In a year marked by economic uncertainties, Weibo Corporation, a key player in China’s social media landscape, reported a nuanced financial performance for the fiscal year ended December 31, 2023. While the company saw a marginal increase in its fourth-quarter revenues, the full-year figures present a complex picture of resilience amid challenges.

For Q4 2023, Weibo’s net revenues amounted to $463.7 million, a 3% increase year-over-year. This growth, albeit modest, is reflective of the company’s efforts to stabilize and grow its advertising and marketing revenues, which also saw a 3% increase, reaching $403.7 million.

The value-added services (VAS) segment recorded a 4% year-over-year growth, underscoring Weibo’s ability to diversify its revenue streams in a competitive market.

However, the fiscal year 2023 painted a more challenging scenario, with Weibo’s net revenues experiencing a 4% decline, totaling $1.76 billion. This dip underscores the broader macroeconomic pressures impacting advertising budgets and consumer spending.

Despite these headwinds, Weibo managed to maintain a 27% operating margin, indicative of its operational efficiencies and cost management efforts.

The announcement of a $200 million special cash dividend reflects Weibo’s confidence in its liquidity and financial health, signaling a commitment to returning value to shareholders despite the prevailing market conditions.

Weibo’s user engagement metrics offer a silver lining, with monthly active users (MAUs) increasing to 598 million by the end of December 2023. This growth, primarily driven by mobile users, highlights Weibo’s continued relevance in China’s digital ecosystem.

However, the broader economic slowdown poses questions about monetization and the potential impact on Weibo’s advertising revenues moving forward.

In reviewing Weibo’s fiscal year 2023, it is clear that the company has navigated a complex landscape with strategic focus and operational discipline.

While the modest growth in Q4 revenues and the expansion of the user base are positive indicators, the overall revenue decline in 2023 points to significant challenges ahead. Weibo’s strategic initiatives, particularly in enhancing user engagement and diversifying revenue sources, will be critical in addressing the economic pressures and maintaining its competitive edge in the dynamic social media market.

Chinese influencer platforms: Weibo, Douyin, Kuaishou, Xiaohongshu

What’s this “520 day” that intrigues many in China? The term 520, an abbreviation for May 20, denotes an unofficial Valentine’s Day in China. The number “520” phonetically resembles “Wo Ai Ni” or “I Love You” in Chinese.

While February 14 remains the globally recognized Valentine’s Day, the Chinese honor their affection on several other occasions as well, including May 20 (520 Day) and the Qixi Festival. These days are regarded as Chinese versions of Valentine’s Day, with the 520-day holding special significance as it symbolizes “I Love You.”

Despite not being an official holiday, 520 Day has garnered popularity among couples and singles as an opportunity to express romantic love.

Due to the ongoing pandemic in 2020, the “520 Day” celebration witnessed changes with fewer public gatherings. Nonetheless, businesses capitalized on the festival by initiating online engagement campaigns.

For instance, luxury brand Prada, created a campaign using the hashtag #prada520# on Weibo, one of China’s top social platforms. The campaign featured brand spokesperson Cai Xukun and garnered 180 million views as of May 5.

The “520 Day” traces its roots to Taiwanese singer Fan Xiaolan’s song “Digital Love,” where “520” symbolized “I love you.” Over time, “521” was also interpreted as “I am willing,” and “I love you” in China, earning various epithets like “Marriage Day,” “Love Expression Day,” and “Love Festival.”

These two dates, May 20 & 21, serve as annual internet Valentine’s Days in China, echoing the phrases “I (5) love (2) you (0/1)” in Chinese. While they lack historical roots, they are products of commercial promotions in the 21st century.

Despite not being official holidays, the evenings of these days see restaurants and cinemas bustling and prices surging due to Valentine’s Day celebrations.

May 20 is particularly crucial as men utilize this opportunity to express their romantic love for women, often presenting gifts or ‘hongbao.’ Some couples even choose this date for their wedding ceremony.

The difference between 520 and 521 is that the former is largely a day for women, while the latter caters to men. On May 20, men express “520” (I love you) to their significant other. The subsequent day, women reply with “521” to indicate their reciprocation of love.

For marketers in China, these days present lucrative opportunities for promotions. The rising orders of roses, surging sales of chocolates, and full-house hotels underscore the business potential of the “520-day festival.”

