Financial Data and Key Metrics Changes - Weibo's total revenues for Q3 2025 reached $442.3 million, a decrease of 5% year over year [7][30] - Total advertising revenues were $375.4 million, down 6% year over year [7][31] - Non-GAAP operating income was $132 million, representing a non-GAAP operating margin of 30% [7][30] - Net income attributable to Weibo was $110.7 million, with a diluted EPS of $0.42 [31][36] Business Line Data and Key Metrics Changes - Advertising and marketing revenue decreased by 6% year over year, while value-added service revenues increased by 2% to $66.9 million [31][35] - The e-commerce sector saw over 50% year-over-year growth, driven by stimulus policies [32][33] - The automobile sector maintained solid growth, while food and beverage and apparel sectors experienced revenue declines due to high base effects from the previous year's Olympics [22][33] Market Data and Key Metrics Changes - MAUs reached 578 million in September 2025, with average daily users at 257 million [7][30] - Intelligent search product MAUs exceeded 70 million, with DAU and search queries increasing over 50% quarter over quarter [17][30] - Ad revenues from Alibaba grew by 112%, reaching $45.5 million in Q3 [34] Company Strategy and Development Direction - Weibo's strategy focuses on enhancing user value, maintaining its leading position in hot topics and entertainment content, and leveraging AI for improved recommendation feeds [8][20] - The company aims to strengthen its competitive edge by integrating video content into the recommendation feed and enhancing user engagement through interest-based content operations [10][15] - AI technology is being applied across the advertising lifecycle to improve ad efficiency and performance [24][27] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties in the advertising outlook for Q4 and 2026, particularly due to high base effects and potential headwinds from national subsidy policies [40][41] - Anticipated events in 2026, such as the Winter Olympics and World Cup, are expected to positively impact advertising placements [42][43] - Management emphasized the importance of adapting to changing market dynamics and enhancing brand marketing strategies [47][48] Other Important Information - The restructuring of the information feed is seen as strategically significant, comparable to past transitions from chronological to algorithm-based sorting [13] - AI-generated ad creatives accounted for nearly 30% of consumption in the real-time video information feed by the end of October [26] Q&A Session Summary Question: Overall advertising outlook for Q4 and 2026 - Management indicated a decrease in ad revenue due to high base effects and uncertainties in consumer spending, but expects improved performance in 2026 with significant events [40][41][42] Question: Strategy and progress of intelligent search - Management reported robust growth in intelligent search, with MAUs exceeding 70 million and a 20% increase in queries quarter over quarter, indicating potential for future monetization [55][56] Question: Feedback on information feed revamp - Management noted that the revamped information feed is expected to enhance user engagement and retention, although it may take time for users to adapt [58][59][60]

Financial Data and Key Metrics Changes - In Q3 2025, Weibo's total revenues reached $442.3 million, a decrease of 5% year over year [7][31] - Total ad revenues were $375.4 million, down 6% year over year [7][31] - Non-GAAP operating income was $132 million, representing a non-GAAP operating margin of 30% [7][31] - Net income attributable to Weibo was $110.7 million, with a diluted EPS of $0.42 [31][36] Business Line Data and Key Metrics Changes - Advertising and marketing revenue decreased by 6% to $375.4 million, while value-added service revenues increased by 2% to $66.9 million [31][35] - E-commerce sector ad revenues grew over 50% year over year, driven by stimulus policies [31][32] - The automobile sector maintained year-over-year growth, supported by Weibo's content ecosystem [32][33] Market Data and Key Metrics Changes - The e-commerce sector showed notable growth, while food and beverage, dairy products, and footwear and apparel sectors experienced revenue declines due to high base effects from last year's Olympics [22][33] - Ad revenues from the automobile sector remained stable, while online games and smartphones saw declines due to budget contractions [22][33] Company Strategy and Development Direction - Weibo's strategy focuses on enhancing user value and maintaining its leading position in hot topics and the entertainment content ecosystem [8][30] - The company is leveraging large language models to improve recommendation feeds and search products, aiming to increase user engagement [8][30] - The restructuring of the information feed is