Weibo Announces Third 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 third quarter ended September 30, 2025.

“We are pleased with our progress made in our intelligent search front,” said Gaofei Wang, CEO of Weibo. “On the user product front, we have completed homepage information feeds product revamp, with recommendation feed as the main product interface to enhance users' content consumption scale and efficiency. On the AI technology application front, the user scale and search queries of Weibo intelligent search continued to grow robustly in the third quarter, which fulfilled and drove users' search demand on the platform. On the monetization front, we further solidified our advantage in content marketing and enhanced the conversion of our promoted feed ad. On the advertising technology front, we continuously strengthened the application of AI technology across the entire advertising process to enhance monetization efficiency.”

Third Quarter 2025 Highlights

— Net revenues were US$442.3 million, a decrease of 5% year-over-year or a decrease of 4% year-over-year on a constant currency basis [1].

— Advertising and marketing revenues were US$375.4 million, a decrease of 6% year-over-year or a decrease of 5% year-over-year on a constant currency basis [1].

— Value-added services (“VAS”) revenues were US$66.9 million, an increase of 2% year-over-year or an increase of 2% year-over-year on a constant currency basis [1].

— Income from operations was US$117.3 million, representing an operating margin of 27%.

— Net income attributable to Weibo's shareholders was US$221.1 million and diluted net income per share was US$0.83.

— Non-GAAP income from operations was US$132.0 million, representing a non-GAAP operating margin of 30%.

— Non-GAAP net income attributable to Weibo's shareholders was US$110.7 million and non-GAAP diluted net income per share was US$0.42.

— Monthly active users (“MAUs”) were 578 million in September 2025.

— Average daily active users (“DAUs”) were 257 million in September 2025.

[1]We define constant currency (non-GAAP) by assuming that the average exchange rate in the third quarter of 2025 was the same as it was in the third quarter of 2024, or RMB7.15=US$1.00.

Third Quarter 2025 Financial Results

For the third quarter of 2025, Weibo's total net revenues were US$442.3 million, a decrease of 5% compared to US$464.5 million for the same period last year.

Advertising and marketing revenues for the third quarter of 2025 were US$375.4 million, a decrease of 6% compared to US$398.6 million for the same period last year. The decrease mainly resulted from less advertising revenue contribution from those sectors which largely benefited from the Paris Olympic Games in the same period last year, such as food and beverage; and the decrease was partially offset by the solid ad revenue growth of e-commerce and automobile sectors. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$329.9 million, a decrease of 13% compared to US$377.1 million for the same period last year. Advertising and marketing revenues from Alibaba were US$45.5 million, an increase of 112% compared to US$21.5 million for the same period last year, mainly attributable to incremental ad budget from its local service initiatives as well as its strong marketing demand for e-commerce activities in the third quarter.

VAS revenues for the third quarter of 2025 were US$66.9 million, an increase of 2% compared to US$65.9 million for the same period last year.

Costs and expenses for thethirdquarter of 2025totaled US$325.0 million, an increase of 1% compared to US$323.2 million for the same period last year.

Income from operations for the thirdquarter of 2025was US$117.3 million, compared to US$141.3 million for the same period last year. Operating margin for the thirdquarter of 2025 was 27%, compared to 30% for the same period last year. Non-GAAP income from operations for the thirdquarter of 2025 was US$132.0 million, compared to US$164.5 million for the same period last year. Non-GAAP operating margin for the thirdquarter of 2025 was 30%, compared to 35% for the same period last year.

Non-operating income for the third quarter of 2025 was US$163.4 million, compared to US$23.6 million for the same period last year. Non-operating income mainly included (i) net interest and other income of US$123.7 million, which reflected an equity method pick up gain of US$117.8 million from a fund investment. The gain resulted from a lag in the reporting of fair value increase of a listed investee held by the fund investment in the second quarter of 2025. The Company expects to record an equity pick up loss from the same fund investment in the fourth quarter of 2025, due to subsequent share price volatility that will be reflected on a lagged basis. Under non-GAAP measures, a total of US$115.2 million net equity pick up gains were excluded; and (ii) gain on fair value change of US$39.5 million from an investment, which was excluded under non-GAAP measures.