A few notable examples of this trend include the most retweeted photo on Sina Weibo on May 20, 2014, and a post by The Economist in 2017 asking “how do economists say ‘I love you’?” The topic #Sweet 520# witnessed almost 4 million discussions and over 1 billion views as of noon on May 20, 2017.

The characteristics of 520 Valentine’s Day include:

1. Fashionable: “520” resonates with the younger generation who find creative ways to celebrate the day, even choosing this date for their wedding. It’s also a popular topic on WeChat Moments and QQ group chats.
2. Younger: Those under 30 years old, who are quick to embrace new trends and spend much of their free time on the internet, are the primary followers of 520 day.
3. Spiritual: Gifts exchanged on May 20 and 21 lean more towards the “spiritual.” It could be a coded message of love sent over the internet or mobile phone.
4. Implicit: Unlike the globally recognized Valentine’s Day, which is for established couples, the 520 Internet Valentine’s Day is preferred by men and women to subtly express their love using digital codes.

5 key trends shaping the Chinese economy, accelerated by COVID-19

US President Donald Trump issued an executive order last week prohibiting US companies from any transaction that is related to WeChat.

Chinese consumers believe that without WeChat, the iPhone will become “expensive e-waste”. Following Trump’s executive order last week, iPhone fans across China are now rethinking their dependence on the iPhone.

More than 1.2 million users on China’s leading social platform Weibo have responded in the poll conducted by Sina Technology, a news media in China, asking users to choose between replacing the smartphone and uninstalling WeChat if WeChat can no longer be used on iPhone.

About 95% of the participants said they would rather change their smartphones than uninstallingWeChat. Trump’s ban will force many Chinese users to switch from iPhones to other brands because WeChat is so important to Chinese users.

With more than 1.2 billion monthly active users, WeChat is one of the most important applications in China. If WeChat is no longer supported, the iPhone will become useless for most Chinese users.

The scope of application of the Trump’s order is unclear. The most important thing is whether it will apply only to the U.S. territory or to the global business transactions of U.S. companies. If it is the latter, Chinese consumers will no longer buy iPhones in the future, resulting in Apple losing 30% of its global sales.

Apple has also warned the White House that Trump’s order will put the company at great risk. Disney, Ford, Intel, Morgan Stanley, UPS and Wal Mart have also informed the White House that U.S. companies may face serious consequences.

WeChat statistical highlights 2020

Weibo’s average daily active users were 241 million in March 2020, a net addition of approximately 38 million users on year over year basis. WeChat MAU up 8% to 1.2 billion.

Weibo Financial Results in Q1 2020

For Q1 2020, Weibo’s total net revenues were $323.4 million, a decrease of 19% compared to $399.2 million for Q1 2019.

• Advertising and marketing revenues for Q1 2020 were $275.4 million, a decrease of 19% compared to $341.1 million for Q1 2019.
  • Advertising and marketing revenues from key accounts (“KAs”) and small & medium-sized enterprises (“SMEs”) were $247.9 million, a decrease of 24% compared to $324.5 million for Q1 2019.
• VAS revenues for Q1 2020 were $48.0 million, a decrease of 17% year-over-year compared to $58.0 million for Q1 2019, primarily due to the decrease of revenues from live streaming business and was partially offset by the increase of membership revenues

Costs and expenses for Q1 2020 totaled $265.4 million, compared to $276.1 million for Q1 2019. Non-GAAP costs and expenses were $249.3 million, compared to $262.4 million for Q1 2019.

Income from operations for Q1 2020 was $58.0 million, compared to $123.1 million for Q1 2019. Non-GAAP income from operations was $74.1 million, compared to $136.8 million for Q1 2019.

Non-operating income for Q1 2020 was $10.0 million, compared to $48.6 million for Q1 2019. Non-operating income for Q1 2020 mainly included

• a $12.9 million net interest and other income;
• a $2.9 million net loss on the sale of investments and fair value changes on investments, which is excluded under non-GAAP measures.

Income tax expenses were $15.9 million, compared to $21.1 million for Q1 2019. The decrease was primarily resulted from reduced earnings and was partially offset by the estimated increase of effective tax rate for China operations primarily due to the expiration of the preferential tax treatment of one of the Weibo’s PRC subsidiaries in 2020.

Net income attributable to Weibo for Q1 2020 was $52.1 million, compared to $150.4 million for Q1 2019. Diluted net income per share attributable to Weibo for Q1 2020 was $0.23, compared to $0.66 for Q1 2019.

