Weibo Turns To Profit In Q3, Revenues Down

(RTTNews) - Chinese social media Weibo Corp. (WB) reported Thursday that its third-quarter net income attributable to shareholders was $77.5 million, compared to a loss of $17.1 million last year.

Net income per share was $0.32, compared to loss per share of $0.07 for the same period last year.

Adjusted net income was $136.6 million, compared to $119.0 million a year ago. Adjusted net income per share was $0.57, compared to $0.50 for the same period last year.

Analysts on average expected the company to report earnings of $0.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

For the third quarter of 2023, Weibo's total net revenues were $442.2 million, a decrease of 3 percent from $453.6 million for the same period last year. The Street was looking for revenues of $444.01 million.

Net revenues increased 2 percent year-over-year on a constant currency basis.

Advertising and marketing revenues were $389.3 million, a decrease of 1 percent on a reported basis, or up 3 percent on a constant currency basis

Monthly active users or MAUs were 605 million in September 2023, a net addition of approximately 21 million users on a year-over-year basis. Mobile MAUs represented 95 percent of MAUs.

Average daily active users or DAUs were 260 million in September 2023, a net addition of approximately 8 million users on a year-over-year basis.

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