Weibo Announces Second Quarter 2025 Unaudited Financial Results

Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

“We delivered solid performance this quarter,” said Gaofei Wang, CEO of Weibo. “On the user product front, we focused on the integration of social products and upgrade of recommendation system, which are aimed at improving user engagement and content consumption on the platform. On the AI technology application front, our user community of AI-powered intelligent searchgrew robustly, which further drove the increase of the overall search needs of users. On the monetization front, our advertising business exhibited solid trend this quarter, leveraging our strengths in new product launch marketing and our capability to capture advertising budget during the e-commerce season.”

Second Quarter 2025 Highlights

— Net revenues were US$444.8 million, an increase of 2% year-over-year or an increase of 1% year-over-year on a constant currency basis [1].

— Advertising and marketing revenues were US$383.4 million, an increase of 2% year-over-year or an increase of 2% year-over-year on a constant currency basis [1].

— Value-added services (“VAS”) revenues were US$61.4 million, a decrease of 2% year-over-year or a decrease of 2% year-over-year on a constant currency basis [1].

— Income from operations was US$145.6 million, an increase of 8% year-over-year, representing an operating margin of 33%.

— Net income attributable to Weibo's shareholders was US$125.7 million and diluted net income per share was US$0.48.

— Non-GAAP income from operations was US$161.8 million, an increase of 3% year-over-year, representing a non-GAAP operating margin of 36%.

— Non-GAAP net income attributable to Weibo's shareholders was US$143.2 million and non-GAAP diluted net income per share was US$0.54.

— Monthly active users (“MAUs”) were 588 million in June 2025.

— Average daily active users (“DAUs”) were 261 million in June 2025.

[1]We define constant currency (non-GAAP) by assuming that the average exchange rate in the second quarter of 2025 was the same as it was in the second quarter of 2024, or RMB7.23=US$1.00.

Second Quarter 2025 Financial Results

For the second quarter of 2025, Weibo's total net revenues were US$444.8 million, an increase of 2% compared to US$437.9 million for the same period last year.

Advertising and marketing revenues for the second quarter of 2025 were US$383.4 million, an increase of 2% compared to US$375.3 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$347.6 million, an increase of 1% compared to US$342.9 million for the same period last year. Advertising and marketing revenues from Alibaba were US$35.7 million, an increase of 10% compared to US$32.4 million for the same period last year, mainly attributable to incremental marketing demand for the June 18 e-commerce festival.

VAS revenues for the second quarter of 2025 were US$61.4 million, a decrease of 2% compared to US$62.6 million for the same period last year.

Costs and expenses for thesecond quarter of 2025totaled US$299.2 million, a decrease of 1% compared to US$302.5 million for the same period last year. The decrease mainly resulted from the decrease of general and administrative expenses year-over-year, partially offset by the increase in cost of revenues and product development expenses year-over-year. The decrease of general and administrative expenses was primarily due to the collection of an accounts receivable in the second quarter of 2025 which had previously been recognized as bad debt expenses and written off in the past period.

Income from operations for the second quarter of 2025 was US$145.6 million, an increase of 8% compared to US$135.4 million for the same period last year. Operating margin for the second quarter of 2025 was 33%, compared to 31% for the same period last year. Non-GAAP income from operations for the second quarter of 2025 was US$161.8 million, compared to US$157.6 million for the same period last year. Non-GAAP operating margin for the second quarter of 2025 was 36%, at similar level compared to the same period last year.

Non-operating income for the second quarter of 2025 was US$12.8 million, compared to US$11.4 million for the same period last year. Non-operating income for the second quarter of 2025 mainly included (i) net interest and other income of US$15.9 million; and (ii) investment related impairment of US$4.9 million, which was excluded under non-GAAP measures.

Income tax expenses for the second quarter of 2025 were US$31.7 million, compared to US$33.3 million for the same period last year.

Net income attributable to Weibo's shareholders for the second quarter of 2025 was US$125.7 million, compared to US$111.9 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the second quarter of 2025 was US$0.48, compared to US$0.43 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the second quarter of 2025 was US$143.2 million, compared to US$126.3 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the second quarter of 2025 was US$0.54, compared to US$0.48 for the same period last year.

