Weibo Corp ( (WB) ) has released its Q3 earnings. Here is a breakdown of the information Weibo Corp presented to its investors.
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Weibo Corporation, a prominent social media platform in China, is known for enabling users to create, share, and discover content online, while offering comprehensive advertising and marketing services through a dynamic social interaction platform.
The company reported its unaudited financial results for the third quarter of 2024, highlighting a solid performance with a focus on acquiring and engaging high-quality users and achieving robust ad revenue growth, particularly boosted by the Summer Olympics.
Weibo’s net revenues for the quarter totaled $464.5 million, marking a 5% year-over-year increase. Advertising and marketing revenues saw a modest rise of 2%, while value-added services experienced significant growth of 25%. The company reported an operating income of $141.3 million, maintaining an operating margin of 30%, and a net income of $130.6 million attributable to shareholders.
The platform’s user engagement remained strong with 587 million monthly active users and 257 million daily active users as of September 2024. The company also managed to maintain a healthy financial position with $2.2 billion in cash, cash equivalents, and short-term investments.
Looking ahead, Weibo’s management remains optimistic about continuing to enhance user engagement and advertising solutions, leveraging its unique social media platform to maintain growth momentum amidst a competitive market landscape.
