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TerryVoon
2021-03-18

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Weibo EPS beats by $0.22, beats on revenue

(March 18) Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results.Weibo Q4 No

Weibo EPS beats by $0.22, beats on revenue

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":327324664,"tweetId":"327324664","gmtCreate":1616062076458,"gmtModify":1634527442628,"author":{"id":3562016632906971,"idStr":"3562016632906971","authorId":3562016632906971,"authorIdStr":"3562016632906971","name":"TerryVoon","avatar":"https://static.tigerbbs.com/e13d935801e5ed1e3431d8e1daac55ac","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Yes</body></html>","htmlText":"<html><head></head><body>Yes</body></html>","text":"Yes","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/327324664","repostId":1130710000,"repostType":4,"repost":{"id":"1130710000","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616060087,"share":"https://www.laohu8.com/m/news/1130710000?lang=&edition=full","pubTime":"2021-03-18 17:34","market":"us","language":"en","title":"Weibo EPS beats by $0.22, beats on revenue","url":"https://stock-news.laohu8.com/highlight/detail?id=1130710000","media":"Tiger Newspress","summary":"(March 18) Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results.Weibo Q4 No","content":"(March 18)&nbsp;Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results.<ul><li>Weibo Q4 Non-GAAP EPS of $0.92&nbsp;beats by $0.22; GAAP EPS of $0.13&nbsp;misses by $0.41.</li><li>Revenue of $513.4M (+9.7% Y/Y)&nbsp;beats by $16.99M.</li><li>Monthly active users (\"MAUs\") were 521 million in December 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 225 million in December 2020, a net addition of approximately 3 million users on year-over-year basis.</li></ul><img src=\"https://static.tigerbbs.com/6ce3463c3891de5244db2b728ba44b02\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Weibo Corporation(\"Weibo\" or the \"Company\") (NASDAQ:WB), a leading social media inChina, today announced its unaudited financial results for the fourth quarter and fiscal year endedDecember 31, 2020.\"We ended the year of 2020 on a solid note,\" saidGaofei Wang, CEO of Weibo. \"During the unprecedented times in 2020, Weibo has demonstrated its indispensable value asChina'sleading social media platform to serve public conversations, and further enriched our video and community product offerings. On monetization, we are pleased to see our revenue and profit return to a solid growth trajectory in the fourth quarter. Entering into 2021, Weibo is well positioned to capture incremental ad wallet, leveraging the accelerated digitalization of brick-and-mortar, our differentiated social ad offerings and revamped bidding system,\"Mr. Wangconcluded.Fourth Quarter 2020 Highlights<ul><li>Net revenues were$513.4 million, an increase of 10% year-over-year or an increase of 3% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were$453.5 million, an increase of 12% year-over-year.</li><li>Value-added service (\"VAS\") revenues were$59.9million, a decrease of 4% year-over-year.</li><li>Income from operations was$181.6 million, representing an operating margin of 35%.</li><li>Non-GAAP income from operations was$204.1 million, representing a non-GAAP operating margin of 40%.</li><li>Net income attributable to Weibo was$29.0 millionand diluted net income per share was$0.13.</li><li>Non-GAAP net income attributable to Weibo was$212.7 millionand non-GAAP diluted net income per share was$0.92.</li><li>Monthly active users (\"MAUs\") were 521 million inDecember 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 225 million inDecember 2020, a net addition of approximately 3 million users on year-over-year basis.</li></ul>Fiscal Year 2020 Highlights<ul><li>Net revenues were$1.69 billion, a decrease of 4% year-over-year or a decrease of 5% year-over-year on a constant currency basis[2].</li><li>Advertising and marketing revenues were$1.49 billion, a decrease of 3% year-over-year.</li><li>VAS revenues were$203.8 million, a decrease of 14% year-over-year.</li><li>Income from operations was$506.8 million, representing an operating margin of 30%.</li><li>Non-GAAP income from operations was$579.6 million, representing a non-GAAP operating margin of 34%.</li><li>Net income attributable to Weibo was$313.4 millionand diluted net income per share was$1.38.