As of June 30, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.11 billion. For the second quarter of 2025, cash provided by operating activities was US$24.8 million, capital expenditures totaled US$17.6 million, and depreciation and amortization expenses amounted to US$14.8 million.

Conference Call

Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on August 14, 2025 (or 7:00 PM to 8:00 PM Beijing Time on August 14, 2025) to present an overview of the Company's financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial-in and instructions will be provided in the confirmation email upon registering.

Participants Registration Link: https://register-conf.media-server.com/register/BIca78327ff60c4790b7850d5dc2a37d25

Additionally, a live and archived webcast of this conference call will be available at http://ir.weibo.com.

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo's shareholders, non-GAAP diluted net income per share attributable to Weibo's shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP.

The Company's non-GAAP financial measures excludestock-based compensation, amortization of intangible assets resulting from business acquisitions,net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo's shareholders beforeinterest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”

About Weibo

Weibois a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships onWeibomay be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature ofWeiboallows an original feed to become a live viral conversation stream.

Weiboenables its advertising and marketing customers to promote their brands, products and services to users.Weibooffers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. Weare continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo's expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:

Investor Relations Weibo Corporation Phone: +86 10 5898-3336 Email: ir@staff.weibo.com

WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S. dollars, except per share data) Three months ended Six months ended June 30, June 30, June 30, June 30, 2024 2025 2024 2025Net revenues:Advertising and marketing $ 375,277 $ 383,352 $ 714,228 $ 722,458Value-added services 62,596 61,446 119,142 119,195 Net revenues 437,873 444,798 833,370 841,653Costs and expenses:Cost of revenues (1) 89,790 103,451 176,611 192,253Sales and marketing (1) 114,232 109,747 217,859 205,557Product development (1) 71,689 78,068 152,415 154,089General and administrative (1) 26,777 7,962 51,363 33,874 Total costs and expenses 302,488 299,228 598,248 585,773Income from operations 135,385 145,570 235,122 255,880Non-operating income (loss):Investment related income (loss), net 245 (3,112) (4,725) 5,245Interest and other income (loss), net 11,182 15,945 (7,429) 29,691 11,427 12,833 (12,154) 34,936Income before income tax expenses 146,812 158,403 222,968 290,816Less: Income tax expenses 33,275 31,705 58,319 55,996Net income 113,537 126,698 164,649 234,820Less: Net income attributable to non-controlling interests 471 429 1,019 763Accretion to redeemable non-controlling interests 1,135 584 2,261 1,408Net income attributable to Weibo's shareholders $ 111,931 $ 125,685 $ 161,369 $ 232,649Basic net income per share attributable to Weibo's shareholders $ 0.47 $ 0.53 $ 0.68 $ 0.98Diluted net income per share attributable to Weibo's shareholders $ 0.43 $ 0.48 $ 0.63 $ 0.88Shares used in computing basic net income per share attributableto Weibo's shareholders 237,124 238,632 236,909 238,459Shares used in computing diluted net income per share attributableto Weibo's shareholders 265,086 268,346 264,365 267,429(1) Stock-based compensation in each category: Cost of revenues $ 1,527 $ 980 $ 3,300 $ 2,219 Sales and marketing 3,211 2,234 7,034 5,163 Product development 8,293 5,340 18,731 12,180 General and administrative 4,176 3,465 9,154 7,504WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars) As of December 31, June 30, 2024 2025Assets Current assets: Cash and cash equivalents $ 1,890,632 $ 1,156,292 Short-term investments 459,852 952,876 Accounts receivable, net 339,754 376,540 Prepaid expenses and other