{"id":2693,"date":"2024-05-23T16:33:45","date_gmt":"2024-05-23T09:33:45","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=2693"},"modified":"2024-05-23T16:33:45","modified_gmt":"2024-05-23T09:33:45","slug":"weibo-announces-first-quarter-2024-unaudited-financial-results","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=2693","title":{"rendered":"Weibo Announces First Quarter 2024 Unaudited Financial Results"},"content":{"rendered":"

BEIJING<\/span><\/span>, May 23, 2024<\/span><\/span> \/PRNewswire\/ — Weibo Corporation (“Weibo” or the “Company”) (NASDAQ: WB and HKEX: 9898), a leading social media in China<\/span>, today announced its unaudited financial results for the first quarter ended March 31, 2024<\/span>.<\/p>\n

“We had a solid start to the year,” said Gaofei Wang, CEO of Weibo. “On the user front, we focused on the acquisition and engagement of high quality users and improving ROI of our channel investments. On the content front, we also made progress in optimizing traffic structure through continuous execution of vertical content strategy. On the monetization front, Weibo’s business demonstrated stabilized trend, with enhanced operating efficiency this quarter. Looking forward, we are committed to consistently driving value of our platform and improving shareholder returns.”<\/p>\n

First Quarter 2024 Highlights<\/p>\n

Net revenues were US$395.5 million<\/span>, a decrease of 4% year-over-year or flat year-over-year on a constant currency basis\u00a0[1]. Advertising and marketing revenues were US$339.0 million<\/span>, a decrease of 5% year-over-year or flat year-over-year on a constant currency basis [1]. Value-added services (“VAS”) revenues were US$56.5 million<\/span>, a decrease of 3% year-over-year or an increase of 1% year-over-year on a constant currency basis [1]. Income from operations was US$99.7 million<\/span>, representing an operating margin of 25%. Net income attributable to\u00a0Weibo’s shareholders was US$49.4 million<\/span> and diluted net income per share was US$0.19<\/span>. Non-GAAP income from operations was US$125.8 million<\/span>, representing a non-GAAP operating margin of 32%. Non-GAAP net income attributable to Weibo’s shareholders was US$106.6 million<\/span> and non-GAAP diluted net income per share was US$0.41<\/span>. Monthly active users (“MAUs”) were 588 million in March 2024<\/span>. Average daily active users (“DAUs”) were 255 million in March 2024<\/span>. <\/p>\n

\n

[1]<\/span>\u00a0We define constant currency (non-GAAP) by assuming that the average exchange rate in the first quarter of 2024 had been the same as it was in the first quarter of 2023, or RMB6.86=US$1.00.<\/p>\n<\/div>\n

First Quarter 2024 Financial Results<\/p>\n

For the first quarter of 2024, Weibo’s total net revenues were US$395.5 million<\/span>, a decrease of 4% compared to US$413.8 million<\/span> for the same period last year.<\/p>\n

Advertising and marketing revenues for the first quarter of 2024 were US$339.0 million<\/span>, a decrease of 5% compared to US$355.3 million<\/span> for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$316.4 million<\/span>, a decrease of 6% compared to US$337.0 million<\/span> for the same period last year, primarily attributable to the unfavorable foreign exchange impact on the reported numbers.<\/p>\n

VAS revenues for the first quarter of 2024 were US$56.5 million<\/span>, a decrease of 3% year-over-year compared to US$58.5 million<\/span> for the same period last year.<\/p>\n

Costs and expenses for the first quarter of 2024 totaled US$295.8 million<\/span>, a decrease of 7% compared to US$317.3 million<\/span> for the same period last year. In addition to the foreign exchange impact, the decrease was mainly resulted from the decrease in personnel related cost and marketing expense.<\/p>\n

Income from operations for the first quarter of 2024 was US$99.7 million<\/span>, compared to US$96.5 million<\/span> for the same period last year. Operating margin was 25%, compared to 23% last year. Non-GAAP income from operations was US$125.8 million<\/span>, compared to US$128.6 million<\/span> for the same period last year. Non-GAAP operating margin was 32%, compared to 31% last year.<\/p>\n

Non-operating loss for the first quarter of 2024 was US$23.6 million<\/span>, compared to non-operating income of US$29.8 million<\/span> for the same period last year. Non-operating loss for the first quarter of 2024 mainly included (i) net interest and other loss of US$18.6 million<\/span>; and (ii) loss from fair value change of investments of US$3.6 million<\/span>, which was excluded under non-GAAP measures.<\/p>\n

Income tax expenses for the first quarter of 2024 were US$25.0 million<\/span>, compared to US$21.9 million<\/span> for the same period last year.<\/p>\n

Net income attributable to Weibo’s shareholders for the first quarter of 2024 was US$49.4 million<\/span>, compared to US$100.5 million<\/span> for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2024 was US$0.19<\/span>, compared to US$0.42<\/span> for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the first quarter of 2024 was US$106.6 million<\/span>, compared to US$111.2 million<\/span> for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2024 was US$0.41<\/span>, compared to US$0.47<\/span> for the same period last year.<\/p>\n

As of March 31, 2024<\/span>, Weibo’s cash, cash equivalents and short-term investments totaled US$3.3 billion<\/span>. For the first quarter of 2024, cash provided by operating activities was US$139.6 million<\/span>, capital expenditures totaled US$21.7 million<\/span>, and depreciation and amortization expenses amounted to US$14.8 million<\/span>.<\/p>\n

Conference Call<\/p>\n

Weibo’s management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time<\/span> on May 23, 2024<\/span> (or 7:00 PM to 8:00 PM<\/span> Beijing Time on May 23, 2024<\/span>) to present an overview of the Company’s financial performance and business operations.<\/p>\n

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.<\/p>\n

Participants Registration Link:
https:\/\/register.vevent.com\/register\/BIe95f7f5ac02f4170bb6b8e878a03b278<\/a>\u00a0<\/p>\n

Additionally, a live and archived webcast of this conference call will available at http:\/\/ir.weibo.com<\/a>.\u00a0<\/p>\n

