Weibo Corporation (NASDAQ:WB)

Fourth Quarter 2015 Financial Results

• For the fourth quarter of 2015, Weibo reported net revenues of $149.0 million, compared to $105.2 million for the same period last year. Advertising and marketing revenue totaled $129.5 million, compared to $88.0 million for the same period last year. Weibo VAS revenue totaled $19.5 million, compared to $17.2 million for the same period last year.
• Non-GAAP net income attributable to Weibo’s ordinary shareholders was $68.8 million, or non-GAAP diluted net income per share of $0.32, compared to a non-GAAP net loss of $2.3 million for 2014, or non-GAAP diluted net loss per share of $0.01.
  Adjusted EBITDA increased 454% year over year to $85.7 million.

“Weibo ended 2015 on a high note with non-Alibaba advertising and marketing revenues growing 69% year over year on a constant currency basis and adjusted EBITDA margin reaching 25% in the fourth quarter,” said Gaofei Wang, Weibo’s CEO. “On the user side, Weibo’s traffic growth continues to be robust, as we are positioned at the conjuncture of social, mobile and video. For example, in December 2015, mobile DAUs grew 46% year over year to 94 million and average daily video views grew 53% sequentially.”

Business Outlook

For the first quarter of 2016, Weibo estimates that its net revenues to be between $111 million and $116 million. This forecast reflects Weibo’s current and preliminary view, which is subject to change.

Third Quarter 2015 Financial Results

• Net revenues increased 48% year over year to $124.7 million, exceeding the Company's guidance between $120 million and $123 million.
• Non-GAAP net income attributable to Weibo's ordinary shareholders was $22.1 million, or non-GAAP diluted net income per share of $0.10, compared to a non-GAAP net loss of $1.5 million for the same period last year, or non-GAAP diluted net loss per share of $0.01.

"We continue to see strong momentum in Weibo's advertising and marketing business, with non-Alibaba ad revenues growing 100% year over year in RMB and ad customers in the quarter reaching close to half a million," said Gaofei Wang, Weibo's CEO. "On the user side, strong consumption of video, photo and key opinion leader content are contributing to the robust growth of Weibo traffic. For example, daily video views on Weibo in September 2015 grew 9.7 times from the same period last year."

Business Outlook

For the fourth quarter of 2015, Weibo estimates that its net revenues to be between $146 million and $149 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.

• Net revenues increased 39% year over year to $107.8 million, exceeding the Company's guidance between $102 million and $105 million.

• Non-GAAP net income attributable to Weibo's ordinary shareholders was $10.9 million, or non-GAAP diluted net income per share of $0.05, compared to a non-GAAP net loss of $5.1 million for the same period last year, or non-GAAP diluted net loss per share of $0.03.

"Weibo's MAU growth continues to be robust, reaching 212 million in June, as we sought to improve user experience, increase penetration into lower tiered cities and expand our partnerships with the television and movie industries," stated Gaofei Wang, Weibo's CEO. "We are also seeing strong momentum in the adoption of Weibo social advertising, especially in the SME segment, where our revenues grew 163% year over year and the number of customers reached 443,000 in the second quarter of 2015."

Business Outlook

For the third quarter of 2015, Weibo estimates that its net revenues to be between $120 million and $123 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.

First Quarter 2015 Financial Results

• Net revenues increased 43% year over year to $96.3 million, exceeding the Company's guidance between $93 million and $96 million.
• Non-GAAP diluted net income per share of $0.01, compared to a non-GAAP net loss of $4.8 million for the same period last year.

"Weibo's MAU grew at its fastest pace since our IPO in March with mobile MAU up 57% year over year," stated Gaofei Wang, Weibo's CEO. "On the monetization front, Weibo's advertising and marketing revenues also saw strong growth in the first quarter, particularly in the small and medium-sized enterprise segment where revenues grew 125% year over year, boosted by the momentum generated from Weibo's self-service platform."

