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Weibo Announces First Quarter 2024 Unaudited Financial Results
WBWB(WB) Prnewswire·2024-05-23 09:00

Core Viewpoint - Weibo Corporation reported a solid start to 2024, focusing on user acquisition, content optimization, and improved monetization strategies, while aiming to enhance shareholder returns [1] Financial Performance - Net revenues for Q1 2024 were US395.5million,adecreaseof4395.5 million, a decrease of 4% year-over-year, or flat on a constant currency basis [2][4] - Advertising and marketing revenues were US339.0 million, down 5% year-over-year, or flat on a constant currency basis [2][4] - Value-added services (VAS) revenues were US56.5million,adecreaseof356.5 million, a decrease of 3% year-over-year, but an increase of 1% on a constant currency basis [2][4] - Income from operations was US99.7 million, with an operating margin of 25%, compared to 23% in the previous year [5] - Net income attributable to Weibo's shareholders was US49.4million,withdilutednetincomepershareofUS49.4 million, with diluted net income per share of US0.19 [7] - Non-GAAP income from operations was US125.8million,representinganon−GAAPoperatingmarginof32125.8 million, representing a non-GAAP operating margin of 32% [5][7] User Engagement - Monthly active users (MAUs) reached 588 million in March 2024, while average daily active users (DAUs) were 255 million [2] Cost Management - Total costs and expenses for Q1 2024 were US295.8 million, a decrease of 7% compared to US317.3millioninthesameperiodlastyear[5]−Thedecreaseincostswasattributedtolowerpersonnel−relatedcostsandmarketingexpenses[5]Non−OperatingResults−Non−operatinglossforQ12024wasUS317.3 million in the same period last year [5] - The decrease in costs was attributed to lower personnel-related costs and marketing expenses [5] Non-Operating Results - Non-operating loss for Q1 2024 was US23.6 million, compared to non-operating income of US29.8millioninthesameperiodlastyear[6]−Thenon−operatinglossincludednetinterestandotherlossesofUS29.8 million in the same period last year [6] - The non-operating loss included net interest and other losses of US18.6 million and a loss from fair value change of investments of US3.6million[6]CashPosition−AsofMarch31,2024,Weibo′scash,cashequivalents,andshort−terminvestmentstotaledUS3.6 million [6] Cash Position - As of March 31, 2024, Weibo's cash, cash equivalents, and short-term investments totaled US3.3 billion [7]