Non-GAAP Financial Measures<\/p>\n

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.<\/p>\n

The Company’s non-GAAP financial measures exclude\u00a0stock-based compensation, amortization of intangible assets resulting from business acquisitions,\u00a0net results of impairment and provision on investments, gain\/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income\/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA\u00a0represents non-GAAP net income attributable to Weibo’s shareholders before interest income\/expense, net, income tax expenses\/benefits, and depreciation expenses.<\/p>\n

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains\/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.<\/p>\n

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”<\/p>\n

About Weibo<\/p>\n

Weibo\u00a0is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on\u00a0Weibo\u00a0may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of\u00a0Weibo allows an original feed to become a live viral conversation stream.<\/p>\n

Weibo\u00a0enables its advertising and marketing customers to promote their brands, products and services to users.\u00a0Weibo\u00a0offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We\u00a0have developed and continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.<\/p>\n

Safe Harbor Statement<\/p>\n

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China<\/span>; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.<\/p>\n

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com<\/a><\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/span><\/p>\n

(In thousands of U.S. dollars, except per share data)<\/span><\/p>\n

<\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n

<\/p>\n

December 31,<\/span><\/p>\n

<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

<\/p>\n

Net revenues:<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Advertising and marketing<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0 355,300<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0 403,739<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0 338,951<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Value-added services<\/span><\/p>\n

<\/p>\n

58,478<\/span><\/p>\n

<\/p>\n

59,928<\/span><\/p>\n

<\/p>\n

56,546<\/span><\/p>\n

Net revenues<\/span><\/p>\n

<\/p>\n

413,778<\/span><\/p>\n

<\/p>\n

463,667<\/span><\/p>\n

<\/p>\n

395,497<\/span><\/p>\n

Costs and expenses:<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Cost of revenues (1)<\/span><\/p>\n

<\/p>\n

85,853<\/span><\/p>\n

<\/p>\n

100,156<\/span><\/p>\n

<\/p>\n

86,821<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Sales and marketing (1)<\/span><\/p>\n

<\/p>\n

106,494<\/span><\/p>\n

<\/p>\n

139,726<\/span><\/p>\n

<\/p>\n

103,627<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Product development (1)<\/span><\/p>\n

<\/p>\n

90,676<\/span><\/p>\n

<\/p>\n

67,243<\/span><\/p>\n

<\/p>\n

80,726<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 General and administrative (1)<\/span><\/p>\n

<\/p>\n

34,265<\/span><\/p>\n

<\/p>\n

37,537<\/span><\/p>\n

<\/p>\n

24,586<\/span><\/p>\n

Total costs and expenses<\/span><\/p>\n

<\/p>\n

317,288<\/span><\/p>\n

<\/p>\n

344,662<\/span><\/p>\n

<\/p>\n

295,760<\/span><\/p>\n

<\/p>\n

Income from operations<\/span><\/p>\n

<\/p>\n

96,490<\/span><\/p>\n

<\/p>\n

119,005<\/span><\/p>\n

<\/p>\n

99,737<\/span><\/p>\n

Non-operating income (loss):<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Investment related income (loss), net<\/span><\/p>\n

<\/p>\n

27,155<\/span><\/p>\n

<\/p>\n

25,544<\/span><\/p>\n

<\/p>\n

(4,970)<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Interest and other income (loss), net<\/span><\/p>\n

<\/p>\n

2,682<\/span><\/p>\n

<\/p>\n

16,713<\/span><\/p>\n

<\/p>\n

(18,611)<\/span><\/p>\n

29,837<\/span><\/p>\n

<\/p>\n

42,257<\/span><\/p>\n

<\/p>\n

(23,581)<\/span><\/p>\n

Income before income tax expenses<\/span><\/p>\n

<\/p>\n

126,327<\/span><\/p>\n

<\/p>\n

161,262<\/span><\/p>\n

<\/p>\n

76,156<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Less: Income tax expenses<\/span><\/p>\n

<\/p>\n

21,852<\/span><\/p>\n

<\/p>\n

72,578<\/span><\/p>\n

<\/p>\n

25,044<\/span><\/p>\n

Net income<\/span><\/p>\n

<\/p>\n

104,475<\/span><\/p>\n

<\/p>\n

88,684<\/span><\/p>\n

<\/p>\n

51,112<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Less: Net income attributable to non-controlling interests<\/span><\/p>\n

<\/p>\n

556<\/span><\/p>\n

<\/p>\n

808<\/span><\/p>\n

<\/p>\n

548<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Accretion to redeemable non-controlling interests<\/span><\/p>\n

<\/p>\n

3,427<\/span><\/p>\n

<\/p>\n

4,646<\/span><\/p>\n

<\/p>\n

1,126<\/span><\/p>\n

<\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0 100,492<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83,230<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49,438<\/span><\/p>\n

<\/p>\n

Basic net income per share attributable to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.43<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.35<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.21<\/span><\/p>\n

<\/p>\n

Diluted net income per share attributable to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.42<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.34<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.19<\/span><\/p>\n

Shares used in computing basic net income per share attributable<\/span><\/p>\n

\u00a0\u00a0\u00a0 to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

234,705<\/span><\/p>\n

<\/p>\n

236,311<\/span><\/p>\n

<\/p>\n

236,694<\/span><\/p>\n

<\/p>\n

Shares used in computing diluted net income per share attributable<\/span><\/p>\n

\u00a0\u00a0\u00a0 to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

236,895<\/span><\/p>\n

<\/p>\n

246,382<\/span><\/p>\n

<\/p>\n

263,644<\/span><\/p>\n

(1) Stock-based compensation in each category:<\/span><\/p>\n

Cost of revenues<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,536<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,851<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,773<\/span><\/p>\n

Sales and marketing<\/span><\/p>\n

<\/p>\n

4,613<\/span><\/p>\n

<\/p>\n

3,559<\/span><\/p>\n

<\/p>\n

3,823<\/span><\/p>\n

Product development<\/span><\/p>\n

<\/p>\n

13,800<\/span><\/p>\n

<\/p>\n

11,079<\/span><\/p>\n

<\/p>\n

10,438<\/span><\/p>\n

General and administrative<\/span><\/p>\n

<\/p>\n

6,676<\/span><\/p>\n

<\/p>\n

5,259<\/span><\/p>\n

<\/p>\n

4,978<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(In thousands of U.S. dollars)<\/span><\/p>\n

