Financial Data and Key Metrics Changes - In Q1 2024, Weibo reported revenue of 339 million, down 4.6% year-over-year and down 16.0% quarter-over-quarter [1] - Non-GAAP operating profit was 107 million, up 24.1% compared to consensus [1] Business Line Data and Key Metrics Changes - Value-added services (VAS) revenue was $57 million, down 3.3% year-over-year and down 5.6% quarter-over-quarter [1] - The gaming and mobile sectors showed significant growth, with both industries maintaining double-digit growth year-over-year [2] - The beauty sector's revenue increased over 50% year-over-year, although overall beauty industry revenue declined due to international market weakness [2] Market Data and Key Metrics Changes - Monthly Active Users (MAU) reached 588 million, a decrease of 0.8% year-over-year and 1.7% quarter-over-quarter [1] - Daily Active Users (DAU) remained stable at 255 million, with no change year-over-year but a slight decline of 0.8% quarter-over-quarter [1] Company Strategy and Development Direction - Weibo is focusing on vertical content generation and distribution, enhancing support for vertical content creators to drive commercialization [2] - The company plans to strengthen partnerships with e-commerce platforms to explore collaborative promotions, aiming for stable revenue growth [2] - Weibo is also expanding the application of AI in vertical content areas, which is expected to provide new growth momentum [3] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, anticipating a positive performance outlook as the company capitalizes on seasonal trends and marketing opportunities [1] - The company expects advertising revenue to recover in Q2 2024, driven by the low base from Q1 2024 and upcoming events like the Summer Olympics [2] Other Important Information - The beauty sector currently accounts for approximately 10-11% of Weibo's revenue, and the company plans to reduce its reliance on this sector due to its negative impact on overall performance [2] - Weibo's advertising revenue is highly dependent on the performance of the FMCG and e-commerce sectors, which are currently in a cycle of inventory clearance [3] Q&A Session Summary Question: What are the expectations for advertising revenue recovery? - Management expects advertising revenue to recover in Q2 2024, supported by a low base from Q1 2024 and the upcoming Summer Olympics [2] Question: How is Weibo addressing competition from emerging platforms? - The company is focusing on enhancing its vertical content strategy and improving user engagement to retain its user base amidst increasing competition from short video platforms [6]
微博SW(09898)1Q24业绩点评，垂直生态培育策略延续，广告整体呈现修复趋势