Weibo (WB, Financial) reported its third-quarter 2024 financial results, revealing total revenues of $464.5 million (approximately ¥32.94 billion). Advertising revenue contributed $398.6 million (around ¥28.24 billion) to this figure. Adjusted operating profit reached $164.5 million (about ¥11.59 billion), with adjusted net profits of $139.2 million (approximately ¥9.80 billion), surpassing Wall Street expectations.
By the end of September, Weibo's monthly active users had grown to 587 million, with daily active users at 257 million. The platform's user engagement improved due to strategic shifts focusing on acquiring high-quality users and enhancing user stickiness. The Olympic Games also played a role in boosting user activity.
The third quarter saw Weibo enhancing user interaction through high-quality content consumption, leveraging events like the Olympics and summer holidays to feed personalized content. This led to a double-digit increase in homepage interactions. The platform also refined user-generated content (UGC) strategies, aiding content creators in gaining followers and traffic, resulting in an 8% rise in original users and a 40% increase in user connections quarter-over-quarter.
Weibo's focus on sports events, particularly the Paris Olympics, significantly increased platform traffic, with related topics garnering over 400 billion views. In the entertainment sector, collaborations with returning comedy shows and summer blockbusters boosted discussion volumes by over 20%. In digital and automotive sectors, notable product launches such as Huawei's Mate XT and Apple's iPhone 16 captured significant attention.
The gaming sector saw a surge in influencer activities, with a focus on domestic AAA titles like "Black Myth: Wukong," leading to impressive social media traction.
Despite a subdued consumer market, Weibo's advertising income continued to grow, driven by strategic Olympic marketing efforts and a focus on new product promotions. The automotive and apparel sectors notably contributed to revenue growth, with new product marketing accounting for a significant portion of income.