</li><li>Non-GAAP net income attributable to Weibo was$547.5 millionand non-GAAP diluted net income per share was$2.38.</li></ul><table><tbody><tr><td>[1]&nbsp;On a constant currency (non-GAAP) basis, we assume that the exchange rate in the fourth quarter of 2020 had been the same as it was in the fourth quarter of 2019, orRMB 7.04=US$1.00.</td></tr><tr><td>[2]&nbsp;On a constant currency (non-GAAP) basis, we assume that the average exchange rate of 2020 had been the same as 2019, orRMB 6.90=US$1.00.</td></tr></tbody></table>Fourth Quarter 2020 Financial ResultsFor the fourth quarter of 2020, Weibo's total net revenues were$513.4 million, an increase of 10% compared to$468.1 millionfor the same period last year.Advertising and marketing revenues for the fourth quarter of 2020 were$453.5 million, an increase of 12% compared to$405.9 millionfor the same period last year. Advertising and marketing revenues from key accounts (\"KAs\") and small &amp; medium-sized enterprises (\"SMEs\") were$393.9 million, an increase of 7% compared to$368.1 millionfor the same period last year.VAS revenues for the fourth quarter of 2020 were$59.9 million, a decrease of 4% year-over-year compared to$62.2 millionfor the same period last year, which was primarily resulted from the decrease of live streaming business, and was partially offset by the revenue contribution from the interactive entertainment company which was acquired and consolidated to the Company inNovember 2020.Costs and expenses for the fourth quarter of 2020 totaled$331.8 million, an increase of 5% compared to$317.4 millionfor the same period last year. The increase was primarily due to higher personal-related cost and step-up in marketing spend, and was partially offset by decreased general and administrative expenses. Non-GAAP costs and expenses were$309.3 million, an increase of 3% compared to$299.2 millionfor the same period last year.Income from operations for the fourth quarter of 2020 was$181.6 million, compared to$150.7 millionfor the same period last year. Operating margin was 35%, compared to 32% last year. Non-GAAP income from operations was$204.1 million, compared to$168.9 millionfor the same period last year. Non-GAAP operating margin was 40%, compared to 36% last year.Non-operating loss for the fourth quarter of 2020 was$175.8 million, compared to a loss of$25.1 millionfor the same period last year. Non-operating loss for the fourth quarter of 2020 mainly included (i) a 92.5 million net loss from fair value change of investments, which is excluded under non-GAAP measures; (ii) a$94.2 millioninvestment related impairment, which is excluded under non-GAAP measures; and (iii) a$9.5 millionnet interest and other income.Income tax benefits were$25.3 million, compared to income tax expenses of$31.1 millionfor the same period last year. The income tax benefit was primarily due to the recognition of preferential tax treatment for certain of the Company's PRC subsidiaries, as well as reverse of recognition of deferred tax liabilities in prior periods related to certain investments.Net income attributable to Weibo for the fourth quarter of 2020 was$29.0 million, compared to$95.1 millionfor the same period last year. Diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.13, compared to$0.42for the same period last year. Non-GAAP net income attributable to Weibo for the fourth quarter of 2020 was$212.7 million, compared to$176.5 millionfor the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.92, compared to$0.77for the same period last year.As ofDecember 31, 2020, Weibo's cash, cash equivalents and short-term investments totaled$3.50 billion. For the fourth quarter of 2020, cash provided by operating activities was$321.2 million, capital expenditures totaled$8.4 million, and depreciation and amortization expenses amounted to$10.7 million.Fiscal Year 2020 Financial ResultsFor fiscal year 2020, Weibo's total net revenues were$1.69 billion, a decrease of 4% compared to$1.77 billionin 2019.Advertising and marketing revenues for 2020 were$1.49 billion, a decrease of 3% compared to$1.53 billionin 2019. Advertising and marketing revenues from KAs and SMEs were$1.33 billion, a decrease of 7% compared to$1.43 billionfor 2019, which primarily resulted from the adverse impact of the Covid-19 pandemic on the overall advertising