current assets 348,774 339,402 Amount due from SINA(1) 452,769 452,953 Current assets subtotal 3,491,781 3,278,063 Property and equipment, net 215,034 280,622 Goodwill and intangible assets, net 272,004 268,159 Long-term investments 1,389,199 1,419,411 Other non-current assets 1,136,481 1,292,890 Total assets $ 6,504,499 $ 6,539,145Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity Liabilities: Current liabilities: Accounts payable $ 158,435 $ 186,790 Accrued expenses and other current liabilities 652,369 582,521 Income tax payable 84,690 50,295 Deferred revenues 72,642 77,272 Current liabilities subtotal 968,136 896,878 Long-term liabilities: Convertible senior notes 320,803 322,374 Unsecured senior notes 744,662 745,146 Long-term loans 795,311 797,144 Other long-term liabilities 96,701 101,895 Total liabilities 2,925,613 2,863,437 Redeemable non-controlling interests 45,103 25,817 Shareholders' equity : Weibo shareholders' equity 3,482,771 3,597,121 Non-controlling interests 51,012 52,770 Total shareholders' equity 3,533,783 3,649,891 Total liabilities, redeemable non-controlling interests and $ 6,504,499 $ 6,539,145 shareholders' equity (1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$410.2 million as of June 30, 2025.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S. dollars, except per share data) Three months ended Six months ended June 30, June 30, June 30, June 30, 2024 2025 2024 2025Income from operations $ 135,385 $ 145,570 $ 235,122 $ 255,880Add: Stock-based compensation 17,207 12,019 38,219 27,066 Amortization of intangible assets resulting from business acquisitions 5,011 4,161 10,070 8,283Non-GAAP income from operations $ 157,603 $ 161,750 $ 283,411 $ 291,229Net income attributable to Weibo's shareholders $ 111,931 $ 125,685 $ 161,369 $ 232,649Add: Stock-based compensation 17,207 12,019 38,219 27,066 Amortization of intangible assets resulting from businessacquisitions 5,011 4,161 10,070 8,283 Investment related gain/loss, net (1) (245) 3,112 4,725 (5,245) Non-GAAP to GAAP reconciling items on the share of equitymethod investments (8,412) (2,642) 16,946 (1,603) Non-GAAP to GAAP reconciling items for the income/lossattributable to non-controlling interests (435) (578) (871) (1,070) Tax effects on non-GAAP adjustments (2) (1,082) (485) (2,185) (1,219) Amortization of issuance cost of convertible senior notes, unsecuredsenior notes and long-term loans 2,277 1,943 4,591 3,886Non-GAAP net income attributable to Weibo's shareholders $ 126,252 $ 143,215 $ 232,864 $ 262,747Non-GAAP diluted net income per share attributable to Weibo'sshareholders $ 0.48 * $ 0.54 * $ 0.89 * $ 0.99 *Shares used in computing GAAP diluted net income per share attributableto Weibo's shareholders 265,086 268,346 264,365 267,429Shares used in computing non-GAAP diluted net income per share attributable to Weibo's shareholders 265,086 268,346 264,365 267,429Adjusted EBITDA: Net income attributable to Weibo's shareholders $ 111,931 $ 125,685 $ 161,369 $ 232,649 Non-GAAP adjustments 14,321 17,530 71,495 30,098 Non-GAAP net income attributable to Weibo's shareholders 126,252 143,215 232,864 262,747 Interest income, net (9,410) (10,098) (18,561) (24,084) Income tax expenses 34,357 32,190 60,504 57,215 Depreciation expenses 9,169 10,363 18,586 19,512 Adjusted EBITDA $ 160,368 $ 175,670 $ 293,393 $ 315,390Net revenues $ 437,873 $ 444,798 $ 833,370 $ 841,653Non-GAAP operating margin 36% 36% 34% 35%(1) To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments.(2) To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.* Net income attributable to Weibo's shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.WEIBO CORPORATIONUNAUDITED ADDITIONAL INFORMATION(In thousands of U.S. dollars) Three months ended Six months ended June 30, June 30, June 30, June 30, 2024 2025 2024 2025Net revenues Advertising and marketing Non-Ali advertisers $ 342,868 $ 347,610 $ 659,268 $ 644,104 Alibaba 32,409 35,742 54,960 78,354 Subtotal 375,277 383,352 714,228 722,458 Value-added services 62,596 61,446 119,142 119,195 $ 437,873 $ 444,798 $ 833,370 $ 841,653

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