Glonghui, March 15 | Citigroup published a report showing that Weibo's fourth quarter of last year's results were mixed. Total net revenue increased 3% year-on-year to US$463.7 million, exceeding market expectations by 2%; adjusted net profit of US$76 million, 37.5% lower than market expectations, mainly due to increased operating expenses and tax rates. Looking ahead to this year, although Weibo management believes that the macro environment is weak and the visibility of advertising budget expenditure is rather cautious about the outlook for the first quarter of this year, they are positive about the company's strong performance forecast for the second half of this year, as it is expected to benefit from an increase in advertising spending during the Summer Olympics, and the mainland's macro outlook may gradually improve. The bank lowered Weibo's target price from $18 to $15, maintaining a “buy” rating. It believes that the stock is undervalued, lowered its revenue forecast for this year and next two years by 4.3% and 4.6%, and lowered its non-GAAP (non-GAAP) net profit forecast by 19% and 20%. Furthermore, the company's revenue for the first quarter of this year is expected to drop 2.6% year-on-year to US$403 million, adjusted net profit of US$82 million, and gross profit margin of 20%.