Business Outlook

For the second quarter of 2015, Weibo estimates that its net revenues to be between $102 million and $105 million, which assumes that certain planned initiatives with Alibaba are still expected to begin in the second quarter, but revenue for which may need to be deferred to the second half of 2015 for revenue recognition purposes. This forecast reflects Weibo's current and preliminary view, which is subject to change.

Fourth Quarter 2014 Financial Results

• Net revenues increased 47% year over year to $105.2 million, exceeding the Company's guidance between $102 million and $105 million.
• Non-GAAP diluted net income per share attributable to Weibo's ordinary shareholders for the fourth quarter of 2014 was $0.04, compared to $0.02 per share for the same period last year.

"Our execution has been solid since our IPO last April. In 2014, Weibo experienced the largest user increase since our inception, as we continued to focus on building the leading social media in China for internet users to create, share and discover multi-media content," stated Gaofei Wang, CEO of Weibo. "On the monetization front, mobile ad revenues now make up more than half of Weibo's total ad revenues, and we are seeing significant interest from customers to learn more about Weibo marketing. 2015 will be another high growth year for mobile and social marketing in China, and we are well positioned to take advantage of this trend."

Business Outlook

For the first quarter of 2015, Weibo estimates that its net revenues to be between $93 million and $96 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.

• Net revenues increased 58% year over year to $84.1 million, exceeding the Company's guidance between $79 million and $82 million.
• Non-GAAP diluted net loss per share attributable to Weibo's ordinary shareholders for the third quarter of 2014 was $0.01, compared to a non-GAAP diluted net loss of $0.03 per share for the same period last year.

"I'm delighted that Weibo reported another quarter of strong financial performance," stated Gaofei Wang, Weibo's CEO. "On the operational front, we are taking meaningful steps in growing Weibo's user base and engagements, as well as refining formats and improving relevance of our advertising products. In addition, we have made significant progress in expanding the scale of our payment system, building a solid foundation for long term growth of the social commerce eco-system on Weibo."

Business Outlook

For the fourth quarter of 2014, Weibo estimates that its net revenues to be between $102 million and $105 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.

• Net revenues increased 105% year over year to $77.3 million.
• Non-GAAP net loss attributable to Weibo's ordinary shareholders decreased 56% year over year to $4.9 million, or $0.03 non-GAAP diluted net loss per share attributable to Weibo's ordinary shareholders $0.08 from last years same Quarter.

"I'm happy that we were able to deliver strong financial results for the first quarter after Weibo's IPO. In May 2014, we launched our native ad products to brand advertising customers and began to implement our payment solutions to drive social commerce on Weibo. With these initiatives we are laying solid groundwork for our future growth," stated Gaofei Wang, Weibo's CEO. "At the same time growing user scale and activities remains our top priority. During the second quarter, we built new product experiences that integrate Weibo with TV shows and other live events. We believe the innovation will ultimately create great value for TV stations, brand advertisers as well as Weibo through greater engagements and live reach among TV audience. Going forward, we will continue to focus on enhancing user experience through product innovation."

Business Outlook

For the third quarter of 2014, Weibo estimates that its net revenues to be between $79 million and $82 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.

First Quarter 2014 Financial Results

• Net revenues increased 161% year over year to $67.5 million.
• Non-GAAP diluted net loss per share for the first quarter of 2014 was $0.03, compared to a non-GAAP diluted net loss of $0.13 per share for the same period last year.

"Weibo's IPO in five years from inception exemplifies the strong technology and media know how of our team. We are delighted to report robust traffic and revenue growth in the first quarter of 2014," stated Gaofei Wang, Weibo CEO. "During the first quarter, we leveraged the chains of media events and fine-tuned our operations and products to improve social information distribution and discovery, resulting in Weibo's MAU growing 11% sequentially and further solidifying Weibo as a leading social media in China. On top of Weibo's traffic acceleration, Weibo's net revenues grew 161% year over year. In May, we rolled out promoted feeds for brand advertisers, further diversifying Weibo's revenue stream." -

Business Outlook

For the second quarter of 2014, Weibo estimates that its net revenues to be between $74 million and $76 million. This forecast reflects Weibo's current and preliminary view, which is subject to change.