seen as strategically significant, comparable to past transitions from chronological to algorithm-based sorting [12][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the advertising revenue decline was primarily due to a high base effect from the previous year's Olympics [39][41] - Looking ahead, management anticipates challenges in the headset and automotive industries due to subsidy policy changes [40][41] - The company expects significant events in 2026, such as the Winter Olympics and World Cup, to positively impact advertising placements [41][42] Other Important Information - Weibo's intelligent search product MAUs exceeded 70 million, with DAU and search queries increasing over 50% quarter over quarter [17][30] - AI technology is being integrated across the advertising lifecycle to enhance efficiency and targeting precision [24][27] Q&A Session Summary Question: Overall advertising outlook for Q4 and 2026 - Management indicated that Q4 may see a continuation of the ad revenue decline due to high base effects and uncertainties in consumer spending [39][40] - They expect significant events in 2026 to improve advertising placements, particularly in consumer goods [41][42] Question: Strategy and progress of intelligent search - Management reported strong growth in intelligent search, with a 20% increase in queries quarter over quarter, and anticipates future monetization opportunities [53][54] Question: Feedback on information feed revamp - Initial feedback on the revamped information feed has been positive, with expectations of improved user engagement and retention over time [56][59]

Financial Data and Key Metrics Changes - Weibo's total revenues for Q2 2025 reached $444.8 million, up 2% year over year [8][28] - Total advertising revenues were $383.4 million, also up 2% year over year [8][29] - Non-GAAP operating income was $161.8 million, representing a non-GAAP operating margin of 36% [9][28] - Net income attributable to Weibo was $133.2 million, an increase of 13% [28][34] Business Line Data and Key Metrics Changes - Advertising and marketing revenues were $383.4 million, reflecting a slight uptick driven by mixed performance across major ad verticals [29] - Value-added service revenues were $61.4 million, also up 2% year over year [29] - The top three verticals for advertising were FMCG, e-commerce, and automotive products [29] Market Data and Key Metrics Changes - E-commerce platforms showed solid year-over-year revenue growth, particularly benefiting from partnerships during the June shopping festival [20][29] - The automobile sector maintained healthy growth, with Weibo being a key discussion hub for new energy vehicles [21][29] - The FMCG sector experienced a year-over-year decline but showed early signs of gradual recovery [29][30] Company Strategy and Development Direction - Weibo's strategy focuses on enhancing user value, maintaining leadership in trending topics and entertainment, and improving recommendation and search functions through large language models [9][19] - The company aims to transition content operation from an influencer-based model to a vertical content-based model, attracting creators from various verticals [16] - The interest-based feed will become the primary content distribution method, enhancing content competitiveness and user engagement [14][16] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of intelligent search and its impact on user engagement and monetization [18][45] - The company anticipates challenges in the FMCG sector due to prior year comparisons and ongoing budget constraints in certain industries [60] - There is a focus on increasing the supply of quality content and enhancing user experience through AI integration [24][65] Other Important Information - The average content views per user remained stable, with the proportion of recommended content consumed increasing to 43%, a 17% improvement [14] - Cash and short-term investments totaled $2.11 billion as of June 30, 2025, down from $2.35 billion at the end of 2024 [35] Q&A Session Summary Question: Can management elaborate on the product strategy and future plan for commercialization of Weibo Smart Search? - Management highlighted that the intelligent search product has seen significant user growth, with MAUs surpassing 50 million and query growth of 60% [40][41] - Future commercialization may involve bundled cooperation with brands or traditional ad placements, but the focus is currently on expanding the user base [46] Question: What are the expectations for ad revenue growth in Q3 and the second half of the year? - Management expects strong growth in e-commerce and automotive sectors, while FMCG may face pressure due to prior year comparisons [58][60] - Information feed ads are anticipated to have the highest growth rate, with a shift towards performance-based ads [61]