Chinese Twitter Peer Weibo Boasts Stronger User Base and Welcomes Alibaba Executive to Board

Weibo Corp (NASDAQ: WB) reported a second-quarter FY23 revenue decline of 2% year-on-year to $440.2 million, marginally missing the consensus of $440.9 million. Revenue grew by 5% Y/Y on a CC basis.

Weibo's Advertising and marketing revenues were flattish Y/Y at $385.7 million. Value-added service (VAS) revenues decreased 16% Y/Y to $54.6 million.

Monthly active users (MAUs) increased by 17 million Y/Y to 599 million in June 2023, while Average daily active users (DAUs) rose by 5 million Y/Y to 258 million.

The non-GAAP operating margin expanded by 300 bps to 35% as profits climbed by 5.8% Y/Y. Non-GAAP EPS of $0.53 beat the consensus of $0.51.

Weibo held $2.8 billion in cash and equivalents and generated $142.5 million in operating cash flow.

Board Change: The company elected Mr. Bo Liu as a director, and Mr. Pen Hung Tung has resigned from the Board, effective August 23, 2023.

Mr. Liu is the President of Alibaba Group Holding Limited's BABA Taobao and Tmall Group, Alimama, and Xianyu. 

Price Action: WB shares traded higher by 0.38% at $13.33 in the premarket session on the last check Thursday.