Why Weibo (WB) Shares Are Gaining Today - Weibo (NASDAQ:WB)

Weibo Corp (NASDAQ: WB) reported a first-quarter FY23 revenue decline of 15% year-on-year to $413.8 million, missing the consensus of $414.4 million. Revenue declined 7% Y/Y on a CC basis.
Segments: Weibo's Advertising and marketing revenues fell 17% Y/Y to $355.3 million. Value-added service (VAS) revenues increased 2% Y/Y to $58.5 million.
Drivers: Monthly active users (MAUs) increased by 11 million Y/Y to 593 million in March 2023, while Average daily active users (DAUs) rose 3 million Y/Y to 255 million.
Margin: The non-GAAP operating margin expanded by 200 bps to 31% as non-GAAP income from operations fell 9.3% Y/Y.
Non-GAAP EPS of $0.47 beat the consensus of $0.43.
Weibo held $2.8 billion in cash and equivalents and generated $180.6 million in operating cash flow.
"We witnessed gradual recovery of our business in the first quarter of 2023 amid reopening," said Gaofei Wang, CEO of Weibo.
The board approved a special cash dividend of $0.85 per ordinary share and ADS.
Price Action: WB shares traded higher by 1.99% at $16.38 in the premarket session on the last check Thursday.

Why Weibo Shares Are Gaining Today