UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-36397
Weibo Corporation
(Registrant’s Name)
8/F, QIHAO Plaza, No. 8 Xinyuan S. Road
Chaoyang District, Beijing 100027
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WEIBO CORPORATION | ||
| Date: November 9, 2023 | By: | /s/ Fei Cao |
| Fei Cao | ||
| Chief Financial Officer | ||
Exhibit 99.1
Weibo Reports Third Quarter 2023 Unaudited Financial Results
BEIJING, China – November 9, 2023 – 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, 2023.
“We further improved our platform's traffic structure and enhanced our operating efficiency this quarter,” said Gaofei Wang, CEO of Weibo. “On user front, our MAUs crossed the 600 million milestone and continued to grow healthily. On content operation, we focused on reinforcing our content ecosystem through developing key content verticals, aiming to drive traffic growth across various content verticals, improve user engagement and unlock monetization potentials of our platform. On monetization, our advertising business exhibited modest recovery this quarter. We also achieved further margin expansion through solid execution of our efficiency initiatives, with operating margin and non-GAAP operating margin reaching 30% and 37% this quarter, respectively.”
Third Quarter 2023 Highlights
| · | Net revenues were US$442.2 million, a decrease of 3% year-over-year or an increase of 2% year-over-year on a constant currency basis [1]. |
| · | Advertising and marketing revenues were US$389.3 million, a decrease of 1% year-over-year or an increase of 3% year-over-year on a constant currency basis [1]. |
| · | Value-added services (“VAS”) revenues were US$52.9 million, a decrease of 12% year-over-year or a decrease of 7% year-over-year on a constant currency basis [1]. |
| · | Income from operations was US$134.0 million, representing an operating margin of 30%. |
| · | Net income attributable to Weibo’s shareholders was US$77.5 million and diluted net income per share was US$0.32. |
| · | Non-GAAP income from operations was US$163.9 million, representing a non-GAAP operating margin of 37%. |
| · | Non-GAAP net income attributable to Weibo’s shareholders was US$136.6 million and non-GAAP diluted net income per share was US$0.57. |
| · | Monthly active users (“MAUs”) were 605 million in September 2023, a net addition of approximately 21 million users on a year-over-year basis. Mobile MAUs represented 95% of MAUs. |
| · | Average daily active users (“DAUs”) were 260 million in September 2023, a net addition of approximately 8 million users on a year-over-year basis. |
[1] On a constant currency (non-GAAP) basis, we assume that the exchange rate in the third quarter of 2023 had been the same as it was in the third quarter of 2022, or RMB6.85=US$1.00.
Third Quarter 2023 Financial Results
For the third quarter of 2023, Weibo’s total net revenues were US$442.2 million, a decrease of 3% compared to US$453.6 million for the same period last year.
Advertising and marketing revenues for the third quarter of 2023 were US$389.3 million, a decrease of 1% compared to US$393.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were US$367.6 million, a decrease of 3% compared to US$378.4 million for the same period last year.
VAS revenues for the third quarter of 2023 were US$52.9 million, a decrease of 12% year-over-year compared to US$60.1 million for the same period last year, primarily due to decrease of game-related revenues.
Costs and expenses for the third quarter of 2023 totaled US$308.2 million, a decrease of 7% compared to US$330.3 million for the same period last year. The decrease of costs and expenses was mainly resulted from unfavorable foreign exchange impact on the reported numbers as well as decrease of personnel related costs.
Income from operations for the third quarter of 2023 was US$134.0 million, compared to US$123.2 million for the same period last year. Operating margin was 30%, compared to 27% last year. Non-GAAP income from operations was US$163.9 million, compared to US$162.1 million for the same period last year. Non-GAAP operating margin was 37%, compared to 36% last year.
Non-operating loss for the third quarter of 2023 was US$28.4 million, compared to US$120.4 million for the same period last year. Non-operating loss for the third quarter of 2023 mainly included (i) a US$19.5 million net interest and other loss; (ii) a US$15.9 million investment related impairment, which was excluded under non-GAAP measures; and (iii) a US$6.9 million gain from fair value change of investments in DiDi Global Inc. (OTC Pink: DIDIY), which was excluded under non-GAAP measures.
Income tax expenses were US$25.4 million, compared to US$19.8 million for the same period last year.
Net income attributable to Weibo’s shareholders for the third quarter of 2023 was US$77.5 million, compared to a loss of US$17.1 million for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2023 was US$0.32, compared to diluted net loss per share attributable to Weibo’s shareholders of US$0.07 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the third quarter of 2023 was US$136.6 million, compared to US$119.0 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2023 was US$0.57, compared to US$0.50 for the same period last year.
As of September 30, 2023, Weibo’s cash, cash equivalents and short-term investments totaled US$2.8 billion. For the third quarter of 2023, cash provided by operating activities was US$131.6 million, capital expenditures totaled US$7.8 million, and depreciation and amortization expenses amounted to US$13.9 million.