Non-GAAP net income attributable to Weibo for Q1 2020 was $67.4 million, compared to $128.5 million for Q1 2019. Non-GAAP diluted net income per share attributable to Weibo for Q1 2020 was $0.30, compared to $0.56 for Q1 2019.

As of March 31, 2020, Weibo’s cash, cash equivalents, and short-term investments totaled $2.35 billion. for Q1 2020, cash provided by operating activities was $63.6 million, capital expenditures totaled $7.3 million, and depreciation and amortization expenses amounted to $6.8 million.

For the second quarter of 2020, Weibo estimates its net revenues to decrease by 7% to 12% year-over-year on a constant currency basis. This forecast reflects Weibo’s current and preliminary view, which is subject to change.

Xiaohongshu community trends 2020

Weibo’s average daily active users reached 222 million in December 2019, a net addition of approximately 22 million users year-over-year.

Weibo Financial Results in Q4 2019

Weibo’s total net revenues were $468.1 million in Q4 2019, a decrease of 3% compared to $481.9 million in Q4 2018.

Advertising and marketing revenues for the fourth quarter of 2019 were $405.9 million, a decrease of 3% compared to $417.0 million in Q4 2018.

Advertising and marketing revenues from key accounts (“KAs”) and small & medium-sized enterprises (“SMEs”) were $368.1 million, a decrease of 5% compared to $385.5 million for the same period last year.

VAS revenues for Q4 2019 were $62.2 million, a decrease of 4% year-over-year compared to $64.9 million in Q4 2018.

Costs and expenses for Q4 2019 totaled $317.4 million, an increase of 6% compared to $298.8 million for the same period last year. Non-GAAP costs and expenses were $299.2 million, an increase of 1% compared to $295.5 million for the same period last year.

Income from operations for Q4 2019 was $150.7 million, compared to $183.0 million for the same period last year. Non-GAAP income from operations was $168.9 million, compared to $186.4 million for the same period last year.

Non-operating loss for the fourth quarter of 2019 was $25.1 million, compared to a loss of $1.9 million for the same period last year.

Non-operating loss for the fourth quarter of 2019 mainly included

• a $176.5 million net gain from fair value change of investments, which is excluded under non-GAAP measures;
• a $214.7 million impairment on the Company’s investment in Yixia Tech Co., Ltd., which is excluded under non-GAAP measures;
• a $13.3 million net interest and other income.

Income tax expenses were $31.1 million, compared to $14.9 million for the same period last year, largely attributable to the deferred tax charges recognized from the fair value change of investment in the fourth quarter of 2019.

Net income attributable to Weibo for Q4 2019 was $95.1 million, compared to $166.5 million for the same period last year.

Diluted net income per share attributable to Weibo for the fourth quarter of 2019 was $0.42, compared to $0.73 for the same period last year. Non-GAAP net income attributable to Weibo for the fourth quarter of 2019 was $176.5 million, compared to $183.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the fourth quarter of 2019 was $0.77, compared to $0.80 for the same period last year.

As of December 31, 2019, Weibo’s cash, cash equivalents and short-term investments totaled $2.40 billion. For the fourth quarter of 2019, cash provided by operating activities was $253.2 million, capital expenditures totaled $6.5 million, and depreciation and amortization expenses amounted to $6.5 million.

Weibo Financial Results in 2019

For the fiscal year 2019, Weibo’s total net revenues were $1.77 billion, an increase of 3% compared to $1.72 billion in 2018.

Advertising and marketing revenues for 2019 were $1.53 billion, an increase of 2% compared to $1.50 billion in 2018. Advertising and marketing revenues from KAs and SMEs were $1.43 billion, an increase of 4% compared to $1.38 billion for 2018.

VAS revenues for 2019 were $236.7 million, representing an increase of 8% compared to $219.3 million for 2018. The increase was mainly attributable to the revenues derived from the live streaming business acquired in the fourth quarter of 2018.

Costs and expenses for 2019 totaled $1.17 billion, compared to $1.11 billion for 2018. Non-GAAP costs and expenses were $1.10 billion, compared to $1.06 billion for 2018.

Income from operations for 2019 was $597.6 million, compared to $609.3 million for 2018. Non-GAAP income from operations was $662.2 million, at similar level compared to 2018.