<\/p>\n

As of<\/span><\/p>\n

<\/p>\n

December 31,<\/span><\/p>\n

<\/p>\n

March 31,<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

Assets<\/span><\/p>\n

<\/p>\n

Current assets:<\/span><\/p>\n

<\/p>\n

Cash and cash equivalents<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,584,635<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,144,546<\/span><\/p>\n

<\/p>\n

Short-term investments<\/span><\/p>\n

<\/p>\n

641,035<\/span><\/p>\n

<\/p>\n

1,107,904<\/span><\/p>\n

<\/p>\n

Accounts receivable, net<\/span><\/p>\n

<\/p>\n

440,768<\/span><\/p>\n

<\/p>\n

431,515<\/span><\/p>\n

<\/p>\n

Prepaid expenses and other current assets<\/span><\/p>\n

<\/p>\n

359,881<\/span><\/p>\n

<\/p>\n

356,720<\/span><\/p>\n

<\/p>\n

Amount due from SINA(1)<\/span><\/p>\n

<\/p>\n

486,397<\/span><\/p>\n

<\/p>\n

476,007<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 Current assets subtotal<\/span><\/p>\n

<\/p>\n

4,512,716<\/span><\/p>\n

<\/p>\n

4,516,692<\/span><\/p>\n

<\/p>\n

Property and equipment, net<\/span><\/p>\n

<\/p>\n

220,663<\/span><\/p>\n

<\/p>\n

216,684<\/span><\/p>\n

<\/p>\n

Goodwill and intangible assets, net<\/span><\/p>\n

<\/p>\n

300,565<\/span><\/p>\n

<\/p>\n

290,731<\/span><\/p>\n

<\/p>\n

Long-term investments<\/span><\/p>\n

<\/p>\n

1,320,386<\/span><\/p>\n

<\/p>\n

1,251,032<\/span><\/p>\n

<\/p>\n

Other non-current assets<\/span><\/p>\n

<\/p>\n

926,028<\/span><\/p>\n

<\/p>\n

1,000,723<\/span><\/p>\n

<\/p>\n

Total assets<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,280,358<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,275,862<\/span><\/p>\n

Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity\u00a0<\/span><\/p>\n

<\/p>\n

Liabilities:<\/span><\/p>\n

Current liabilities:<\/span><\/p>\n

<\/p>\n

Accounts payable<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 161,493<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 149,456<\/span><\/p>\n

<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n

<\/p>\n

666,833<\/span><\/p>\n

<\/p>\n

662,803<\/span><\/p>\n

<\/p>\n

Income tax payable<\/span><\/p>\n

<\/p>\n

94,507<\/span><\/p>\n

<\/p>\n

112,388<\/span><\/p>\n

<\/p>\n

Deferred revenues<\/span><\/p>\n

<\/p>\n

75,187<\/span><\/p>\n

<\/p>\n

92,726<\/span><\/p>\n

<\/p>\n

Unsecured senior notes<\/span><\/p>\n

<\/p>\n

799,325<\/span><\/p>\n

<\/p>\n

799,659<\/span><\/p>\n

<\/p>\n

Dividends payable<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

199,399<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Current liabilities subtotal<\/span><\/p>\n

<\/p>\n

1,797,345<\/span><\/p>\n

<\/p>\n

2,016,431<\/span><\/p>\n

Long-term liabilities:<\/span><\/p>\n

<\/p>\n

Convertible senior notes<\/span><\/p>\n

<\/p>\n

317,625<\/span><\/p>\n

<\/p>\n

318,446<\/span><\/p>\n

<\/p>\n

Unsecured senior notes<\/span><\/p>\n

<\/p>\n

743,695<\/span><\/p>\n

<\/p>\n

743,937<\/span><\/p>\n

<\/p>\n

Long-term loans<\/span><\/p>\n

<\/p>\n

791,647<\/span><\/p>\n

<\/p>\n

792,563<\/span><\/p>\n

<\/p>\n

Other long-term liabilities<\/span><\/p>\n

<\/p>\n

112,430<\/span><\/p>\n

<\/p>\n

109,743<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Total liabilities<\/span><\/p>\n

<\/p>\n

3,762,742<\/span><\/p>\n

<\/p>\n

3,981,120<\/span><\/p>\n

<\/p>\n

Redeemable non-controlling interests<\/span><\/p>\n

<\/p>\n

68,728<\/span><\/p>\n

<\/p>\n

36,326<\/span><\/p>\n

<\/p>\n

Shareholders’ equity :<\/span><\/p>\n

Weibo shareholders’ equity\u00a0<\/span><\/p>\n

<\/p>\n

3,398,735<\/span><\/p>\n

<\/p>\n

3,208,844<\/span><\/p>\n

Non-controlling interests<\/span><\/p>\n

<\/p>\n

50,153<\/span><\/p>\n

<\/p>\n

49,572<\/span><\/p>\n

<\/p>\n

Total shareholders’ equity\u00a0<\/span><\/p>\n

<\/p>\n

3,448,888<\/span><\/p>\n

<\/p>\n

3,258,416<\/span><\/p>\n

<\/p>\n

Total liabilities, redeemable non-controlling interests and
\u00a0\u00a0\u00a0 shareholders’ equity<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,280,358<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,275,862<\/span><\/p>\n

<\/p>\n

(1) Included short-term loans to and interest receivable from SINA of US$445.2 million as of
December 31, 2023 and US$449.9 million as of March 31, 2024.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

<\/p>\n

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS<\/span><\/p>\n

<\/p>\n

(In thousands of U.S. dollars, except per share data)<\/span><\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n

<\/p>\n

December 31,<\/span><\/p>\n

<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

<\/p>\n

Income from operations<\/span><\/p>\n

$<\/span><\/p>\n

96,490<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

119,005<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

99,737<\/span><\/p>\n

<\/p>\n

\u00a0 Add:<\/span><\/p>\n

Stock-based compensation<\/span><\/p>\n

<\/p>\n

27,625<\/span><\/p>\n

21,748<\/span><\/p>\n

21,012<\/span><\/p>\n

Amortization of intangible assets resulting from business acquisitions<\/span><\/p>\n

