Weibo Corporation (WB, Financial), a leading Chinese social media platform, announced its unaudited financial results for the third quarter ending September 30, 2024. The company saw solid performance, highlighted by growth in both advertising revenues and value-added services.
The CEO of Weibo emphasized a continued focus on acquiring high-quality users and enhancing user engagement. The advertising segment performed strongly, driven by heightened demand during the Summer Olympics, particularly in key industries. Additionally, the value-added services saw significant growth due to enhancements in membership services, meeting user demands for social interaction on the platform.
For the third quarter of 2024, Weibo reported a net revenue of $464.5 million, a 5% increase from the previous year. Advertising and marketing revenue reached $398.6 million, up 2% year-over-year. Excluding revenue from Alibaba, advertising and marketing income stood at $377.1 million, marking a 3% increase from the prior year. The value-added services revenue was $65.9 million, reflecting a 25% year-on-year increase, largely bolstered by membership and gaming-related income.
Total costs and expenses climbed 5% to $323.2 million, primarily due to increased marketing and personnel expenses. Operating profit was $141.3 million with a 30% operating margin, consistent with the previous year. Non-GAAP operating profit was $164.5 million, with a margin of 35%.
Net income attributable to Weibo's shareholders reached $130.6 million, or $0.50 per diluted share. Non-GAAP net income was $139.2 million, or $0.53 per diluted share. As of September 30, 2024, Weibo's cash, cash equivalents, and short-term investments totaled $2.2 billion.
Active user metrics were strong with monthly active users at 587 million and daily active users at 257 million.
