Gelonghui, May 23 | Weibo-SW (09898.HK) announced financial results for the first quarter of 2024. Net revenue for the first quarter of 2024 was US$395.5 million, down 4% year on year or flat based on fixed exchange rates; operating profit of US$99.7 million, operating margin of 25%; net profit attributable to Weibo shareholders was US$49.4 million, or $0.19 per diluted share; non-GAAP operating margin was 32%; non-GAAP operating margin was 32%; non-GAAP attributable to Weibo Shareholders' net profit was USD 106.6 million, or non-GAAP net income of $0.41 per diluted share.
In the first quarter of 2024, advertising and marketing revenue was US$339 million, down 5% year on year or flat based on fixed exchange rates; revenue from value-added services was US$56.5 million, down 3% year on year or increased 1% year on year based on fixed exchange rates. The number of monthly active users in March 2024 was 588 million. The average number of daily active users in March 2024 was 255 million. As of March 31, 2024, Weibo's total cash, cash equivalents and short-term investments amounted to US$3.3 billion.
“We're off to a good start to the year.” Wang Gaofei, CEO of Weibo, said. 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. Looking ahead, we are committed to continuing to enhance the value of the platform and increase shareholder returns.”