<\/p>\n

4,439<\/span><\/p>\n

5,103<\/span><\/p>\n

5,059<\/span><\/p>\n

<\/p>\n

Non-GAAP income from operations<\/span><\/p>\n

$<\/span><\/p>\n

128,554<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

145,856<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

125,808<\/span><\/p>\n

<\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

100,492<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

83,230<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

49,438<\/span><\/p>\n

<\/p>\n

\u00a0 Add:<\/span><\/p>\n

Stock-based compensation<\/span><\/p>\n

<\/p>\n

27,625<\/span><\/p>\n

21,748<\/span><\/p>\n

21,012<\/span><\/p>\n

Amortization of intangible assets resulting from business
\u00a0 acquisitions<\/span><\/p>\n

<\/p>\n

4,439<\/span><\/p>\n

5,103<\/span><\/p>\n

5,059<\/span><\/p>\n

Investment related gain\/loss, net (1)<\/span><\/p>\n

<\/p>\n

(27,155)<\/span><\/p>\n

(25,544)<\/span><\/p>\n

4,970<\/span><\/p>\n

Non-GAAP to GAAP reconciling items on the share of equity
\u00a0 method investments\u00a0<\/span><\/p>\n

<\/p>\n

4,183<\/span><\/p>\n

(10,547)<\/span><\/p>\n

25,358<\/span><\/p>\n

Non-GAAP to GAAP reconciling items for the income\/loss
\u00a0 attributable to non-controlling interests<\/span><\/p>\n

<\/p>\n

(157)<\/span><\/p>\n

(311)<\/span><\/p>\n

(436)<\/span><\/p>\n

Tax effects on non-GAAP adjustments (2)<\/span><\/p>\n

<\/p>\n

196<\/span><\/p>\n

(781)<\/span><\/p>\n

(1,103)<\/span><\/p>\n

Amortization of\u00a0 issuance cost of convertible senior notes, unsecured
\u00a0 senior notes and long-term loans<\/span><\/p>\n

<\/p>\n

1,606<\/span><\/p>\n

3,468<\/span><\/p>\n

2,314<\/span><\/p>\n

<\/p>\n

Non-GAAP net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

111,229<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

76,366<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

106,612<\/span><\/p>\n

<\/p>\n

Non-GAAP diluted net income per share attributable to Weibo’s
\u00a0 shareholders<\/span><\/p>\n

$<\/span><\/p>\n

0.47<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

0.31<\/span><\/p>\n

*<\/span><\/p>\n

$<\/span><\/p>\n

0.41<\/span><\/p>\n

*<\/span><\/span><\/p>\n

Shares used in computing GAAP diluted net income per share attributable
\u00a0 to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

236,895<\/span><\/p>\n

246,382<\/span><\/p>\n

263,644<\/span><\/p>\n

<\/p>\n

Shares used in computing non-GAAP diluted net income per share
\u00a0 attributable to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

236,895<\/span><\/p>\n

246,382<\/span><\/p>\n

263,644<\/span><\/p>\n

<\/p>\n

Adjusted EBITDA:<\/span><\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

100,492<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

83,230<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

49,438<\/span><\/p>\n

Non-GAAP adjustments<\/span><\/p>\n

<\/p>\n

10,737<\/span><\/p>\n

(6,864)<\/span><\/p>\n

57,174<\/span><\/p>\n

Non-GAAP net income attributable to Weibo’s shareholders<\/span><\/p>\n

<\/p>\n

111,229<\/span><\/p>\n

76,366<\/span><\/p>\n

106,612<\/span><\/p>\n

<\/p>\n

Interest income, net<\/span><\/p>\n

<\/p>\n

(9,743)<\/span><\/p>\n

(870)<\/span><\/p>\n

(9,151)<\/span><\/p>\n

<\/p>\n

Income tax expenses<\/span><\/p>\n

<\/p>\n

21,657<\/span><\/p>\n

73,359<\/span><\/p>\n

26,147<\/span><\/p>\n

<\/p>\n

Depreciation expenses<\/span><\/p>\n

<\/p>\n

10,601<\/span><\/p>\n

9,303<\/span><\/p>\n

9,417<\/span><\/p>\n

Adjusted EBITDA<\/span><\/p>\n

$<\/span><\/p>\n

133,744<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

158,158<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

133,025<\/span><\/p>\n

<\/p>\n

Net revenues<\/span><\/p>\n

$<\/span><\/p>\n

413,778<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

463,667<\/span><\/p>\n

<\/p>\n

$<\/span><\/p>\n

395,497<\/span><\/p>\n

<\/p>\n

Non-GAAP operating margin<\/span><\/p>\n

<\/p>\n

31\u00a0%<\/span><\/p>\n

31\u00a0%<\/span><\/p>\n

32\u00a0%<\/span><\/p>\n

<\/p>\n

(1)<\/span><\/p>\n

To adjust impairment and provision on investments, gain\/loss on sale of investments and fair value change of investments.<\/span><\/p>\n

(2)<\/span><\/p>\n

To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from
business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were
recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is
more-likely-than-not they will not be realized.<\/span><\/p>\n

<\/p>\n

*\u00a0<\/span><\/p>\n

Net income attributable to Weibo’s shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.<\/span><\/p>\n

<\/p><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED ADDITIONAL INFORMATION<\/span><\/p>\n

(In thousands of U.S. dollars)<\/span><\/p>\n

<\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n

<\/p>\n

December 31,<\/span><\/p>\n

<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

<\/p>\n

Net revenues<\/span><\/p>\n

Advertising and marketing<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Non-Ali advertisers<\/span><\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 337,031<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 358,848<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 316,400<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Alibaba – as an advertiser<\/span><\/p>\n

18,269<\/span><\/p>\n

<\/p>\n

44,891<\/span><\/p>\n

<\/p>\n

22,551<\/span><\/p>\n

<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Subtotal<\/span><\/p>\n

355,300<\/span><\/p>\n

<\/p>\n

403,739<\/span><\/p>\n

<\/p>\n

338,951<\/span><\/p>\n

Value-added services<\/span><\/p>\n

58,478<\/span><\/p>\n

<\/p>\n

59,928<\/span><\/p>\n

<\/p>\n

56,546<\/span><\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 413,778<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 463,667<\/span><\/p>\n

