Weibo’s monthly active users (“MAUs”) reached 486 million in June 2019, a net addition of approximately 55 million users year-over-year. Mobile MAUs represented approximately 94% of MAUs.
Weibo average daily active users (“DAUs”) were 211 million in June 2019, a net addition of about 21 million users year-over-year according to Weibo’s official finance results.
Weibo net revenues increased 1% year-over-year to $431.8 million, representing an increase of 7% on a constant currency basis.
- Advertising and marketing revenues were $370.7 million, flattish year-over-year.
- Value-added service (“VAS”) revenues increased 8% year-over-year to $61.2 million.
Net income attributable to Weibo was $103.0 million, compared to $140.9 for the same period last year, and diluted net income per share was $0.46, compared to $0.62 for the same period last year. Non-GAAP net income attributable to Weibo was $156.4 million, and non-GAAP diluted net income per share was $0.68, both flat year-over-year.
Weibo Financial Results in Q2 2019
For Q2 2019, Weibo’s total net revenues were $431.8 million, an increase of 1% compared to $426.6 million for the same period last year.
Advertising and marketing revenues for the second quarter of 2019 were $370.7 million, compared to $369.9 million for the same period last year. Advertising and marketing revenues from small & medium-sized enterprises (“SMEs”) and key accounts (“KAs”) were $346.5 million, representing an increase of 2% compared to $338.7 million for Q2 2018.
VAS revenues for Q2 2019 were $61.2 million, an increase of 8% year-over-year compared to $56.6 million for the same period last year. The increase was mainly attributable to the revenues derived from the live streaming business acquired in Q4 2018, and was partially offset by the decrease in gaming revenues.
Costs and expenses totaled $280.6 million in Q2 2019, compared to $271.7 million for the same period last year. Non-GAAP costs and expenses were $265.6 million, compared to $259.3 million for the same period last year.
Income from operations for Q2 2019 was $151.3 million, compared to $154.9 million for Q2 2018. Non-GAAP income from operations was $166.2 million, compared to $167.3 million in Q2 2018.
Non-operating loss for Q2 2019 was $24.0 million, compared to an income of $10.9 million for the same period last year. The non-operating loss included investment-related impairment of $31.7 million, which is excluded under non-GAAP measures.
Income tax expenses for Q2 were $26.1million, compared to $25.1 million for the same period last year.
Net income attributable to Weibo for Q2 2019 was $103.0 million, compared to $140.9 million for the same period last year.
Diluted net income per share attributable to Weibo for the second quarter of 2019 was $0.46, compared to $0.62 for the same period last year. Non-GAAP net income attributable to Weibo for the second quarter of 2019 was $156.4 million, compared to $156.1 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for Q2 2019 was $0.68, compared to $0.68 for Q2 2018.
As of June 30, 2019, Weibo’s cash, cash equivalents, and short-term investments totaled $1.56 billion. For the second quarter of 2019, cash provided by operating activities was $132.8 million, capital expenditures totaled $3.2 million, and depreciation and amortization expenses amounted to $6.7 million.
For the third quarter of 2019, Weibo estimates its net revenues to increase 6% year-over-year to 9% year over year on a constant currency basis. This forecast reflects Weibo’s current and preliminary view, which is subject to change.