Conference Call
Weibo's management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 9, 2023 (or 7:00 PM to 8:00 PM Beijing Time on November 9, 2023) 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 instruction will be in the confirmation email upon registering.
Participants Registration Link: https://register.vevent.com/register/BI29b93112bc7446d5b0a9680e9ba2f1d7
Additionally, a live and archived webcast of this conference call will 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 exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, non-cash compensation cost to non-controlling interest shareholders, impairment of intangible assets, 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 debt, senior notes and long-term loans. Adjusted EBITDA excludes interest income/expense, net, income tax expenses, 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
Weibo is 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 on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.
Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company 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. Designed with a “mobile first” philosophy, Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. To support the mobile format, we have developed and 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 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 report on Form 20-Fs 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 CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per share data)
| Three months ended | Nine months ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2022 | 2023 | 2023 | 2022 | 2023 | ||||||||||||||||
| Net revenues: | ||||||||||||||||||||
| Advertising and marketing | $ | 393,426 | $ | 385,674 | $ | 389,301 | $ | 1,206,106 | $ | 1,130,275 | ||||||||||
| Value-added services | 60,134 | 54,566 | 52,850 | 182,228 | 165,894 | |||||||||||||||
| Net revenues | 453,560 | 440,240 | 442,151 | 1,388,334 | 1,296,169 | |||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
| Cost of revenues (1) | 94,383 | 94,272 | 93,998 | 294,498 | 274,123 | |||||||||||||||
| Sales and marketing (1) | 113,619 | 105,425 | 109,776 | 354,442 | 321,695 | |||||||||||||||
| Product development (1) | 97,025 | 92,945 | 82,764 | 315,862 | 266,385 | |||||||||||||||
| General and administrative (1) | 25,322 | 24,145 | 21,627 | 93,358 | 80,037 | |||||||||||||||
| Impairment of intangible assets | - | - | - | 10,176 | - | |||||||||||||||
| Total costs and expenses | 330,349 | 316,787 | 308,165 | 1,068,336 | 942,240 | |||||||||||||||
| Income from operations | 123,211 | 123,453 | 133,986 | 319,998 | 353,929 | |||||||||||||||
| Non-operating loss: | ||||||||||||||||||||
| Investment related loss, net | (105,901 | ) | (25,190 | ) | (8,915 | ) | (309,527 | ) | (6,950 | ) | ||||||||||
| Interest and other income (loss), net | (14,460 | ) | 11,357 | (19,498 | ) | (21,765 | ) | (5,459 | ) | |||||||||||
| (120,361 | ) | (13,833 | ) | (28,413 | ) | (331,292 | ) | (12,409 | ) | |||||||||||
| Income (loss) before income tax expenses | 2,850 | 109,620 | 105,573 | (11,294 | ) | 341,520 | ||||||||||||||
| Less: Income tax expenses | 19,760 | 25,450 | 25,407 | 48,978 | 72,709 | |||||||||||||||
| Net income (loss) | (16,910 | ) | 84,170 | 80,166 | (60,272 | ) | 268,811 | |||||||||||||
| Less: Net income (loss) attributable to non-controlling interests | 227 | 257 | 474 | (3,911 | ) | 1,287 | ||||||||||||||
| Accretion to redeemable non-controlling interests | - | 2,526 | 2,203 | - | 8,156 | |||||||||||||||
| Net income (loss) attributable to Weibo’s shareholders | $ | (17,137 | ) | $ | 81,387 | $ | 77,489 | $ | (56,361 | ) | $ | 259,368 | ||||||||
| Basic net income (loss) per share attributable to Weibo’s shareholders | $ | (0.07 | ) | $ | 0.35 | $ | 0.33 | $ | (0.24 | ) | $ | 1.10 | ||||||||
| Diluted net income (loss) per share attributable to Weibo’s shareholders | $ | (0.07 | ) | $ | 0.34 | $ | 0.32 | $ | (0.24 | ) | $ | 1.09 | ||||||||
| Shares used in computing basic net income (loss) per share attributable to Weibo’s shareholders | 235,894 | 235,361 | 235,842 | 235,543 | 235,307 | |||||||||||||||
| Shares used in computing diluted net income (loss) per share attributable to Weibo’s shareholders | 235,894 | 237,886 | 238,655 | 235,543 | 237,817 | |||||||||||||||