<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 395,497<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BEIJING<\/span><\/span>, May 23, 2024<\/span><\/span> \/PRNewswire\/ — Weibo Corporation (“Weibo” or the “Company”) (NASDAQ: WB and HKEX: 9898), a leading social media in China<\/span>, today announced its unaudited financial results for the first quarter ended March 31, 2024<\/span>.<\/p>\n

“We had a solid start to the year,” said Gaofei Wang, CEO of Weibo. “On the user front, we focused on the acquisition and engagement of high quality users and improving ROI of our channel investments. On the content front, we also made progress in optimizing traffic structure through continuous execution of vertical content strategy. On the monetization front, Weibo’s business demonstrated stabilized trend, with enhanced operating efficiency this quarter. Looking forward, we are committed to consistently driving value of our platform and improving shareholder returns.”<\/p>\n

First Quarter 2024 Highlights<\/p>\n

Net revenues were US$395.5 million<\/span>, a decrease of 4% year-over-year or flat year-over-year on a constant currency basis\u00a0[1]. Advertising and marketing revenues were US$339.0 million<\/span>, a decrease of 5% year-over-year or flat year-over-year on a constant currency basis [1]. Value-added services (“VAS”) revenues were US$56.5 million<\/span>, a decrease of 3% year-over-year or an increase of 1% year-over-year on a constant currency basis [1]. Income from operations was US$99.7 million<\/span>, representing an operating margin of 25%. Net income attributable to\u00a0Weibo’s shareholders was US$49.4 million<\/span> and diluted net income per share was US$0.19<\/span>. Non-GAAP income from operations was US$125.8 million<\/span>, representing a non-GAAP operating margin of 32%. Non-GAAP net income attributable to Weibo’s shareholders was US$106.6 million<\/span> and non-GAAP diluted net income per share was US$0.41<\/span>. Monthly active users (“MAUs”) were 588 million in March 2024<\/span>. Average daily active users (“DAUs”) were 255 million in March 2024<\/span>. <\/p>\n

\n

[1]<\/span>\u00a0We define constant currency (non-GAAP) by assuming that the average exchange rate in the first quarter of 2024 had been the same as it was in the first quarter of 2023, or RMB6.86=US$1.00.<\/p>\n<\/div>\n

First Quarter 2024 Financial Results<\/p>\n

For the first quarter of 2024, Weibo’s total net revenues were US$395.5 million<\/span>, a decrease of 4% compared to US$413.8 million<\/span> for the same period last year.<\/p>\n

Advertising and marketing revenues for the first quarter of 2024 were US$339.0 million<\/span>, a decrease of 5% compared to US$355.3 million<\/span> for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$316.4 million<\/span>, a decrease of 6% compared to US$337.0 million<\/span> for the same period last year, primarily attributable to the unfavorable foreign exchange impact on the reported numbers.<\/p>\n

VAS revenues for the first quarter of 2024 were US$56.5 million<\/span>, a decrease of 3% year-over-year compared to US$58.5 million<\/span> for the same period last year.<\/p>\n

Costs and expenses for the first quarter of 2024 totaled US$295.8 million<\/span>, a decrease of 7% compared to US$317.3 million<\/span> for the same period last year. In addition to the foreign exchange impact, the decrease was mainly resulted from the decrease in personnel related cost and marketing expense.<\/p>\n

Income from operations for the first quarter of 2024 was US$99.7 million<\/span>, compared to US$96.5 million<\/span> for the same period last year. Operating margin was 25%, compared to 23% last year. Non-GAAP income from operations was US$125.8 million<\/span>, compared to US$128.6 million<\/span> for the same period last year. Non-GAAP operating margin was 32%, compared to 31% last year.<\/p>\n

Non-operating loss for the first quarter of 2024 was US$23.6 million<\/span>, compared to non-operating income of US$29.8 million<\/span> for the same period last year. Non-operating loss for the first quarter of 2024 mainly included (i) net interest and other loss of US$18.6 million<\/span>; and (ii) loss from fair value change of investments of US$3.6 million<\/span>, which was excluded under non-GAAP measures.<\/p>\n

Income tax expenses for the first quarter of 2024 were US$25.0 million<\/span>, compared to US$21.9 million<\/span> for the same period last year.<\/p>\n

Net income attributable to Weibo’s shareholders for the first quarter of 2024 was US$49.4 million<\/span>, compared to US$100.5 million<\/span> for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2024 was US$0.19<\/span>, compared to US$0.42<\/span> for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the first quarter of 2024 was US$106.6 million<\/span>, compared to US$111.2 million<\/span> for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the first quarter of 2024 was US$0.41<\/span>, compared to US$0.47<\/span> for the same period last year.<\/p>\n

As of March 31, 2024<\/span>, Weibo’s cash, cash equivalents and short-term investments totaled US$3.3 billion<\/span>. For the first quarter of 2024, cash provided by operating activities was US$139.6 million<\/span>, capital expenditures totaled US$21.7 million<\/span>, and depreciation and amortization expenses amounted to US$14.8 million<\/span>.<\/p>\n

Conference Call<\/p>\n

Weibo’s management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time<\/span> on May 23, 2024<\/span> (or 7:00 PM to 8:00 PM<\/span> Beijing Time on May 23, 2024<\/span>) to present an overview of the Company’s financial performance and business operations.<\/p>\n

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.<\/p>\n

Participants Registration Link:
https:\/\/register.vevent.com\/register\/BIe95f7f5ac02f4170bb6b8e878a03b278<\/a>\u00a0<\/p>\n

Additionally, a live and archived webcast of this conference call will available at http:\/\/ir.weibo.com<\/a>.\u00a0<\/p>\n

Non-GAAP Financial Measures<\/p>\n

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.<\/p>\n

The Company’s non-GAAP financial measures exclude\u00a0stock-based compensation, amortization of intangible assets resulting from business acquisitions,\u00a0net results of impairment and provision on investments, gain\/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income\/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA\u00a0represents non-GAAP net income attributable to Weibo’s shareholders before interest income\/expense, net, income tax expenses\/benefits, and depreciation expenses.<\/p>\n

