Q3 2024 Weibo Corp Earnings Call Transcript
Key Points
- Weibo Corp (WB) reported a 5% year-over-year increase in total revenue for Q3 2024, reaching USD464.5 million.
- The company's ad revenue grew by 2% year-over-year, driven by Olympic-related hot trends and strong momentum in value-added services.
- Weibo's MAU reached approximately 587 million, with DAUs at 257 million, reflecting successful user acquisition and engagement strategies.
- The value-added services (VAS) segment saw a 25% increase in revenue, primarily due to growth in membership and game-related services.
- Weibo's non-GAAP operating income was USD164.5 million, with a non-GAAP operating margin of 35%, indicating strong operational efficiency.
- Despite revenue growth, Weibo Corp (WB) faced a sluggish consumer environment, impacting client marketing demand.
- Ad revenue from the handset industry declined year-over-year due to the product launch pipeline in Q3.
- The cosmetics and personal care industry underperformed, dragging down overall FMCG growth.
- Net income attributable to Weibo's shareholders increased by only 2%, with a slight decrease in net margin from 31% to 30% year-over-year.
- The company anticipates continued uncertainties and does not expect a V-shaped recovery in the advertising market despite government stimulus measures.
Good day, and thank you for standing by. Welcome to Weibo reports third quarter 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Sandra Zhang. Please go ahead.
Thank you, operator. Welcome to Weibo third quarter 2024 earnings conference call. Joining today are our Chief Executive Officer, Gaofei Wang; and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the internet.
Please stand by your conference will resume shortly. Please remain on the line, your conference will resume shortly. Please, continue.
Yeah. Sure, sorry. And our Chief Financial Officer, Fei Cao. The conference call is also being broadcast on the internet and is
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