| (1) Stock-based compensation in each category: | ||||||||||||||||||||
| Cost of revenues | $ | 2,544 | $ | 2,238 | $ | 2,308 | $ | 7,597 | $ | 7,082 | ||||||||||
| Sales and marketing | 5,107 | 4,113 | 4,243 | 15,224 | 12,969 | |||||||||||||||
| Product development | 14,424 | 13,256 | 13,306 | 44,520 | 40,362 | |||||||||||||||
| General and administrative | 7,749 | 6,460 | 5,834 | 20,995 | 18,970 | |||||||||||||||
| WEIBO CORPORATION | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands of U.S. dollars) | ||||||||
| December 31, | September 30, | |||||||
| 2022 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,690,768 | $ | 2,455,007 | ||||
| Short-term investments | 480,428 | 314,629 | ||||||
| Accounts receivable, net | 502,443 | 434,069 | ||||||
| Prepaid expenses and other current assets | 391,502 | 374,940 | ||||||
| Amount due from SINA(1) | 487,117 | 497,108 | ||||||
| Current assets subtotal | 4,552,258 | 4,075,753 | ||||||
| Property and equipment, net | 249,553 | 216,765 | ||||||
| Goodwill and intangible assets, net | 245,223 | 218,428 | ||||||
| Long-term investments | 993,630 | 1,283,578 | ||||||
| Other non-current assets | 1,088,790 | 916,013 | ||||||
| Total assets | $ | 7,129,454 | $ | 6,710,537 | ||||
| Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity | ||||||||
| Liabilities: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 161,029 | $ | 156,243 | ||||
| Accrued expenses and other current liabilities | 923,678 | 606,608 | ||||||
| Income tax payable | 55,282 | 74,887 | ||||||
| Deferred revenues | 79,949 | 79,028 | ||||||
| Unsecured senior notes | - | 798,991 | ||||||
| Current liabilities subtotal | 1,219,938 | 1,715,757 | ||||||
| Long-term liabilities: | ||||||||
| Unsecured senior notes | 1,540,717 | 743,453 | ||||||
| Long-term loans | 880,855 | 888,947 | ||||||
| Other long-term liabilities | 97,404 | 84,930 | ||||||
| Total liabilities | 3,738,914 | 3,433,087 | ||||||
| Redeemable non-controlling interests | 45,795 | 59,296 | ||||||
| Shareholders’ equity : | ||||||||
| Weibo shareholders’ equity | 3,330,250 | 3,207,129 | ||||||
| Non-controlling interests | 14,495 | 11,025 | ||||||
| Total shareholders’ equity | 3,344,745 | 3,218,154 | ||||||
| Total liabilities, redeemable non-controlling interests and shareholders’ equity | $ | 7,129,454 | $ | 6,710,537 | ||||
(1) Included short-term loans to and interest receivable from SINA of US$420.4 million as of December 31, 2022 and US$429.0 million as of September 30, 2023.
| WEIBO CORPORATION | |||||||||||||||||
| UNAUDITED 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, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2022 | 2023 | 2023 | 2022 | 2023 | ||||||||||||||||
| Income from operations | $ | 123,211 | $ | 123,453 | $ | 133,986 | $ | 319,998 | $ | 353,929 | ||||||||||
| Add: Stock-based compensation | 29,824 | 26,067 | 25,691 | 88,336 | 79,383 | |||||||||||||||
| Amortization of intangible assets resulting from business acquisitions | 4,381 | 4,271 | 4,209 | 15,027 | 12,919 | |||||||||||||||
| Accrual of non-cash compensation cost to non-controlling interest shareholders | 4,689 | - | - | 15,587 | - | |||||||||||||||
| Impairment of intangible assets | - | - | - | 10,176 | - | |||||||||||||||
| Non-GAAP income from operations | $ | 162,105 | $ | 153,791 | $ | 163,886 | $ | 449,124 | $ | 446,231 | ||||||||||
| Net income (loss) attributable to Weibo’s shareholders | $ | (17,137 | ) | $ | 81,387 | $ | 77,489 | $ | (56,361 | ) | $ | 259,368 | ||||||||
| Add: Stock-based compensation | 29,824 | 26,067 | 25,691 | 88,336 | 79,383 | |||||||||||||||
| Amortization of intangible assets resulting from business acquisitions | 4,381 | 4,271 | 4,209 | 15,027 | 12,919 | |||||||||||||||
| Accrual of non-cash compensation cost to non-controlling interest shareholders | 4,689 | - | - | 15,587 | - | |||||||||||||||
| Impairment of intangible assets | - | - | - | 10,176 | - | |||||||||||||||
| Investment related gain/loss, net (1) | 105,901 | 25,190 | 8,915 | 309,527 | 6,950 | |||||||||||||||
| Non-GAAP to GAAP reconciling items on the share of equity method investments | (3,503 | ) | (11,262 | ) | 19,430 | 2,414 | 12,351 | |||||||||||||
| Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests | (154 | ) | (156 | ) | (101 | ) | (5,063 | ) | (414 | ) | ||||||||||
