Weibo Corporation Q2 2022 earnings infographic


Weibo Corporation (NASDAQ: WB) on Thursday reported lower revenues and net profit for the second quarter of 2022, despite an increase in the number of users.

The China-based social networking company reported adjusted profit of $0.46 per share for the most recent quarter, down 42% from the year-ago period. On an unadjusted basis, net profit decreased to $28.3 million or $0.12 per share from $81.03 million or $0.35 per share last year.

The bottom line was hurt by a 22% decrease in revenues to $450.2 million. At the end of the quarter, Weibo had around 582 million monthly active users and 252 million daily active users.

Read management/analysts’ comments on quarterly reports

“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. Weibo also delivered a non-GAAP operating margin of 32% in the second quarter, which further improved from the first quarter of 2022, as we executed against our efficiency initiatives to optimize costs and expenses,” said Weibo’s CEO Gaofei Wang.


Image and article originally from Read the original article here.