Weibo Announces Q1 2024 Unaudited Financial Results

TapTechNews May 23rd news, Weibo today announced in the Hong Kong Stock Exchange its unaudited financial results for Q1 ending March 31st, 2024.

TapTechNews summarized the detailed data as follows:

$395.5 million in net revenue (currently about 2.867 billion yuan), a 4% decrease year-on-year or flat based on a constant currency basis.

$339.0 million in advertising and marketing revenue, a 5% decrease year-on-year or flat based on a constant currency basis.

$56.5 million in value-added service revenue, a 3% decrease year-on-year or a 1% increase year-on-year based on a constant currency basis.

$99.7 million in operating profit, with an operating profit margin of 25%.

$49.4 million in net profit attributable to Weibo shareholders (currently about 358 million yuan), or $0.19 in diluted net earnings per share.

$125.8 million in non-GAAP operating profit, with a non-GAAP operating profit margin of 32%.

$106.6 million in non-GAAP net profit attributable to Weibo shareholders, or $0.41 in non-GAAP diluted net earnings per share.

The monthly active users in March 2024 were 588 million.

The daily active users in March 2024 were 255 million.

Weibo CEO Wang Gaofei said that this year has a good start, focusing on improving the acquisition and activity of high-quality users and improving the return on investment in channels. In addition, in terms of the content ecosystem, Weibo has continuously implemented a vertical content strategy and has made progress in optimizing the traffic structure. In terms of commercialization, Weibo's business showed a stable trend this quarter, and the operating efficiency has been improved.