Non-operating income for 2019 was $4.8 million, compared to a non-operating income of $59.6 million for 2018. Non-operating income in 2019 mainly included

• a $207.4 million net gain from fair value change of investments, which is excluded under non-GAAP measures;
• a $249.9 million impairment on the Company’s certain investments, which is excluded under non-GAAP measures;
• a $46.7 million net interest and other income.

Income tax expenses were $109.6 million, compared to $96.2 million for 2018. The increase was primarily attributable to higher deferred tax charges recognized from fair value change of investment in 2019.

Net income attributable to Weibo for 2019 was $494.7 million, compared to $571.8 million for 2018. Diluted net income per share attributable to Weibo for 2019 was $2.18, compared to $2.52 for 2018. Non-GAAP net income attributable to Weibo for 2019 was $637.5 million, compared to $624.2 million for 2018. Non-GAAP diluted net income per share attributable to Weibo for 2019 was $2.78, compared to $2.73 for 2018.

Weibo anticipates its first quarter of 2020 net revenues to decrease by 15% to 20% year-over-year on a constant currency basis. This forecast reflects Weibo’s current and preliminary view, which is subject to change.

Average daily active users (“DAUs”) on Weibo were 216 million in September 2019, a net addition of approximately 21 million users year-over-year.

Weibo Financial Results in Q3 2019

For the third quarter of 2019, Weibo’s total net revenues were $467.8 million, an increase of 2% compared to $460.2 million for Q3 2018 according to its financial results.

Advertising and marketing revenues for the third quarter of 2019 were $412.5million, an increase of 1% compared to $409.3 million for the same period last year.

Advertising and marketing revenues from key accounts and small & medium-sized enterprises were $393.3 million, representing an increase of 3% compared to $380.7 million for the same period last year.

VAS revenues for the third quarter of 2019 were $55.3 million, an increase of 9% year-over-year compared to $50.9 million for the same period last year. The increase was mainly attributable to the revenues derived from Weibo live streaming business acquired in Q4 2018.

Costs and expenses for Q3 2019 totaled $295.2 million, compared to $298.2 million for Q3 2018. Non-GAAP costs and expenses were $277.5 million, compared to $272.2 million for Q3 2018.

Income from operations for the third quarter of 2019 was $172.5 million, compared to $162.0 million for the same period last year. Non-GAAP income from operations was $190.2 million, compared to $188.0 million for the same period last year.

Non-operating income for Q3 2019 was $5.3 million, compared to an income of $42.9 million for Q3 2018. The decrease was mainly due to the recognition of a $41.9 million investment related fair value mark to market gain in Q3 2018.

Income tax expenses for the third quarter were $31.4 million, compared to $37.9 million for the same period last year.

Net income attributable to Weibo for the third quarter of 2019 was $146.2 million, compared to $165.3 million for the same period last year.

Diluted net income per share attributable to Weibo for the third quarter of 2019 was $0.64, compared to $0.73 for the same period last year.

Non-GAAP net income attributable to Weibo for the third quarter of 2019 was $176.1 million, compared to $171.8 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the third quarter of 2019 was $0.77, compared to $0.75 for the same period last year.

As of September 30, 2019, Weibo’s cash, cash equivalents and short-term investments totaled $2.37 billion. For the third quarter of 2019, cash provided by operating activities was $164.8 million, capital expenditures totaled $4.4 million, and depreciation and amortization expenses amounted to $6.3 million.

QQ (Tencent) introduced the “One-click Comment” function and managed to explored new sources of traffic. Alipay introduced the “Comment after Payment” function. WeChat (Tencent) introduced the Notification Subscription and Industry Assistant functions to support its mini-apps. TikTok launched a dedicated page for mini-apps, and at the same time introduced its Karaoke mini-app, further complementing ByteDance mini-program ecosystem.

Meituan, as a late-comer, also launched its own mini-program platform in October this year, further heating up the competition.

According to anlaytics company Aladdin’s October ranking of mini-apps, distribution of top mini-programs by category witnessed a significant change.

Online shopping mini-programs have reclaimed the top places on the list. Life services mini-programs showed outstanding performance while mini-apps in the video and travel categories dropped significantly in terms of ranking.

In the vertical markets, the Golden Week long holiday boosted the demand for portable power bank, leading to a significant climb on the list of phone charging related mini-apps.

