Weibo Q4 Adj. Profit Declines; Net Revenues Down 27%

(RTTNews) - Weibo Corporation (WB) reported fourth quarter net income attributable to shareholders of $141.9 million, compared to $115.7 million, last year. Net income per share was $0.60, compared to $0.50. Non-GAAP net income to shareholders was $178.5 million, compared to $195.5 million, last year. Non-GAAP net income per share was $0.75, compared to $0.83. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.52, for the quarter. Analysts' estimates typically exclude special items.

Total net revenues were $448.0 million, a decrease of 27% from last year. Advertising and marketing revenues were $390.5 million, a decrease of 29%. Advertising and marketing revenues excluding ad revenues from Alibaba were $348.3 million, a decrease of 31%, primarily due to disruptions on the company and its advertisers from COVID-19 control measures and infections in major areas of China during the quarter. Analysts on average had estimated $448.69 million in revenue.

Monthly active users or MAUs were 586 million in December 2022, a net addition of approximately 13 million users on year-over-year basis. Mobile MAUs represented 95% of MAUs. Average daily active users or DAUs were 252 million in December 2022, a net addition of approximately 3 million users on year-over-year basis.

The company noted that it has been selected and will be included in the Hang Seng TECH Index as a constituent stock, effective March 13, 2023.

As of December 31, 2022, cash, cash equivalents and short-term investments totaled $3.17 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.