Weibo Announces Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Weibo (Nasdaq: WB) reported third quarter 2025 unaudited results on November 18, 2025 with net revenues of $442.3M (down 5% YoY) and advertising revenues of $375.4M (down 6% YoY).

Third quarter metrics included net income attributable to shareholders of $221.1M (diluted EPS $0.83), non-GAAP net income of $110.7M (non-GAAP diluted EPS $0.42), operating margin 27%, and non-GAAP operating margin 30%. MAUs were 578M and DAUs were 257M. Cash, cash equivalents and short-term investments totaled $2.04B. Management cited AI-driven search and feed revamp gains; the quarter included a large $163.4M non-operating income contribution tied to equity pick-up and fair-value gains.

Positive

• Net income attributable to shareholders of $221.1M
• Cash and short-term investments of $2.04B
• MAUs of 578M and DAUs of 257M

Negative

• Total net revenues down 5% YoY to $442.3M
• Advertising revenues excluding Alibaba down 13% YoY
• Non-GAAP net income down to $110.7M from $139.2M prior year

Insights

Equity Analyst

Weibo showed mixed Q3 2025 results: revenue and operating margins slipped while GAAP net income rose due to large non‑operating gains.

The company’s core ad business remains the main revenue engine; total net revenues were US$442.3 million, down 5% year-over-year, and advertising revenues fell to US$375.4 million, down 6%. Operating income declined to US$117.3 million with a 27% operating margin, reflecting lower ad demand from categories that benefited from last year’s Paris Olympics and only modest offset from e-commerce and auto advertisers.

Reported net income of US$221.1 million and diluted EPS of US$0.83 were materially boosted by non-operating items, notably an equity-method pickup of about US$117.8 million and other fair value gains; on a non-GAAP basis, operating income and net income were lower year-over-year. This means underlying operating trends are weaker than the GAAP headline suggests, and future GAAP volatility is likely because management expects an equity pickup loss in Q4 2025 due to lagged reporting of investee price moves.

Key dependencies and risks include continued advertiser mix shifts and the one-off nature of the reported non-operating gains; the firm’s cash and short-term investments of US$2.04 billion and positive operating cash flow of US$200.0 million provide cushion. Watchables: sequential ad revenue trends excluding large partners (advertising revenues excluding Alibaba fell 13% year-over-year), non-GAAP operating margin trajectory, the expected equity pick-up loss in Q4 2025, and MAU/DAU engagement metrics (MAUs 578 million, DAUs 257 million). Expect clarity on sustainability of revenue growth and volatility from investment accounting across the next quarter.

BEIJING, Nov. 18, 2025 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

"We are pleased with our progress made in our intelligent search front," said Gaofei Wang, CEO of Weibo. "On the user product front, we have completed homepage information feeds product revamp, with recommendation feed as the main product interface to enhance users' content consumption scale and efficiency. On the AI technology application front, the user scale and search queries of Weibo intelligent search continued to grow robustly in the third quarter, which fulfilled and drove users' search demand on the platform. On the monetization front, we further solidified our advantage in content marketing and enhanced the conversion of our promoted feed ad. On the advertising technology front, we continuously strengthened the application of AI technology across the entire advertising process to enhance monetization efficiency."

Third Quarter 2025 Highlights 

• Net revenues were US$442.3 million, a decrease of 5% year-over-year or a decrease of 4% year-over-year on a constant currency basis ^[1].
• Advertising and marketing revenues were US$375.4 million, a decrease of 6% year-over-year or a decrease of 5% year-over-year on a constant currency basis ^[1].
• Value-added services ("VAS") revenues were US$66.9 million, an increase of 2% year-over-year or an increase of 2% year-over-year on a constant currency basis ^[1].
• Income from operations was US$117.3 million, representing an operating margin of 27%.
• Net income attributable to Weibo's shareholders was US$221.1 million and diluted net income per share was US$0.83.
• Non-GAAP income from operations was US$132.0 million, representing a non-GAAP operating margin of 30%.
• Non-GAAP net income attributable to Weibo's shareholders was US$110.7 million and non-GAAP diluted net income per share was US$0.42.
• Monthly active users ("MAUs") were 578 million in September 2025.
• Average daily active users ("DAUs") were 257 million in September 2025.

[1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the third quarter of 2025 was the same as it was in the third quarter of 2024, or RMB7.15=US$1.00.

Third Quarter 2025 Financial Results

For the third quarter of 2025, Weibo's total net revenues were US$442.3 million, a decrease of 5% compared to US$464.5 million for the same period last year.

Advertising and marketing revenues for the third quarter of 2025 were US$375.4 million, a decrease of 6% compared to US$398.6 million for the same period last year. The decrease mainly resulted from less advertising revenue contribution from those sectors which largely benefited from the Paris Olympic Games in the same period last year, such as food and beverage; and the decrease was partially offset by the solid ad revenue growth of e-commerce and automobile sectors. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$329.9 million, a decrease of 13% compared to US$377.1 million for the same period last year. Advertising and marketing revenues from Alibaba were US$45.5 million, an increase of 112% compared to US$21.5 million for the same period last year, mainly attributable to incremental ad budget from its local service initiatives as well as its strong marketing demand for e-commerce activities in the third quarter.

VAS revenues for the third quarter of 2025 were US$66.9 million, an increase of 2% compared to US$65.9 million for the same period last year.

Costs and expenses for the third quarter of 2025 totaled US$325.0 million, an increase of 1% compared to US$323.2 million for the same period last year.