Income tax expenses for the thirdquarter of 2025 were US$57.2 million, compared to US$32.2 million for the same period last year, primarily due to the recognition of US$29.4 million deferred tax liability related to equity pick up gains in the third quarter 2025.

Net income attributable to Weibo's shareholders for the third quarter of 2025 was US$221.1 million, compared to US$130.6 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the thirdquarter of 2025 was US$0.83, compared to US$0.50 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the thirdquarter of 2025 was US$110.7 million, compared to US$139.2 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the thirdquarter of 2025was US$0.42, compared to US$0.53 for the same period last year.

As of September 30, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.04 billion. For the thirdquarter of 2025, cash provided by operating activities was US$200.0 million, capital expenditures totaled US$5.1 million, and depreciation and amortization expenses amounted to US$15.4 million.

Conference Call

Weibo's management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 18, 2025 (or 7:00 PM to 8:00 PM Beijing Time on November 18, 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/BI6959cc815a174e4b8da9bc9d0e7e4211

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 Nine months ended September 30, September 30, September 30, September 30, 2024 2025 2024 2025Net revenues:Advertising and marketing $ 398,615 $ 375,373 $ 1,112,843 $ 1,097,831Value-added services 65,865 66,932 185,007 186,127 Net revenues 464,480 442,305 1,297,850 1,283,958Costs and expenses:Cost of revenues (1) 92,381 106,188 268,992 298,441Sales and marketing (1) 123,069 131,399 340,928 336,956Product development (1) 80,411 77,909 232,826 231,998General and administrative (1) 27,297 9,467 78,660 43,341 Total costs and expenses 323,158 324,963 921,406 910,736Income from operations 141,322 117,342 376,444 373,222Non-operating income:Investment related income, net 16,905 39,733 12,180 44,978Interest and other income (loss), net 6,699 123,690 (730) 153,381 23,604 163,423 11,450 198,359Income before income tax expenses 164,926 280,765 387,894 571,581Less: Income tax expenses 32,197 57,242 90,516 113,238Net income 132,729 223,523 297,378 458,343Less: Net income attributable to non-controlling 545 870 1,564 1,633interestsAccretion to redeemable non-controlling 1,617 1,560 3,878 2,968interestsNet income attributable to Weibo's shareholders $ 130,567 $ 221,093 $ 291,936 $ 453,742Basic net income per share attributable to Weibo's $ 0.55 $ 0.93 $ 1.23 $ 1.90shareholdersDiluted net income per share attributable to Weibo's $ 0.50 $ 0.83 $ 1.12 $ 1.71shareholdersShares used in computing basic net income per share attributableto Weibo's shareholders 237,499 238,938 237,107 238,620Shares used in computing diluted net income per share attributableto Weibo's shareholders 265,824 269,382 264,856 268,088(1) Stock-based compensation in each category: Cost of revenues $ 1,539 $ 854 $ 4,839 $ 3,073 Sales and marketing 3,454 1,970 10,488 7,133 Product development 8,593 4,489 27,324 16,669 General and administrative 4,512 3,111 13,666 10,615WEIBO CORPORATIONUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars) As of December 31, September 30, 2024 2025Assets Current assets: Cash and cash equivalents $ 1,890,632 $ 1,081,382 Short-term investments 459,852 963,067 Accounts receivable, net 339,754 379,434 Prepaid expenses and other current assets 348,774 313,994 Amount due from SINA(1) 452,769 439,993 Current assets subtotal 3,491,781 3,177,870 Property and equipment, net 215,034 280,940 Goodwill and intangible assets, net 272,004 265,360 Long-term investments 