In the first quarter of 2024, Weibo (NASDAQ: NASDAQ: WB ) reported an increase in monthly and daily active users, with MAUs reaching 588 million and DAUs at 255 million. The company's total revenue hit $395.5 million, with advertising and marketing revenues accounting for $339 million, despite a 5% decrease on a constant currency basis.
Weibo emphasized its strategic focus on acquiring high-quality users, enhancing its content ecosystem, and improving operational efficiency. The company also reported a substantial 50% increase in ad placements during the Spring Festival, with corresponding gross ad revenues doubling. However, revenue from the cosmetics and beauty industry fell short of expectations, leading Weibo to plan stronger cooperation with e-commerce platforms and domestic brands.
Key Takeaways Weibo's MAUs and DAUs increased to 588 million and 255 million, respectively. Total revenues for Q1 2024 stood at $395.5 million, with ad revenues at $339 million.
Non-GAAP operating income was reported at $125.8 million, indicating a non-GAAP operating margin of 32%. The company saw a 50% increase in ad placements during the Spring Festival, with a doubling in gross ad revenues from festival-related IPs.
Weibo plans to enhance partnerships with Tmall and focus on content marketing to drive growth in various sectors. The company is optimistic about the second half of the year, expecting positive trends in advertising due to the Olympics and other events. Company Outlook Weibo ex.