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains\/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.<\/p>\n

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”<\/p>\n

About Weibo<\/p>\n

Weibo\u00a0is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on\u00a0Weibo\u00a0may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of\u00a0Weibo allows an original feed to become a live viral conversation stream.<\/p>\n

Weibo\u00a0enables its advertising and marketing customers to promote their brands, products and services to users.\u00a0Weibo\u00a0offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We\u00a0have developed and continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.<\/p>\n

Safe Harbor Statement<\/p>\n

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China<\/span>; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.<\/p>\n

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com<\/a><\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/span><\/p>\n

(In thousands of U.S. dollars, except per share data)<\/span><\/p>\n<\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n<\/p>\n

December 31,<\/span><\/p>\n<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n<\/p>\n

Net revenues:<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Advertising and marketing<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0 355,300<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0 403,739<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0 338,951<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Value-added services<\/span><\/p>\n<\/p>\n

58,478<\/span><\/p>\n<\/p>\n

59,928<\/span><\/p>\n<\/p>\n

56,546<\/span><\/p>\n

Net revenues<\/span><\/p>\n<\/p>\n

413,778<\/span><\/p>\n<\/p>\n

463,667<\/span><\/p>\n<\/p>\n

395,497<\/span><\/p>\n

Costs and expenses:<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Cost of revenues (1)<\/span><\/p>\n<\/p>\n

85,853<\/span><\/p>\n<\/p>\n

100,156<\/span><\/p>\n<\/p>\n

86,821<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Sales and marketing (1)<\/span><\/p>\n<\/p>\n

106,494<\/span><\/p>\n<\/p>\n

139,726<\/span><\/p>\n<\/p>\n

103,627<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Product development (1)<\/span><\/p>\n<\/p>\n

90,676<\/span><\/p>\n<\/p>\n

67,243<\/span><\/p>\n<\/p>\n

80,726<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 General and administrative (1)<\/span><\/p>\n<\/p>\n

34,265<\/span><\/p>\n<\/p>\n

37,537<\/span><\/p>\n<\/p>\n

24,586<\/span><\/p>\n

Total costs and expenses<\/span><\/p>\n<\/p>\n

317,288<\/span><\/p>\n<\/p>\n

344,662<\/span><\/p>\n<\/p>\n

295,760<\/span><\/p>\n<\/p>\n

Income from operations<\/span><\/p>\n<\/p>\n

96,490<\/span><\/p>\n<\/p>\n

119,005<\/span><\/p>\n<\/p>\n

99,737<\/span><\/p>\n

Non-operating income (loss):<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Investment related income (loss), net<\/span><\/p>\n<\/p>\n

27,155<\/span><\/p>\n<\/p>\n

25,544<\/span><\/p>\n<\/p>\n

(4,970)<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Interest and other income (loss), net<\/span><\/p>\n<\/p>\n

2,682<\/span><\/p>\n<\/p>\n

16,713<\/span><\/p>\n<\/p>\n

(18,611)<\/span><\/p>\n

29,837<\/span><\/p>\n<\/p>\n

42,257<\/span><\/p>\n<\/p>\n

(23,581)<\/span><\/p>\n

Income before income tax expenses<\/span><\/p>\n<\/p>\n

126,327<\/span><\/p>\n<\/p>\n

161,262<\/span><\/p>\n<\/p>\n

76,156<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Less: Income tax expenses<\/span><\/p>\n<\/p>\n

21,852<\/span><\/p>\n<\/p>\n

72,578<\/span><\/p>\n<\/p>\n

25,044<\/span><\/p>\n

Net income<\/span><\/p>\n<\/p>\n

104,475<\/span><\/p>\n<\/p>\n

88,684<\/span><\/p>\n<\/p>\n

51,112<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Less: Net income attributable to non-controlling interests<\/span><\/p>\n<\/p>\n

556<\/span><\/p>\n<\/p>\n

808<\/span><\/p>\n<\/p>\n

548<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Accretion to redeemable non-controlling interests<\/span><\/p>\n<\/p>\n

3,427<\/span><\/p>\n<\/p>\n

4,646<\/span><\/p>\n<\/p>\n

1,126<\/span><\/p>\n<\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0 100,492<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 83,230<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 49,438<\/span><\/p>\n<\/p>\n

Basic net income per share attributable to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.43<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.35<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.21<\/span><\/p>\n<\/p>\n

Diluted net income per share attributable to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.42<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.34<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.19<\/span><\/p>\n

Shares used in computing basic net income per share attributable<\/span><\/p>\n

\u00a0\u00a0\u00a0 to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

234,705<\/span><\/p>\n<\/p>\n

236,311<\/span><\/p>\n<\/p>\n

236,694<\/span><\/p>\n<\/p>\n

Shares used in computing diluted net income per share attributable<\/span><\/p>\n

\u00a0\u00a0\u00a0 to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

236,895<\/span><\/p>\n<\/p>\n

246,382<\/span><\/p>\n<\/p>\n

263,644<\/span><\/p>\n

(1) Stock-based compensation in each category:<\/span><\/p>\n

Cost of revenues<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,536<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,851<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,773<\/span><\/p>\n

Sales and marketing<\/span><\/p>\n<\/p>\n

4,613<\/span><\/p>\n<\/p>\n

3,559<\/span><\/p>\n<\/p>\n

3,823<\/span><\/p>\n

Product development<\/span><\/p>\n<\/p>\n

13,800<\/span><\/p>\n<\/p>\n

11,079<\/span><\/p>\n<\/p>\n

10,438<\/span><\/p>\n

General and administrative<\/span><\/p>\n<\/p>\n

6,676<\/span><\/p>\n<\/p>\n

5,259<\/span><\/p>\n<\/p>\n

4,978<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/span><\/p>\n

(In thousands of U.S. dollars)<\/span><\/p>\n<\/p>\n

As of<\/span><\/p>\n<\/p>\n

December 31,<\/span><\/p>\n<\/p>\n

March 31,<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n

Assets<\/span><\/p>\n<\/p>\n

Current assets:<\/span><\/p>\n<\/p>\n

Cash and cash equivalents<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,584,635<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,144,546<\/span><\/p>\n<\/p>\n