demand mainly in the first half of 2020.VAS revenues for 2020 were$203.8 million, a decrease of 14% compared to$236.7 millionfor 2019, mainly due to the decrease of revenues from the live streaming business.Costs and expenses for 2020 totaled$1.18 billion, compared to$1.17 billionfor 2019. Non-GAAP costs and expenses were$1.11 billion, compared to$1.10 billionfor 2019.Income from operations for 2020 was$506.8 million, compared to$597.6 millionfor 2019. Operating margin for 2020 was 30%, compared to 34% last year. Non-GAAP income from operations was$579.6 million, compared to$662.2 millionfor 2019. Non-GAAP operating margin was 34%, compared to 37% last year.Non-operating loss for 2020 was$130.9 million, compared to a non-operating income of$4.8 millionfor 2019. Non-operating loss in 2020 mainly included (i) a$212.0 millioninvestment related impairment, which is excluded under non-GAAP measures; (ii) a$35.1 millionnet gain from fair value change of investments, which is excluded under non-GAAP measures; and (iii) a$43.8 millionnet interest and other income.Income tax expenses for 2020 were$61.3 million, compared to$109.6 millionfor 2019. The decrease was primarily resulted from changes in deferred tax liabilities related to fair value change on investments.Net income attributable to Weibo for 2020 was$313.4 million, compared to$494.7 millionfor 2019. Diluted net income per share attributable to Weibo for 2020 was$1.38, compared to$2.18for 2019. Non-GAAP net income attributable to Weibo for 2020 was$547.5 million, compared to$637.5 millionfor 2019. Non-GAAP diluted net income per share attributable to Weibo for 2020 was$2.38, compared to$2.78for 2019.For fiscal year 2020, cash provided by operating activities was$741.6 million, capital expenditures totaled$34.8 million, and depreciation and amortization expenses amounted to$32.1 million.Management AppointmentsThe Company announced the appointment ofMr. Wei Wangas Weibo's Chief Operating Officer.Mr. Wanghas joined Sina Corporation, the parent of the Company in 2000 and has held various positions in Sina. The Company also announced the appointment of Ms.Fei Caoas Weibo's Chief Financial Officer. Both changes are effective immediately.Business OutlookFor the first quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Weibo EPS beats by $0.22, beats on revenue</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeibo EPS beats by $0.22, beats on revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-03-18 17:34\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n(March 18)&nbsp;Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results.<ul><li>Weibo Q4 Non-GAAP EPS of $0.92&nbsp;beats by $0.22; GAAP EPS of $0.13&nbsp;misses by $0.41.</li><li>Revenue of $513.4M (+9.7% Y/Y)&nbsp;beats by $16.99M.</li><li>Monthly active users (\"MAUs\") were 521 million in December 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 225 million in December 2020, a net addition of approximately 3 million users on year-over-year basis.</li></ul><img src=\"https://static.tigerbbs.com/6ce3463c3891de5244db2b728ba44b02\" tg-width=\"685\" tg-height=\"480\" referrerpolicy=\"no-referrer\">Weibo Corporation(\"Weibo\" or the \"Company\") (NASDAQ:WB), a leading social media inChina, today announced its unaudited financial results for the fourth quarter and fiscal year endedDecember 31, 2020.\"We ended the year of 2020 on a solid note,\" saidGaofei Wang, CEO of Weibo. \"During the unprecedented times in 2020, Weibo has demonstrated its indispensable value asChina'sleading social media platform to serve public conversations, and further enriched our video and community product offerings. On monetization, we are pleased to see our revenue and profit return to a solid growth trajectory in the fourth quarter. Entering into 2021, Weibo is well positioned to capture incremental ad wallet, leveraging the accelerated digitalization of brick-and-mortar, our differentiated social ad offerings and revamped bidding system,\"Mr. Wangconcluded.Fourth Quarter 2020 Highlights<ul><li>Net revenues were$513.4 million, an increase of 10% year-over-year or an increase of 3% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were$453.5 million, an increase of 12% year-over-year.</li><li>Value-added service (\"VAS\") revenues were$59.9million, a decrease of 4% year-over-year.