Weibo Corporation (WB) is down 8.84% in the pre-market trading session at the price of $49.70 despite any recent news.
WB Announced Second Quarter 2021 Financial Results
On 18th August 2021, WB declared its unaudited financial results for the second quarter ended on 30th June 2021. WB is a leading social media in China. It enables people to create, share and discover content online.
CEO of WB, Gaofei Wang, remarked that they had a strong quarter with broad-based strength of their business. Both of their community and revenues grew at an accelerated pace. Both of their MAUs and DAUs on the user front reached the highest record in June. It had leveraged their further enhanced competitiveness in social products, initiatives on the video front, and effective channel investment. The strong momentum of their ad business was underpinned by their relentless effort to optimize ad products and improve efficiency to drive value for customers, he concluded.
Second Quarter 2021 Highlights
WB reported total net revenues of $574.5 million for the second quarter of 2021. It represents an increase of 48% from $387.4 million for the same quarter the previous year. Income from operations was $193.2 million for the second quarter of 2021. It indicates a gain of 82% compared to $106.2 million for the same quarter of 2020. The operating margin was 34% for the second quarter of 2021. It was 27% in the second quarter of 2020.
Net income attributable to WB was $81.0 million for the second quarter of 2021. Net income was $198.4 million for the same quarter the previous year. Diluted net income per share attributable to Weibo was $0.35 for the second quarter of 2021. The income per share was $0.86 for the same period of 2020. Non-operating loss for the second quarter of 2021 was $65.3 million, compared to a non-operating income of $132.5 million for the same quarter of 2020.
WB Appointed Mr. Yan Wang
WB declared that it had made changes in its board of directors. It has appointed Mr. Yan Wang as a member of the compensation committee of the Board. He has replaced Mr. P. Christopher Lu, who resigned from the compensation committee of the Board. The changes became effective immediately.
Future Estimates
WB estimates its net revenues to increase by 20% to 25% YoY on a constant currency basis for the third quarter of 2021. The following prediction reveals Weibo’s current and preliminary view, which is subject to change.