1,389,199 1,721,691 Other non-current assets 1,136,481 1,452,922 Total assets $ 6,504,499 $ 6,898,783Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity Liabilities: Current liabilities: Accounts payable $ 158,435 $ 217,660 Accrued expenses and other current liabilities 652,369 578,680 Income tax payable 84,690 71,412 Deferred revenues 72,642 81,900 Current liabilities subtotal 968,136 949,652 Long-term liabilities: Convertible senior notes 320,803 323,159 Unsecured senior notes 744,662 745,388 Long-term loans 795,311 793,060 Other long-term liabilities 96,701 150,394 Total liabilities 2,925,613 2,961,653 Redeemable non-controlling interests 45,103 28,426 Shareholders' equity : Weibo shareholders' equity 3,482,771 3,854,720 Non-controlling interests 51,012 53,984 Total shareholders' equity 3,533,783 3,908,704 Total liabilities, redeemable non-controlling interests and $ 6,504,499 $ 6,898,783 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$406.6 million as of September 30, 2025.WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S. dollars, except per share data) Three months ended Nine months ended September 30, September 30, September 30, September 30, 2024 2025 2024 2025Income from operations $ 141,322 $ 117,342 $ 376,444 $ 373,222Add: Stock-based compensation 18,098 10,424 56,317 37,490 Amortization of intangible assets resulting from business acquisitions 5,112 4,197 15,182 12,480Non-GAAP income from operations $ 164,532 $ 131,963 $ 447,943 $ 423,192Net income attributable to Weibo's shareholders $ 130,567 $ 221,093 $ 291,936 $ 453,742Add: Stock-based compensation 18,098 10,424 56,317 37,490 Amortization of intangible assets resulting from business 5,112 4,197 15,182 12,480 acquisitions Investment related gain/loss, net (1) (16,905) (39,733) (12,180) (44,978) Non-GAAP to GAAP reconciling items on the share of equity 1,975 (115,222) 18,921 (116,825) method investments Non-GAAP to GAAP reconciling items for the income/loss (501) (505) (1,372) (1,575) attributable to non-controlling interests Tax effects on non-GAAP adjustments (2) (1,112) 28,501 (3,297) 27,282 Amortization of issuance cost of convertible senior notes, unsecured 1,951 1,943 6,542 5,829 senior notes and long-term loansNon-GAAP net income attributable to Weibo's shareholders $ 139,185 $ 110,698 $ 372,049 $ 373,445Non-GAAP diluted net income per share attributable to Weibo's $ 0.53 * $ 0.42 * $ 1.42 * $ 1.41 *shareholdersShares used in computing GAAP diluted net income per share attributable 265,824 269,382 264,856 268,088to Weibo's shareholdersShares used in computing non-GAAP diluted net income per share 265,824 269,382 264,856 268,088attributable to Weibo's shareholdersAdjusted EBITDA: Net income attributable to Weibo's shareholders $ 130,567 $ 221,093 $ 291,936 $ 453,742 Non-GAAP adjustments 8,618 (110,395) 80,113 (80,297) Non-GAAP net income attributable to Weibo's shareholders 139,185 110,698 372,049 373,445 Interest income, net (6,348) (5,132) (24,909) (29,216) Income tax expenses 33,309 28,741 93,813 85,956 Depreciation expenses 8,985 10,979 27,571 30,491 Adjusted EBITDA $ 175,131 $ 145,286 $ 468,524 $ 460,676Net revenues $ 464,480 $ 442,305 $ 1,297,850 $ 1,283,958Non-GAAP operating margin 35% 30% 35% 33%(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 Nine months ended September 30, September 30, September 30, September 30, 2024 2025 2024 2025Net revenues Advertising and marketing Non-Ali advertisers $ 377,112 $ 329,889 $ 1,036,380 $ 973,993 Alibaba 21,503 45,484 76,463 123,838 Subtotal 398,615 375,373 1,112,843 1,097,831 Value-added services 65,865 66,932 185,007 186,127 $ 464,480 $ 442,305 $ 1,297,850 $ 1,283,958

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