</li><li>Income from operations was$181.6 million, representing an operating margin of 35%.</li><li>Non-GAAP income from operations was$204.1 million, representing a non-GAAP operating margin of 40%.</li><li>Net income attributable to Weibo was$29.0 millionand diluted net income per share was$0.13.</li><li>Non-GAAP net income attributable to Weibo was$212.7 millionand non-GAAP diluted net income per share was$0.92.</li><li>Monthly active users (\"MAUs\") were 521 million inDecember 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 225 million inDecember 2020, a net addition of approximately 3 million users on year-over-year basis.</li></ul>Fiscal Year 2020 Highlights<ul><li>Net revenues were$1.69 billion, a decrease of 4% year-over-year or a decrease of 5% year-over-year on a constant currency basis[2].</li><li>Advertising and marketing revenues were$1.49 billion, a decrease of 3% year-over-year.</li><li>VAS revenues were$203.8 million, a decrease of 14% year-over-year.</li><li>Income from operations was$506.8 million, representing an operating margin of 30%.</li><li>Non-GAAP income from operations was$579.6 million, representing a non-GAAP operating margin of 34%.</li><li>Net income attributable to Weibo was$313.4 millionand diluted net income per share was$1.38.</li><li>Non-GAAP net income attributable to Weibo was$547.5 millionand non-GAAP diluted net income per share was$2.38.</li></ul><table><tbody><tr><td>[1]&nbsp;On a constant currency (non-GAAP) basis, we assume that the exchange rate in the fourth quarter of 2020 had been the same as it was in the fourth quarter of 2019, orRMB 7.04=US$1.00.</td></tr><tr><td>[2]&nbsp;On a constant currency (non-GAAP) basis, we assume that the average exchange rate of 2020 had been the same as 2019, orRMB 6.90=US$1.00.</td></tr></tbody></table>Fourth Quarter 2020 Financial ResultsFor the fourth quarter of 2020, Weibo's total net revenues were$513.4 million, an increase of 10% compared to$468.1 millionfor the same period last year.Advertising and marketing revenues for the fourth quarter of 2020 were$453.5 million, an increase of 12% compared to$405.9 millionfor the same period last year. Advertising and marketing revenues from key accounts (\"KAs\") and small &amp; medium-sized enterprises (\"SMEs\") were$393.9 million, an increase of 7% compared to$368.1 millionfor the same period last year.VAS revenues for the fourth quarter of 2020 were$59.9 million, a decrease of 4% year-over-year compared to$62.2 millionfor the same period last year, which was primarily resulted from the decrease of live streaming business, and was partially offset by the revenue contribution from the interactive entertainment company which was acquired and consolidated to the Company inNovember 2020.Costs and expenses for the fourth quarter of 2020 totaled$331.8 million, an increase of 5% compared to$317.4 millionfor the same period last year. The increase was primarily due to higher personal-related cost and step-up in marketing spend, and was partially offset by decreased general and administrative expenses. Non-GAAP costs and expenses were$309.3 million, an increase of 3% compared to$299.2 millionfor the same period last year.Income from operations for the fourth quarter of 2020 was$181.6 million, compared to$150.7 millionfor the same period last year. Operating margin was 35%, compared to 32% last year. Non-GAAP income from operations was$204.1 million, compared to$168.9 millionfor the same period last year. Non-GAAP operating margin was 40%, compared to 36% last year.Non-operating loss for the fourth quarter of 2020 was$175.8 million, compared to a loss of$25.1 millionfor the same period last year. Non-operating loss for the fourth quarter of 2020 mainly included (i) a 92.5 million net loss from fair value change of investments, which is excluded under non-GAAP measures; (ii) a$94.2 millioninvestment related impairment, which is excluded under non-GAAP measures; and (iii) a$9.5 millionnet interest and other income.Income tax benefits were$25.3 million, compared to income tax expenses of$31.1 millionfor the same period last year. The income tax benefit was primarily due to the recognition of preferential tax treatment for certain of the Company's PRC subsidiaries, as well as reverse of recognition of deferred tax liabilities in prior periods related to certain investments.Net income attributable to Weibo for the fourth quarter