Friday, 2024 April 19

After reporting 52% increase in Q1 net income, China’s social media platform Weibo predicts slower revenue growth

China’s leading micro-blogging platform Weibo, which had 465 million monthly active users in March, disclosed on Thursday that it booked USD 399.2 million in net revenue in the first quarter of this year, increasing 14% year-on-year.

The company’s advertising and marketing revenues increased 13% year-on-year to USD 341.1 million, while its value-added service revenues increased 24% year-on-year to USD 58 million. Its net income grew 52% year-on-year to USD 150.4 million.

“We are pleased with Weibo’s first quarter results,” said Gaofei Wang, CEO of Weibo. “Weibo has delivered solid traffic growth through effective product upgrade and channel investment.”

However, the company predicts that its net revenue could be USD 427 million in the second quarter, representing a 7% year-on-year growth.

Weibo is listed on the Nasdaq. On Thursday, Weibo’s share price dropped 11% to close at USD 45.39.

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Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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