The distribution by category of the newcomers on the list showed an apparent trend of pre-heating of the Double Eleven Festival 2019: the number of new or updated online shopping mini-apps increased significantly.

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Weibo’s monthly active users (“MAUs”) reached 486 million in June 2019, a net addition of approximately 55 million users year-over-year. Mobile MAUs represented approximately 94% of MAUs.
Weibo average daily active users (“DAUs”) were 211 million in June 2019, a net addition of about 21 million users year-over-year according to Weibo’s official finance results.

Weibo net revenues increased 1% year-over-year to $431.8 million, representing an increase of 7% on a constant currency basis.

• Advertising and marketing revenues were $370.7 million, flattish year-over-year.
• Value-added service (“VAS”) revenues increased 8% year-over-year to $61.2 million.

Net income attributable to Weibo was $103.0 million, compared to $140.9 for the same period last year, and diluted net income per share was $0.46, compared to $0.62 for the same period last year. Non-GAAP net income attributable to Weibo was $156.4 million, and non-GAAP diluted net income per share was $0.68, both flat year-over-year.

Weibo Financial Results in Q2 2019

For Q2 2019, Weibo’s total net revenues were $431.8 million, an increase of 1% compared to $426.6 million for the same period last year.

Advertising and marketing revenues for the second quarter of 2019 were $370.7 million, compared to $369.9 million for the same period last year. Advertising and marketing revenues from small & medium-sized enterprises (“SMEs”) and key accounts (“KAs”) were $346.5 million, representing an increase of 2% compared to $338.7 million for Q2 2018.

VAS revenues for Q2 2019 were $61.2 million, an increase of 8% year-over-year compared to $56.6 million for the same period last year. The increase was mainly attributable to the revenues derived from the live streaming business acquired in Q4 2018, and was partially offset by the decrease in gaming revenues.

Costs and expenses totaled $280.6 million in Q2 2019, compared to $271.7 million for the same period last year. Non-GAAP costs and expenses were $265.6 million, compared to $259.3 million for the same period last year.

Income from operations for Q2 2019 was $151.3 million, compared to $154.9 million for Q2 2018. Non-GAAP income from operations was $166.2 million, compared to $167.3 million in Q2 2018.

Non-operating loss for Q2 2019 was $24.0 million, compared to an income of $10.9 million for the same period last year. The non-operating loss included investment-related impairment of $31.7 million, which is excluded under non-GAAP measures.

Income tax expenses for Q2 were $26.1million, compared to $25.1 million for the same period last year.

Net income attributable to Weibo for Q2 2019 was $103.0 million, compared to $140.9 million for the same period last year.

Diluted net income per share attributable to Weibo for the second quarter of 2019 was $0.46, compared to $0.62 for the same period last year. Non-GAAP net income attributable to Weibo for the second quarter of 2019 was $156.4 million, compared to $156.1 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for Q2 2019 was $0.68, compared to $0.68 for Q2 2018.

As of June 30, 2019, Weibo’s cash, cash equivalents, and short-term investments totaled $1.56 billion. For the second quarter of 2019, cash provided by operating activities was $132.8 million, capital expenditures totaled $3.2 million, and depreciation and amortization expenses amounted to $6.7 million.

For the third quarter of 2019, Weibo estimates its net revenues to increase 6% year-over-year to 9% year over year on a constant currency basis. This forecast reflects Weibo’s current and preliminary view, which is subject to change.

WeChat MAU up 7% to 1.13 million in Q2 2019; QQ MAU 808 mn

Weibo reported a net addition of approximately 70 million in monthly active users and reached a total of 462 million as of December 2018. Its average daily active users are 200 million in December 2019, roughly 28 million more than 2017.

Weibo Q4 2018 Highlights

• Net revenues were $481.9 million, an increase of 28% year-over-year.
  • Advertising and marketing revenues were $417.0 million, an increase of 25% year-over-year.
  • Value-added service (“VAS”) revenues were $64.9 million, an increase of 44% year-over-year.
  • VAS revenues for Q4 2018 were $64.9 million, an increase of 44% year-over-year compared to $45.1 million for the same period last year,
• Net income attributable to Weibo was $166.5 million, an increase of 27% year-over-year, and diluted net income per share was $0.73, compared to $0.58 for the same period last year.
• Non-GAAP net income attributable to Weibo was $183.6 million, an increase of 26% year-over-year, and non-GAAP diluted net income per share was $0.80, compared to $0.64 for the same period last year.
• Monthly active users (“MAUs”) were 462 million in December 2018, a net addition of approximately 70 million users on year over year basis. Mobile MAUs represented 93% of MAUs.
• Average daily active users (“DAUs”) were 200 million in December 2018, a net addition of approximately 28 million users on year over year basis.