of 2020 was$29.0 million, compared to$95.1 millionfor the same period last year. Diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.13, compared to$0.42for the same period last year. Non-GAAP net income attributable to Weibo for the fourth quarter of 2020 was$212.7 million, compared to$176.5 millionfor the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.92, compared to$0.77for the same period last year.As ofDecember 31, 2020, Weibo's cash, cash equivalents and short-term investments totaled$3.50 billion. For the fourth quarter of 2020, cash provided by operating activities was$321.2 million, capital expenditures totaled$8.4 million, and depreciation and amortization expenses amounted to$10.7 million.Fiscal Year 2020 Financial ResultsFor fiscal year 2020, Weibo's total net revenues were$1.69 billion, a decrease of 4% compared to$1.77 billionin 2019.Advertising and marketing revenues for 2020 were$1.49 billion, a decrease of 3% compared to$1.53 billionin 2019. Advertising and marketing revenues from KAs and SMEs were$1.33 billion, a decrease of 7% compared to$1.43 billionfor 2019, which primarily resulted from the adverse impact of the Covid-19 pandemic on the overall advertising demand mainly in the first half of 2020.VAS revenues for 2020 were$203.8 million, a decrease of 14% compared to$236.7 millionfor 2019, mainly due to the decrease of revenues from the live streaming business.Costs and expenses for 2020 totaled$1.18 billion, compared to$1.17 billionfor 2019. Non-GAAP costs and expenses were$1.11 billion, compared to$1.10 billionfor 2019.Income from operations for 2020 was$506.8 million, compared to$597.6 millionfor 2019. Operating margin for 2020 was 30%, compared to 34% last year. Non-GAAP income from operations was$579.6 million, compared to$662.2 millionfor 2019. Non-GAAP operating margin was 34%, compared to 37% last year.Non-operating loss for 2020 was$130.9 million, compared to a non-operating income of$4.8 millionfor 2019. Non-operating loss in 2020 mainly included (i) a$212.0 millioninvestment related impairment, which is excluded under non-GAAP measures; (ii) a$35.1 millionnet gain from fair value change of investments, which is excluded under non-GAAP measures; and (iii) a$43.8 millionnet interest and other income.Income tax expenses for 2020 were$61.3 million, compared to$109.6 millionfor 2019. The decrease was primarily resulted from changes in deferred tax liabilities related to fair value change on investments.Net income attributable to Weibo for 2020 was$313.4 million, compared to$494.7 millionfor 2019. Diluted net income per share attributable to Weibo for 2020 was$1.38, compared to$2.18for 2019. Non-GAAP net income attributable to Weibo for 2020 was$547.5 million, compared to$637.5 millionfor 2019. Non-GAAP diluted net income per share attributable to Weibo for 2020 was$2.38, compared to$2.78for 2019.For fiscal year 2020, cash provided by operating activities was$741.6 million, capital expenditures totaled$34.8 million, and depreciation and amortization expenses amounted to$32.1 million.Management AppointmentsThe Company announced the appointment ofMr. Wei Wangas Weibo's Chief Operating Officer.Mr. Wanghas joined Sina Corporation, the parent of the Company in 2000 and has held various positions in Sina. The Company also announced the appointment of Ms.Fei Caoas Weibo's Chief Financial Officer. Both changes are effective immediately.Business OutlookFor the first quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130710000","content_text":"(March 18) Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results.Weibo Q4 Non-GAAP EPS of $0.92 beats by $0.22; GAAP EPS of $0.13 misses by $0.41.Revenue of $513.4M (+9.7% Y/Y) beats by $16.99M.Monthly active users (\"MAUs\") were 521 million in December 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.Average daily active users (\"DAUs\") were 225 million in December 2020, a net addition of approximately 3 million users on year-over-year basis.Weibo Corporation(\"Weibo\" or the \"Company\") (NASDAQ:WB), a leading social media inChina, today announced its unaudited financial results for the fourth quarter and fiscal year endedDecember 31, 2020.