Short-term investments<\/span><\/p>\n<\/p>\n

641,035<\/span><\/p>\n<\/p>\n

1,107,904<\/span><\/p>\n<\/p>\n

Accounts receivable, net<\/span><\/p>\n<\/p>\n

440,768<\/span><\/p>\n<\/p>\n

431,515<\/span><\/p>\n<\/p>\n

Prepaid expenses and other current assets<\/span><\/p>\n<\/p>\n

359,881<\/span><\/p>\n<\/p>\n

356,720<\/span><\/p>\n<\/p>\n

Amount due from SINA(1)<\/span><\/p>\n<\/p>\n

486,397<\/span><\/p>\n<\/p>\n

476,007<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 Current assets subtotal<\/span><\/p>\n<\/p>\n

4,512,716<\/span><\/p>\n<\/p>\n

4,516,692<\/span><\/p>\n<\/p>\n

Property and equipment, net<\/span><\/p>\n<\/p>\n

220,663<\/span><\/p>\n<\/p>\n

216,684<\/span><\/p>\n<\/p>\n

Goodwill and intangible assets, net<\/span><\/p>\n<\/p>\n

300,565<\/span><\/p>\n<\/p>\n

290,731<\/span><\/p>\n<\/p>\n

Long-term investments<\/span><\/p>\n<\/p>\n

1,320,386<\/span><\/p>\n<\/p>\n

1,251,032<\/span><\/p>\n<\/p>\n

Other non-current assets<\/span><\/p>\n<\/p>\n

926,028<\/span><\/p>\n<\/p>\n

1,000,723<\/span><\/p>\n<\/p>\n

Total assets<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,280,358<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,275,862<\/span><\/p>\n

Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity\u00a0<\/span><\/p>\n<\/p>\n

Liabilities:<\/span><\/p>\n

Current liabilities:<\/span><\/p>\n<\/p>\n

Accounts payable<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 161,493<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 149,456<\/span><\/p>\n<\/p>\n

Accrued expenses and other current liabilities<\/span><\/p>\n<\/p>\n

666,833<\/span><\/p>\n<\/p>\n

662,803<\/span><\/p>\n<\/p>\n

Income tax payable<\/span><\/p>\n<\/p>\n

94,507<\/span><\/p>\n<\/p>\n

112,388<\/span><\/p>\n<\/p>\n

Deferred revenues<\/span><\/p>\n<\/p>\n

75,187<\/span><\/p>\n<\/p>\n

92,726<\/span><\/p>\n<\/p>\n

Unsecured senior notes<\/span><\/p>\n<\/p>\n

799,325<\/span><\/p>\n<\/p>\n

799,659<\/span><\/p>\n<\/p>\n

Dividends payable<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

199,399<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Current liabilities subtotal<\/span><\/p>\n<\/p>\n

1,797,345<\/span><\/p>\n<\/p>\n

2,016,431<\/span><\/p>\n

Long-term liabilities:<\/span><\/p>\n<\/p>\n

Convertible senior notes<\/span><\/p>\n<\/p>\n

317,625<\/span><\/p>\n<\/p>\n

318,446<\/span><\/p>\n<\/p>\n

Unsecured senior notes<\/span><\/p>\n<\/p>\n

743,695<\/span><\/p>\n<\/p>\n

743,937<\/span><\/p>\n<\/p>\n

Long-term loans<\/span><\/p>\n<\/p>\n

791,647<\/span><\/p>\n<\/p>\n

792,563<\/span><\/p>\n<\/p>\n

Other long-term liabilities<\/span><\/p>\n<\/p>\n

112,430<\/span><\/p>\n<\/p>\n

109,743<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Total liabilities<\/span><\/p>\n<\/p>\n

3,762,742<\/span><\/p>\n<\/p>\n

3,981,120<\/span><\/p>\n<\/p>\n

Redeemable non-controlling interests<\/span><\/p>\n<\/p>\n

68,728<\/span><\/p>\n<\/p>\n

36,326<\/span><\/p>\n<\/p>\n

Shareholders’ equity :<\/span><\/p>\n

Weibo shareholders’ equity\u00a0<\/span><\/p>\n<\/p>\n

3,398,735<\/span><\/p>\n<\/p>\n

3,208,844<\/span><\/p>\n

Non-controlling interests<\/span><\/p>\n<\/p>\n

50,153<\/span><\/p>\n<\/p>\n

49,572<\/span><\/p>\n<\/p>\n

Total shareholders’ equity\u00a0<\/span><\/p>\n<\/p>\n

3,448,888<\/span><\/p>\n<\/p>\n

3,258,416<\/span><\/p>\n<\/p>\n

Total liabilities, redeemable non-controlling interests and
\u00a0\u00a0\u00a0 shareholders’ equity<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,280,358<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,275,862<\/span><\/p>\n<\/p>\n

(1) Included short-term loans to and interest receivable from SINA of US$445.2 million as of
December 31, 2023 and US$449.9 million as of March 31, 2024.<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n<\/p>\n

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS<\/span><\/p>\n<\/p>\n

(In thousands of U.S. dollars, except per share data)<\/span><\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n<\/p>\n

December 31,<\/span><\/p>\n<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n<\/p>\n

Income from operations<\/span><\/p>\n

$<\/span><\/p>\n

96,490<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

119,005<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

99,737<\/span><\/p>\n<\/p>\n

\u00a0 Add:<\/span><\/p>\n

Stock-based compensation<\/span><\/p>\n<\/p>\n

27,625<\/span><\/p>\n

21,748<\/span><\/p>\n

21,012<\/span><\/p>\n

Amortization of intangible assets resulting from business acquisitions<\/span><\/p>\n<\/p>\n

4,439<\/span><\/p>\n

5,103<\/span><\/p>\n

5,059<\/span><\/p>\n<\/p>\n

Non-GAAP income from operations<\/span><\/p>\n

$<\/span><\/p>\n

128,554<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

145,856<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

125,808<\/span><\/p>\n<\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

100,492<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

83,230<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

49,438<\/span><\/p>\n<\/p>\n

\u00a0 Add:<\/span><\/p>\n

Stock-based compensation<\/span><\/p>\n<\/p>\n

27,625<\/span><\/p>\n

21,748<\/span><\/p>\n

21,012<\/span><\/p>\n

Amortization of intangible assets resulting from business
\u00a0 acquisitions<\/span><\/p>\n<\/p>\n

