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Weibo Registers 22% Revenue Decline In Q2 On Weaker Ad, VAS Revenue Due To COVID-19 Resurgence

  • Weibo Corp (NASDAQ: WBreported a second-quarter FY22 revenue decline of 22% year-on-year to $450.2 million, beating the consensus of $441 million. Revenue declined 19% Y/Y on a CC basis.

  • Segments: Weibo's Advertising and marketing revenues fell 23% Y/Y to $385.6 million. Value-added service (VAS) revenues decreased 10% Y/Y to $64.6 million.

  • Drivers: Monthly active users (MAUs) increased by 16 million Y/Y to 582 million in June 2022, while Average daily active users (DAUs) rose 7 million Y/Y to 252 million.

  • Margin: The non-GAAP operating margin contracted 700 bps to 32% as income from operations fell 34.9% Y/Y.

  • Non-GAAP EPS of $0.46 beat the consensus of $0.43.

  • Weibo held $3 billion in cash and equivalents and generated $83 million in operating cash flow.

  • "We navigated through the challenges from COVID-19 resurgence in the second quarter," said Gaofei Wang, CEO of Weibo. "On monetization, although broad-based headwinds weighed on advertising demand in the near term, we are encouraged to see resilient performance of certain sectors and the gradual pick-up of the overall advertising business after the pandemic."

  • Price Action: WB shares traded lower by 3.29% at $20.01 in the premarket session on the last check Thursday.

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