\"We ended the year of 2020 on a solid note,\" saidGaofei Wang, CEO of Weibo. \"During the unprecedented times in 2020, Weibo has demonstrated its indispensable value asChina'sleading social media platform to serve public conversations, and further enriched our video and community product offerings. On monetization, we are pleased to see our revenue and profit return to a solid growth trajectory in the fourth quarter. Entering into 2021, Weibo is well positioned to capture incremental ad wallet, leveraging the accelerated digitalization of brick-and-mortar, our differentiated social ad offerings and revamped bidding system,\"Mr. Wangconcluded.Fourth Quarter 2020 HighlightsNet revenues were$513.4 million, an increase of 10% year-over-year or an increase of 3% year-over-year on a constant currency basis[1].Advertising and marketing revenues were$453.5 million, an increase of 12% year-over-year.Value-added service (\"VAS\") revenues were$59.9million, a decrease of 4% year-over-year.Income from operations was$181.6 million, representing an operating margin of 35%.Non-GAAP income from operations was$204.1 million, representing a non-GAAP operating margin of 40%.Net income attributable to Weibo was$29.0 millionand diluted net income per share was$0.13.Non-GAAP net income attributable to Weibo was$212.7 millionand non-GAAP diluted net income per share was$0.92.Monthly active users (\"MAUs\") were 521 million inDecember 2020, a net addition of approximately 5 million users on year-over-year basis. Mobile MAUs represented 94% of MAUs.Average daily active users (\"DAUs\") were 225 million inDecember 2020, a net addition of approximately 3 million users on year-over-year basis.Fiscal Year 2020 HighlightsNet revenues were$1.69 billion, a decrease of 4% year-over-year or a decrease of 5% year-over-year on a constant currency basis[2].Advertising and marketing revenues were$1.49 billion, a decrease of 3% year-over-year.VAS revenues were$203.8 million, a decrease of 14% year-over-year.Income from operations was$506.8 million, representing an operating margin of 30%.Non-GAAP income from operations was$579.6 million, representing a non-GAAP operating margin of 34%.Net income attributable to Weibo was$313.4 millionand diluted net income per share was$1.38.Non-GAAP net income attributable to Weibo was$547.5 millionand non-GAAP diluted net income per share was$2.38.[1] On a constant currency (non-GAAP) basis, we assume that the exchange rate in the fourth quarter of 2020 had been the same as it was in the fourth quarter of 2019, orRMB 7.04=US$1.00.[2] On a constant currency (non-GAAP) basis, we assume that the average exchange rate of 2020 had been the same as 2019, orRMB 6.90=US$1.00.Fourth Quarter 2020 Financial ResultsFor the fourth quarter of 2020, Weibo's total net revenues were$513.4 million, an increase of 10% compared to$468.1 millionfor the same period last year.Advertising and marketing revenues for the fourth quarter of 2020 were$453.5 million, an increase of 12% compared to$405.9 millionfor the same period last year. Advertising and marketing revenues from key accounts (\"KAs\") and small & medium-sized enterprises (\"SMEs\") were$393.9 million, an increase of 7% compared to$368.1 millionfor the same period last year.VAS revenues for the fourth quarter of 2020 were$59.9 million, a decrease of 4% year-over-year compared to$62.2 millionfor the same period last year, which was primarily resulted from the decrease of live streaming business, and was partially offset by the revenue contribution from the interactive entertainment company which was acquired and consolidated to the Company inNovember 2020.Costs and expenses for the fourth quarter of 2020 totaled$331.8 million, an increase of 5% compared to$317.4 millionfor the same period last year. The increase was primarily due to higher personal-related cost and step-up in marketing spend, and was partially offset by decreased general and administrative expenses. Non-GAAP costs and expenses were$309.3 million, an increase of 3% compared to$299.2 millionfor the same period last year.Income from operations for the fourth quarter of 2020 was$181.6 million, compared to$150.7 millionfor the same period last year. Operating margin was 35%, compared to 32% last year. Non-GAAP income from operations was$204.1 million, compared to$168.9 millionfor the same period last year. Non-GAAP operating margin was 40%, compared to 36% last year.Non-operating loss for the fourth quarter of 2020 was$175.8 million, compared to a loss of$25.1 millionfor the same period last year. Non-operating