| Tax effects on non-GAAP adjustments (2) | (6,605 | ) | (727 | ) | (645 | ) | (22,917 | ) | (1,176 | ) | ||||||||||
| Amortization of issuance cost of convertible debt, unsecured senior notes and long-term loans | 1,611 | 1,606 | 1,607 | 4,833 | 4,819 | |||||||||||||||
| Non-GAAP net income attributable to Weibo’s shareholders | $ | 119,007 | $ | 126,376 | $ | 136,595 | $ | 361,559 | $ | 374,200 | ||||||||||
| Non-GAAP diluted net income per share attributable to Weibo’s shareholders | $ | 0.50 | * | $ | 0.53 | $ | 0.57 | $ | 1.52 | * | $ | 1.57 | ||||||||
| Shares used in computing GAAP diluted net income (loss) per share attributable to Weibo’s shareholders | 235,894 | 237,886 | 238,655 | 235,543 | 237,817 | |||||||||||||||
| Add: The number of shares for dilution resulted from convertible debt (3) | 6,753 | - | - | 6,753 | - | |||||||||||||||
| The number of shares for dilution resulted from unvested restricted share units (3) | 1,550 | - | - | 1,167 | - | |||||||||||||||
| Shares used in computing non-GAAP diluted net income per share attributable to Weibo’s shareholders | 244,197 | 237,886 | 238,655 | 243,463 | 237,817 | |||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||
| Net income (loss) attributable to Weibo’s shareholders | $ | (17,137 | ) | $ | 81,387 | $ | 77,489 | $ | (56,361 | ) | $ | 259,368 | ||||||||
| Non-GAAP adjustments | 136,144 | 44,989 | 59,106 | 417,920 | 114,832 | |||||||||||||||
| Non-GAAP net income attributable to Weibo’s shareholders | 119,007 | 126,376 | 136,595 | 361,559 | 374,200 | |||||||||||||||
| Interest (income) expense, net | (8,896 | ) | 1,366 | 2,823 | (28,325 | ) | (5,554 | ) | ||||||||||||
| Income tax expenses | 26,365 | 26,177 | 26,052 | 71,895 | 73,886 | |||||||||||||||
| Depreciation expenses | 8,268 | 9,962 | 9,354 | 25,614 | 29,917 | |||||||||||||||
| Adjusted EBITDA | $ | 144,744 | $ | 163,881 | $ | 174,824 | $ | 430,743 | $ | 472,449 | ||||||||||
| (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 and impairment 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. |
| (3) | To adjust the number of shares for dilution resulted from convertible debt and unvested restricted share units which were anti-dilutive under GAAP measures. |
| * | Net income attributable to Weibo’s shareholders is adjusted for interest expense of convertible debt for calculating diluted EPS. |
| WEIBO CORPORATION | |||||||||||
| UNAUDITED ADDITIONAL INFORMATION | |||||||||||
| (In thousands of U.S. dollars) | |||||||||||
| Three months ended | Nine months ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2022 | 2023 | 2023 | 2022 | 2023 | ||||||||||||||||
| Net revenues | ||||||||||||||||||||
| Advertising and marketing | ||||||||||||||||||||
| Non-Ali advertisers | $ | 378,378 | $ | 358,894 | $ | 367,633 | $ | 1,141,405 | $ | 1,063,558 | ||||||||||
| Alibaba - as an advertiser | 15,048 | 26,780 | 21,668 | 64,701 | 66,717 | |||||||||||||||
| Subtotal | 393,426 | 385,674 | 389,301 | 1,206,106 | 1,130,275 | |||||||||||||||
| Value-added services | 60,134 | 54,566 | 52,850 | 182,228 | 165,894 | |||||||||||||||
| $ | 453,560 | $ | 440,240 | $ | 442,151 | $ | 1,388,334 | $ | 1,296,169 | |||||||||||
Exhibit 99.2
Hong Kong Exchanges and Clearing Limited and The Stock Exchangeof Hong Kong Limited take no responsibilityfor the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Weibo Corporation
微 博 股 份 有 限 公 司
(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)
(Stock code: 9898)
CHANGE OF ADDRESS OF PRINCIPAL PLACE OF
BUSINESS IN HONG KONG
The board of directors (the “Board”) of Weibo Corporation (the “Company”) hereby announces that with effect from November 9, 2023, the address of the principal place of business in Hong Kong of the Company will be relocated from 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong to Unit 3, 20/F, Futura Plaza, 111-113 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
| By order of the Board | |
| Weibo Corporation | |
| Mr. Charles Guowei Chao | |
| Chairman of the Board |
Hong Kong, November 9, 2023
As at the date of this announcement, the board of directors of the Company comprises Mr. Charles Guowei Chao, Mr. Gaofei Wang, Ms. Hong Du and Mr. Bo Liu, as the directors, and Mr. Pochin Christopher Lu, Mr. Pehong Chen and Mr. Yan Wang as the independent directors.