Source: Wall Street News
Weibo's adjusted earnings per share for the first quarter were $0.41, compared to $0.47 for the same period last year, higher than market expectations of $0.36.
After the Hong Kong stock market on Thursday, May 23, before the US stock market, Weibo announced the results for the first quarter ended March 31, 2024.
According to financial data, Weibo's net revenue for the first quarter was US$395.5 million, down 4.4% year on year, exceeding market expectations of US$387.9 million. Among them, advertising and marketing revenue was US$339 million, down 4.6% year on year; revenue from value-added services was US$56.5 million, down 3.3% year on year. The decline in advertising and marketing revenue was mainly adversely affected by exchange rates.
Weibo's operating profit for the first quarter was 99.7 million US dollars, and the operating profit margin was 25%. The same period last year was 96.5 million US dollars and 23%, respectively. Net profit attributable to Weibo shareholders was US$49.4 million, down 51% from US$100.5 million in the same period last year. Operating profit under non-GAAP was US$125.8 million, and non-GAAP net profit attributable to Weibo shareholders was US$106.6 million. Adjusted EBITDA was US$133 billion, down 0.5% year over year. Adjusted earnings per share of $0.41 were $0.47 for the same period last year, higher than expectations of $0.36.
As of March 31, 2024, Weibo's total cash, cash equivalents and short-term investments amounted to US$3.3 billion. In the first quarter of 2024, cash flow from operating activities was US$139.6 million, capital expenses were US$21.7 million, and depreciation and amortization expenses were US$14.8 million.
Furthermore, Weibo had 588 million monthly active users in the first quarter, lower than the market forecast of 600 million; the number of daily active users was 255 million, lower than the forecast of 260 million.
Weibo CEO Wang Gaofei said in the earnings report:
“We're off to a good start to the year. On the user side, we focus on improving the acquisition and activity of high-quality users and increasing the return on channel investment. In terms of content ecology, we continue to implement a vertical content strategy and have made progress in optimizing the traffic structure. In terms of commercialization, the Weibo business showed a steady trend this quarter, and operational efficiency improved.”
After the data was released, Weibo's US stock rose more than 2% in the premarket.
edit/lambor