loss for the fourth quarter of 2020 mainly included (i) a 92.5 million net loss from fair value change of investments, which is excluded under non-GAAP measures; (ii) a$94.2 millioninvestment related impairment, which is excluded under non-GAAP measures; and (iii) a$9.5 millionnet interest and other income.Income tax benefits were$25.3 million, compared to income tax expenses of$31.1 millionfor the same period last year. The income tax benefit was primarily due to the recognition of preferential tax treatment for certain of the Company's PRC subsidiaries, as well as reverse of recognition of deferred tax liabilities in prior periods related to certain investments.Net income attributable to Weibo for the fourth quarter of 2020 was$29.0 million, compared to$95.1 millionfor the same period last year. Diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.13, compared to$0.42for the same period last year. Non-GAAP net income attributable to Weibo for the fourth quarter of 2020 was$212.7 million, compared to$176.5 millionfor the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the fourth quarter of 2020 was$0.92, compared to$0.77for the same period last year.As ofDecember 31, 2020, Weibo's cash, cash equivalents and short-term investments totaled$3.50 billion. For the fourth quarter of 2020, cash provided by operating activities was$321.2 million, capital expenditures totaled$8.4 million, and depreciation and amortization expenses amounted to$10.7 million.Fiscal Year 2020 Financial ResultsFor fiscal year 2020, Weibo's total net revenues were$1.69 billion, a decrease of 4% compared to$1.77 billionin 2019.Advertising and marketing revenues for 2020 were$1.49 billion, a decrease of 3% compared to$1.53 billionin 2019. Advertising and marketing revenues from KAs and SMEs were$1.33 billion, a decrease of 7% compared to$1.43 billionfor 2019, which primarily resulted from the adverse impact of the Covid-19 pandemic on the overall advertising demand mainly in the first half of 2020.VAS revenues for 2020 were$203.8 million, a decrease of 14% compared to$236.7 millionfor 2019, mainly due to the decrease of revenues from the live streaming business.Costs and expenses for 2020 totaled$1.18 billion, compared to$1.17 billionfor 2019. Non-GAAP costs and expenses were$1.11 billion, compared to$1.10 billionfor 2019.Income from operations for 2020 was$506.8 million, compared to$597.6 millionfor 2019. Operating margin for 2020 was 30%, compared to 34% last year. Non-GAAP income from operations was$579.6 million, compared to$662.2 millionfor 2019. Non-GAAP operating margin was 34%, compared to 37% last year.Non-operating loss for 2020 was$130.9 million, compared to a non-operating income of$4.8 millionfor 2019. Non-operating loss in 2020 mainly included (i) a$212.0 millioninvestment related impairment, which is excluded under non-GAAP measures; (ii) a$35.1 millionnet gain from fair value change of investments, which is excluded under non-GAAP measures; and (iii) a$43.8 millionnet interest and other income.Income tax expenses for 2020 were$61.3 million, compared to$109.6 millionfor 2019. The decrease was primarily resulted from changes in deferred tax liabilities related to fair value change on investments.Net income attributable to Weibo for 2020 was$313.4 million, compared to$494.7 millionfor 2019. Diluted net income per share attributable to Weibo for 2020 was$1.38, compared to$2.18for 2019. Non-GAAP net income attributable to Weibo for 2020 was$547.5 million, compared to$637.5 millionfor 2019. Non-GAAP diluted net income per share attributable to Weibo for 2020 was$2.38, compared to$2.78for 2019.For fiscal year 2020, cash provided by operating activities was$741.6 million, capital expenditures totaled$34.8 million, and depreciation and amortization expenses amounted to$32.1 million.Management AppointmentsThe Company announced the appointment ofMr. Wei Wangas Weibo's Chief Operating Officer.Mr. Wanghas joined Sina Corporation, the parent of the Company in 2000 and has held various positions in Sina. The Company also announced the appointment of Ms.Fei Caoas Weibo's Chief Financial Officer. Both changes are effective immediately.Business OutlookFor the first quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.","news_type":1},"isVote":1,"tweetType":1,"viewCount":184,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}