Weibo Turns To Profit In Q1, Adj. EPS Beats View; Stock Up In Premarket

(RTTNews) - Weibo Corp. (WB), a Chinese social media company, on Thursday reported that its first-quarter net income attributable to shareholders was $100.5 million, compared to a loss of $67.5 million last year.

Net income per share was $0.42, compared to loss of $0.29 a year ago.

Adjusted net income was $111.2 million, compared to $132.9 million for the same period last year. Adjusted net income per share was $0.47, compared to $0.56 for the same period last year.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues were $413.8 million, a decrease of 15 percent from $484.6 million in the prior year. Revenues decreased 7 percent year-over-year on a constant currency basis.

The Street expected revenues of $414.35 million for the quarter.

Monthly active users or MAUs were 593 million in March 2023, a net addition of around 11 million users on a year-over-year basis.

Average daily active users or DAUs were 255 million in March 2023, a net addition of approximately 3 million users on a year-over-year basis.

Further, the company said its board of directors has approved a special cash dividend of $0.85 per ordinary share and ADS to holders of its ordinary shares and ADSs as of the close of business on June 26, payable in U.S. Dollars.

In pre-market activity on Nasdaq, Weibo shares were trading at $16.50, up 2.74 percent.

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