Weibo Corporation (Nasdaq: WB / HKEX: 9898), a leading Chinese social media company, today announced its unaudited financial results for the first quarter ended March 31, 2026.
"We are pleased with our performance in the first quarter," said Wang Gaofei, Chief Executive Officer of Weibo. "On the user and product front, we optimized the consumption experience of the home feed and enhanced the supply and distribution of high-quality video content, effectively improving user retention and engagement. Regarding our content ecosystem, by elevating the quality of trending content, deepening community interactions, and strengthening AI search capabilities, we further enhanced user content consumption efficiency and interactive experience. In commercialization, our advertising business delivered steady performance during the quarter. We will continue to promote Weibo's content marketing solutions to more industries and clients, while leveraging AI technology to systematically improve advertising conversion efficiency."
**Key Financial and Operational Highlights for Q1 2026**
* **Net revenues** were $421.3 million, an increase of 6% year-over-year, or a 1% increase on a constant currency basis. * **Advertising and marketing revenues** were $369.8 million, an increase of 9% year-over-year, or a 3% increase on a constant currency basis. * **Value-added services (VAS) revenues** were $51.6 million, a decrease of 11% year-over-year, or a 15% decrease on a constant currency basis. * **Operating income** was $110.9 million, with an operating margin of 26%. * **Net income attributable to Weibo's shareholders** was $34.7 million, with diluted net income per share of $0.14. * **Non-GAAP operating income** was $119.8 million, with a non-GAAP operating margin of 28%. * **Non-GAAP net income attributable to Weibo's shareholders** was $91.9 million, with non-GAAP diluted net income per share of $0.34. * **Monthly Active Users (MAUs)** for March 2026 were 562 million. * **Average Daily Active Users (DAUs)** for March 2026 were 254 million.
**Q1 2026 Financial Performance**
Total net revenues for the first quarter of 2026 were $421.3 million, an increase of 6% compared to $396.9 million in the same period last year.
Advertising and marketing revenues for the first quarter of 2026 were $369.8 million, an increase of 9% compared to $339.1 million in the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were $326.5 million, an increase of 10% compared to $296.5 million in the same period last year. The increase was primarily attributable to a favorable foreign exchange impact on reported figures and increased advertising demand from certain industries such as internet services, automotive, and local services. Advertising and marketing revenues from Alibaba were $43.3 million, an increase of 2% compared to $42.6 million in the same period last year.
VAS revenues for the first quarter of 2026 were $51.6 million, a decrease of 11% compared to $57.7 million in the same period last year, primarily due to a decrease in revenue contribution from game-related businesses.
Total costs and expenses for the first quarter of 2026 were $310.4 million, an increase of 8% compared to $286.5 million in the same period last year. The increase was mainly due to higher advertising production costs and marketing expenses, partially offset by a decrease in general and administrative expenses.
Operating income for the first quarter of 2026 was $110.9 million, compared to $110.3 million in the same period last year. Operating margin was 26% for the first quarter of 2026, compared to 28% in the same period last year. Non-GAAP operating income was $119.8 million for the first quarter of 2026, compared to $129.5 million in the same period last year. Non-GAAP operating margin was 28% for the first quarter of 2026, compared to 33% in the same period last year.
Non-operating loss for the first quarter of 2026 was $59.9 million, compared to a non-operating income of $22.1 million in the same period last year. The non-operating loss primarily consisted of (i) a $35.0 million loss from changes in the fair value of investments, which is excluded from non-GAAP non-operating results, and (ii) a net interest and other loss of $24.9 million, which included a $22.1 million loss recognized for equity method investments.
Income tax expense for the first quarter of 2026 was $15.7 million, compared to $24.3 million in the same period last year. The decrease was primarily due to a reversal of a $6.7 million deferred tax liability in the first quarter of 2026, which was previously recognized for losses from equity method investments.
Net income attributable to Weibo's shareholders for the first quarter of 2026 was $34.7 million, compared to $107.0 million in the same period last year. Diluted net income per share attributable to Weibo's shareholders was $0.14 for the first quarter of 2026, compared to $0.41 in the same period last year. Non-GAAP net income attributable to Weibo's shareholders was $91.9 million for the first quarter of 2026, compared to $119.5 million in the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders was $0.34 for the first quarter of 2026, compared to $0.45 in the same period last year.
As of March 31, 2026, Weibo's cash, cash equivalents, and short-term investments totaled $2.59 billion. Cash provided by operating activities for the first quarter of 2026 was $164.0 million. Capital expenditures for the quarter were $11.9 million, and depreciation and amortization expenses were $15.5 million.
**Conference Call**
Weibo's management team will host a conference call to discuss the financial results and business operations on May 28, 2026, at 7:00 AM Eastern Time (May 28, 2026, at 7:00 PM Beijing Time).
Participants must register in advance using the public registration link below. Access instructions will be provided in the confirmation email upon registration.
Participant Registration Link: https://register-conf.media-server.com/register/BIb549b1f6935046d98b52a0fe61be918e
A live and archived webcast of the conference call will be available at http://ir.weibo.com.
**About Weibo**
Weibo is a leading social media platform for people to create, share, and discover content online. It combines real-time public self-expression with a powerful platform for social interaction, content aggregation, and dissemination. Any user can create and publish content, attaching multimedia and long-form content. User relationships on Weibo are asymmetric; any user can follow any other user and add comments when reposting. This simple, asymmetric, and viral nature allows original content to spark real-time, viral conversational streams.
Weibo enables advertising and marketing clients to promote their brands, products, and services to users. It offers a variety of advertising and marketing solutions to companies of all sizes. The vast majority of Weibo's revenues come from selling advertising and marketing services, including social display ads and promoted marketing products. Content is displayed in a simple feed format, with native ads that match the platform's feed. Weibo continuously refines its social interest graph recommendation engine, enabling clients to target audiences and groups based on user demographics, social relationships, interests, and behaviors for greater relevance, engagement, and marketing effectiveness.
**Investor Relations Contact:** Weibo Corporation Phone: +86 10 5898-3336 Email: ir@staff.weibo.com
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