Weibo stock falls after its quarterly earnings report.

Weibo Performance Highlights in 2018

• Net revenues totaled $1.72 billion, an increase of 49% year-over-year.
  • Advertising and marketing revenues were $1.50 billion, an increase of 50% year-over-year.
  • VAS revenues were $219.3 million, an increase of 43% year-over-year.
  • VAS revenues for 2018 were $219.3 million, an increase of 43% compared to $153.3 million for 2017
• Net income attributable to Weibo was $571.8 million, an increase of 62% year-over-year, representing a net margin of 33%, compared to 31% in 2017. Diluted net income per share was $2.52, compared to $1.56 in 2017.
• Non-GAAP net income attributable to Weibo was $624.2 million, an increase of 54% year-over-year, representing a non-GAAP net margin of 36%, compared to 35% in 2017. Non-GAAP diluted net income per share was $2.73, compared to $1.80in 2017.

Weibo Business Outlook

For the first quarter of 2019, Weibo estimates its net revenues to be between $395 million and $405 million, or an increase of 20.5% year over year to 23.5% year over year on a constant currency basis. This forecast reflects the currency translation risks and assumes an average exchange rate of RMB 6.75 to US$1.00.

In 2019, Weibo will continue to invest in platform development in multi-dimension, reinforce social content ecosystem to empower content creators, and capture higher wallet share in digital advertising budget as well as diversifying monetization opportunities in the long run, according to Gaofei Wang, CEO of Weibo.

Check out China’s digital entertainment consumption overview 2019

Weibo reported a net addition of approximately 70 million in MAUs year-on-year to reach 446 million in September 2018. Mobile MAUs represented 93% of total MAUs. DAUs had a net addition of approximately 30 million users year-on-year and reached 195 million.

Net revenue totaled US$460.2 million in Q3 2018, an increase of 44% year-on-year.

• Advertising and marketing revenues were US$409.3 million, an increase of 48% year-on-year. US$380.7 of that were from small & medium-sized enterprises and key accounts.
• Value-added service revenues were US$50.9 million, an increase of 18% year-on-year.

Net income attributable to Weibo was US$165.3 million, an increase of 63% year-on-year, and diluted net income per share was $0.73, compared to $0.45 for the prior year period.

Non-GAAP net income attributable to Weibo was US$171.8 million, an increase of 49% year-on-year. Non-GAAP diluted net income per share was $0.75, compared to $0.51 for the prior year period.

Adjusted EBITDA was US$192.8 million, an increase of 42% year-on-year, or 42% of net revenues, compared to 42% for the prior year period.

Continue to read China’s social media landscape here.

Weibo’s monthly active users (“MAUs”) had a net addition of approximately 70 million users year over year and reached 431 million in June 2018 according to its unaudited financial results for the second quarter ended June 30, 2018. Mobile MAUs represented 93% of MAUs.

Weibo’s average daily active users (“DAUs”) had a net addition of approximately 31 million users year over year and reached 190 million in June 2018.

Its net revenues totaled $426.6 million, an increase of 68% year-over-year, 86.7% of which came from advertising.

• Advertising and marketing revenues were $369.9 million, an increase of 69% year-over-year.
• Value-added service (“VAS”) revenues were $56.6 million, an increase of 62% year-over-year.

Net income attributable to Weibo was $140.9 million, an increase of 92% year-over-year, and diluted net income per share was $0.62, compared to $0.33 for the same period last year.

Non-GAAP net income attributable to Weibo was $156.1 million, an increase of 80% year-over-year, and non-GAAP diluted net income per share was $0.68, compared to $0.38 for the same period last year. Adjusted EBITDA was $173.3 million, an increase of 68% year-over-year, or 41% of net revenues, compared to 41% for the same period last year.

For the third quarter of 2018, Weibo estimates its net revenues to be between $465 million and $475 million, or an increase of 49% to 52% year over year on a constant currency basis.

Check out the popular video app in China, Tik Tok hits 150 mn DAU and 300 mn MAU up in June 2018