buy" [1]