Peking, China, November 19, 2024 – China's leading social media company Weibo Co., Ltd. (hereinafter referred to as "Weibo" or "the Company") (NASDAQ: WB, Hong Kong Stock Exchange code: 9898) announced today its unaudited financial results for the third quarter ended September 30, 2024.

Our performance this quarter was strong," said Weibo CEO Wang Gaofei. "In terms of users, we continue to focus on acquiring high-quality users and enhancing their activity. On the monetization front, our advertising business performed well this quarter. Driven by advertising demand during the Summer Olympics, advertising revenue from key industries achieved robust growth. At the same time, our value-added services business also saw good growth this quarter, thanks to the upgrade of membership services better meeting users' needs for social interaction on the platform.

Overview of Q3 2024 performance

• Net income was $0.4645 billion, a year-on-year increase of 5%, or a year-on-year increase of 3% based on fixed exchange rates[1].

• Advertising and marketing revenue was $0.3986 billion, a year-on-year increase of 2%, or flat year-on-year based on fixed exchange rates[1].

• Value-added service revenue was $65.9 million, a year-on-year increase of 25%, or a year-on-year increase of 23% based on fixed exchange rates[1].

• Operating profit was $0.1413 billion, with an operating profit margin of 30%.

• Net income attributable to Weibo shareholders was $0.1306 billion, or diluted earnings per share of $0.50.

• The non-GAAP operating profit was 0.1645 billion USD, with a non-GAAP operating profit margin of 35%.

• The non-GAAP net income attributable to weibo shareholders was 0.1392 billion USD, with a non-GAAP diluted net income per share of 0.53 USD.

• The monthly active users for September 2024 were 0.587 billion.

• The daily average active users for September 2024 were 0.257 billion.

[1] Calculated at fixed exchange rates (non-GAAP), we assume that the average exchange rate for the third quarter of 2024 is the same as that for the third quarter of 2023, which is 7.23 yuan = 1.00 USD.

Financial performance for the third quarter of 2024.

The net income for the third quarter of 2024 was 0.4645 billion USD, an increase of 5% compared to 0.4422 billion USD for the same period last year.

The advertising and marketing revenue for the third quarter of 2024 was 0.3986 billion USD, an increase of 2% compared to 0.3893 billion USD for the same period last year. Excluding advertising revenue from alibaba, the advertising and marketing revenue for the third quarter of 2024 was 0.3771 billion USD, an increase of 3% compared to 0.3676 billion USD for the same period last year.

In the third quarter of 2024, the revenue from value-added services was $65.9 million, an increase of 25% compared to $52.9 million in the same period last year, primarily due to the rise in membership services and game-related income.

In the third quarter of 2024, the total costs and expenses amounted to $0.3232 billion, up 5% from $0.3082 billion in the same period last year. This increase was mainly due to higher marketing expenses and personnel-related costs.

In the third quarter of 2024, the operating profit was $0.1413 billion, compared to $0.134 billion in the same period last year. The operating profit margin for the third quarter of 2024 was 30%, the same as the same period last year. The non-GAAP operating profit for the third quarter of 2024 was $0.1645 billion, compared to $0.1639 billion in the same period last year. The non-GAAP operating profit margin for the third quarter of 2024 was 35%, compared to 37% in the same period last year.

In the third quarter of 2024, the non-operating profit was $23.6 million, while there was a non-operating loss of $28.4 million in the same period last year. The non-operating profit for the third quarter of 2024 mainly included: (i) a gain of $16.8 million from fair value changes of investments (not included in the non-GAAP calculation of non-operating gains and losses); and (ii) net interest and other income of $6.7 million.

In the third quarter of 2024, the income tax expense was $32.2 million, up from $25.4 million in the same period last year. This increase was primarily due to the income tax payable by the company's wholly-owned subsidiary in china to Weibo Hong Kong Limited related to profits.

In the third quarter of 2024, the net income attributable to weibo shareholders was $0.1306 billion, compared to a net income of $77.5 million in the same period last year. The diluted net earnings per share attributable to weibo shareholders in the third quarter of 2024 were $0.50, compared to $0.32 in the same period last year. The non-GAAP net income attributable to weibo shareholders for the third quarter of 2024 was $0.1392 billion, compared to a net income of $0.1366 billion in the same period last year. The non-GAAP diluted net earnings per share attributable to weibo shareholders for the third quarter of 2024 were $0.53, compared to diluted net earnings per share of $0.57 in the same period last year.

As of September 30, 2024, weibo's total cash, cash equivalents, and short-term investments were $2.2 billion. The cash generated from operating activities in the third quarter of 2024 was $0.1242 billion, with total capital expenditure being $11.8 million, and depreciation and amortization expenses were $14.4 million.

Conference Call

The Weibo management team will hold a conference call on November 19, 2024, from 6:00 AM to 7:00 AM Eastern Time (November 19, 2024, from 7:00 PM to 8:00 PM Beijing Time) to report on the company’s financial and operational status.

Participants who wish to join the conference call must register through the following public attendee link. Access and instruction guidelines will be included in the confirmation email sent after registration.

Participant registration link:

In addition, the conference call will be broadcasted live and available for online playback. Both can be accessed by obtaining the appropriate link.

About Weibo

Weibo is a leading social media platform for people to create, share, and discover content online. Weibo combines a powerful platform for public real-time self-expression with social interaction, content aggregation, and content dissemination. Any user can create and publish content along with multimedia and long-form content. User relationships on Weibo can be asymmetrical; any user can follow any other user and add comments when reposting. This simple, asymmetrical, and disseminative nature of Weibo allows an original piece of content to turn into a real-time and disseminative flow of dialogue.

Weibo enables advertising and marketing clients to promote their brands, products, and services to users. Weibo offers a variety of advertising and marketing solutions to companies of all sizes. The majority of Weibo's revenue comes from the sale of advertising and marketing services, including social display advertising and marketing products. Weibo presents content in a simple information feed format and provides native ads that align with our platform's information flow. We continue to refine our social interest graph recommendation engine, allowing clients to target their marketing efforts based on user demographics, social relationships, interests, and behavior, to achieve greater relevance, engagement, and marketing effectiveness.

Contact:

Investor Relations

Weibo Co., Ltd.

Phone: +86 10 5898-3336

Email: ir@ staff.weibo.com