4,439<\/span><\/p>\n

5,103<\/span><\/p>\n

5,059<\/span><\/p>\n

Investment related gain\/loss, net (1)<\/span><\/p>\n<\/p>\n

(27,155)<\/span><\/p>\n

(25,544)<\/span><\/p>\n

4,970<\/span><\/p>\n

Non-GAAP to GAAP reconciling items on the share of equity
\u00a0 method investments\u00a0<\/span><\/p>\n<\/p>\n

4,183<\/span><\/p>\n

(10,547)<\/span><\/p>\n

25,358<\/span><\/p>\n

Non-GAAP to GAAP reconciling items for the income\/loss
\u00a0 attributable to non-controlling interests<\/span><\/p>\n<\/p>\n

(157)<\/span><\/p>\n

(311)<\/span><\/p>\n

(436)<\/span><\/p>\n

Tax effects on non-GAAP adjustments (2)<\/span><\/p>\n<\/p>\n

196<\/span><\/p>\n

(781)<\/span><\/p>\n

(1,103)<\/span><\/p>\n

Amortization of\u00a0 issuance cost of convertible senior notes, unsecured
\u00a0 senior notes and long-term loans<\/span><\/p>\n<\/p>\n

1,606<\/span><\/p>\n

3,468<\/span><\/p>\n

2,314<\/span><\/p>\n<\/p>\n

Non-GAAP net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

111,229<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

76,366<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

106,612<\/span><\/p>\n<\/p>\n

Non-GAAP diluted net income per share attributable to Weibo’s
\u00a0 shareholders<\/span><\/p>\n

$<\/span><\/p>\n

0.47<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

0.31<\/span><\/p>\n

*<\/span><\/p>\n

$<\/span><\/p>\n

0.41<\/span><\/p>\n

*<\/span><\/span><\/p>\n

Shares used in computing GAAP diluted net income per share attributable
\u00a0 to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

236,895<\/span><\/p>\n

246,382<\/span><\/p>\n

263,644<\/span><\/p>\n<\/p>\n

Shares used in computing non-GAAP diluted net income per share
\u00a0 attributable to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

236,895<\/span><\/p>\n

246,382<\/span><\/p>\n

263,644<\/span><\/p>\n<\/p>\n

Adjusted EBITDA:<\/span><\/p>\n

Net income attributable to Weibo’s shareholders<\/span><\/p>\n

$<\/span><\/p>\n

100,492<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

83,230<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

49,438<\/span><\/p>\n

Non-GAAP adjustments<\/span><\/p>\n<\/p>\n

10,737<\/span><\/p>\n

(6,864)<\/span><\/p>\n

57,174<\/span><\/p>\n

Non-GAAP net income attributable to Weibo’s shareholders<\/span><\/p>\n<\/p>\n

111,229<\/span><\/p>\n

76,366<\/span><\/p>\n

106,612<\/span><\/p>\n<\/p>\n

Interest income, net<\/span><\/p>\n<\/p>\n

(9,743)<\/span><\/p>\n

(870)<\/span><\/p>\n

(9,151)<\/span><\/p>\n<\/p>\n

Income tax expenses<\/span><\/p>\n<\/p>\n

21,657<\/span><\/p>\n

73,359<\/span><\/p>\n

26,147<\/span><\/p>\n<\/p>\n

Depreciation expenses<\/span><\/p>\n<\/p>\n

10,601<\/span><\/p>\n

9,303<\/span><\/p>\n

9,417<\/span><\/p>\n

Adjusted EBITDA<\/span><\/p>\n

$<\/span><\/p>\n

133,744<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

158,158<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

133,025<\/span><\/p>\n<\/p>\n

Net revenues<\/span><\/p>\n

$<\/span><\/p>\n

413,778<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

463,667<\/span><\/p>\n<\/p>\n

$<\/span><\/p>\n

395,497<\/span><\/p>\n<\/p>\n

Non-GAAP operating margin<\/span><\/p>\n<\/p>\n

31\u00a0%<\/span><\/p>\n

31\u00a0%<\/span><\/p>\n

32\u00a0%<\/span><\/p>\n<\/p>\n

(1)<\/span><\/p>\n

To adjust impairment and provision on investments, gain\/loss on sale of investments and fair value change of investments.<\/span><\/p>\n

(2)<\/span><\/p>\n

To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from
business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were
recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is
more-likely-than-not they will not be realized.<\/span><\/p>\n<\/p>\n

*\u00a0<\/span><\/p>\n

Net income attributable to Weibo’s shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.<\/span><\/p>\n<\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

WEIBO CORPORATION<\/span><\/p>\n

UNAUDITED ADDITIONAL INFORMATION<\/span><\/p>\n

(In thousands of U.S. dollars)<\/span><\/p>\n<\/p>\n

Three months ended<\/span><\/p>\n

March 31,<\/span><\/p>\n<\/p>\n

December 31,<\/span><\/p>\n<\/p>\n

March 31,<\/span><\/p>\n

2023<\/span><\/p>\n<\/p>\n

2023<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n<\/p>\n

Net revenues<\/span><\/p>\n

Advertising and marketing<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 Non-Ali advertisers<\/span><\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 337,031<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 358,848<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 316,400<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0 Alibaba – as an advertiser<\/span><\/p>\n

18,269<\/span><\/p>\n<\/p>\n

44,891<\/span><\/p>\n<\/p>\n

22,551<\/span><\/p>\n<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Subtotal<\/span><\/p>\n

355,300<\/span><\/p>\n<\/p>\n

403,739<\/span><\/p>\n<\/p>\n

338,951<\/span><\/p>\n

Value-added services<\/span><\/p>\n

58,478<\/span><\/p>\n<\/p>\n

59,928<\/span><\/p>\n<\/p>\n

56,546<\/span><\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 413,778<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 463,667<\/span><\/p>\n<\/p>\n

$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 395,497<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

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