The Zhitong Finance App learned that Weibo-SW (09898) fell by more than 5%. As of press release, it was down 5.57% to HK$67.75, with a turnover of HK$5.9041 million.

According to the news, Weibo announced financial results for the first quarter of 2024, with net revenue of US$395.5 million, down 4% year-on-year or flat based on fixed exchange rates. Net profit attributable to Weibo shareholders was US$494.38 million, down 50.8% year on year and 40.6% month on month. Advertising and marketing revenue for the first quarter was US$339 million, down 5% year over year. Advertising and marketing revenue (excluding advertising revenue from Alibaba) was US$316.4 million, down 6% year over year.

CICC said that the first quarter was a traditional low season for the advertising industry. Although the external environment and consumption conditions were relatively positive at some points, such as during the Spring Festival, the rest of the time was still quite lackluster, and advertisers' overall brand advertising budget release was limited. The company said at the earnings conference that Weibo plans to cooperate with Tmall in the second quarter to strengthen advertisers' perception of the value of the entire link from Weibo's social influence to e-commerce purchases. The bank expects that under a fixed exchange rate, Weibo advertising revenue in the second quarter may be basically flat year over year, and the growth rate of advertising revenue into 2H24 is expected to gradually increase.