Income from operations for the third quarter of 2025 was US$117.3 million, compared to US$141.3 million for the same period last year. Operating margin for the third quarter of 2025 was 27%, compared to 30% for the same period last year. Non-GAAP income from operations for the third quarter of 2025 was US$132.0 million, compared to US$164.5 million for the same period last year. Non-GAAP operating margin for the third quarter of 2025 was 30%, compared to 35% for the same period last year.

Non-operating income for the third quarter of 2025 was US$163.4 million, compared to US$23.6 million for the same period last year. Non-operating income mainly included (i) net interest and other income of US$123.7 million, which reflected an equity method pick up gain of US$117.8 million from a fund investment. The gain resulted from a lag in the reporting of fair value increase of a listed investee held by the fund investment in the second quarter of 2025. The Company expects to record an equity pick up loss from the same fund investment in the fourth quarter of 2025, due to subsequent share price volatility that will be reflected on a lagged basis. Under non-GAAP measures, a total of US$115.2 million net equity pick up gains were excluded; and (ii) gain on fair value change of US$39.5 million from an investment, which was excluded under non-GAAP measures.

Income tax expenses for the third quarter of 2025 were US$57.2 million, compared to US$32.2 million for the same period last year, primarily due to the recognition of US$29.4 million deferred tax liability related to equity pick up gains in the third quarter 2025.

Net income attributable to Weibo's shareholders for the third quarter of 2025 was US$221.1 million, compared to US$130.6 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the third quarter of 2025 was US$0.83, compared to US$0.50 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the third quarter of 2025 was US$110.7 million, compared to US$139.2 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the third quarter of 2025 was US$0.42, compared to US$0.53 for the same period last year.

As of September 30, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.04 billion. For the third quarter of 2025, cash provided by operating activities was US$200.0 million, capital expenditures totaled US$5.1 million, and depreciation and amortization expenses amounted to US$15.4 million.

Conference Call

Weibo's management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 18, 2025 (or 7:00 PM to 8:00 PM Beijing Time on November 18, 2025) to present an overview of the Company's financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial-in and instructions will be provided in the confirmation email upon registering.

Participants Registration Link:  
https://register-conf.media-server.com/register/BI6959cc815a174e4b8da9bc9d0e7e4211

Additionally, a live and archived webcast of this conference call will be available at http://ir.weibo.com.

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo's shareholders, non-GAAP diluted net income per share attributable to Weibo's shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP.

The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo's shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. Among other things, Weibo's expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:
Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com

 

WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per share data)
		Three months ended				Nine months ended
		September 30,		September 30,		September 30,		September 30,
		2024		2025		2024		2025
Net revenues :
Advertising and marketing		$         398,615		$         375,373		$      1,112,843		$        1,097,831
Value-added services		65,865		66,932		185,007		186,127
	Net revenues	464,480		442,305		1,297,850		1,283,958
Costs and expenses :
Cost of revenues (1)		92,381		106,188		268,992		298,441
Sales and marketing (1)		123,069		131,399		340,928		336,956
Product development (1)		80,411		77,909		232,826		231,998
General and administrative (1)		27,297		9,467		78,660		43,341
	Total costs and expenses	323,158		324,963		921,406		910,736
Income from operations		141,322		117,342		376,444		373,222
Non-operating income:
Investment related income, net		16,905		39,733		12,180		44,978
Interest and other income (loss), net		6,699		123,690		(730)		153,381
		23,604		163,423		11,450		198,359
Income before income tax expenses		164,926		280,765		387,894		571,581
Less: Income tax expenses		32,197		57,242		90,516		113,238
Net income		132,729		223,523		297,378		458,343
Less: Net income attributable to non-controlling interests		545		870		1,564		1,633
Accretion to redeemable non-controlling interests		1,617		1,560		3,878		2,968
Net income attributable to Weibo's shareholders		$         130,567		$         221,093		$         291,936		$            453,742
Basic net income per share attributable to Weibo's shareholders		$                0.55		$                0.93		$                1.23		$                   1.90
Diluted net income per share attributable to Weibo's shareholders		$                0.50		$                0.83		$                1.12		$                   1.71
Shares used in computing basic net income per share attributable
to Weibo's shareholders		237,499		238,938		237,107		238,620
Shares used in computing diluted net income per share attributable
to Weibo's shareholders		265,824		269,382		264,856		268,088
(1) Stock-based compensation in each category:
	Cost of revenues	$               1,539		$                  854		$                4,839		$                  3,073
	Sales and marketing	3,454		1,970		10,488		7,133
	Product development	8,593		4,489		27,324		16,669
	General and administrative	4,512		3,111		13,666		10,615

 

WEIBO CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
				As of
				December 31,		September 30,
				2024		2025
Assets
	Current assets:
			Cash and cash equivalents	$        1,890,632		$       1,081,382
			Short-term investments	459,852		963,067
			Accounts receivable, net	339,754		379,434
			Prepaid expenses and other current assets	348,774		313,994
			Amount due from SINA (1)	452,769		439,993
			Current assets subtotal	3,491,781		3,177,870
	Property and equipment, net			215,034		280,940
	Goodwill and intangible assets, net			272,004		265,360
	Long-term investments			1,389,199		1,721,691
	Other non-current assets			1,136,481		1,452,922
	Total assets			$        6,504,499		$       6,898,783
Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity
	Liabilities:
		Current liabilities:
			Accounts payable	$           158,435		$          217,660
			Accrued expenses and other current liabilities	652,369		578,680
			Income tax payable	84,690		71,412
			Deferred revenues	72,642		81,900
			Current liabilities subtotal	968,136		949,652
		Long-term liabilities:
			Convertible senior notes	320,803		323,159
			Unsecured senior notes	744,662		745,388
			Long-term loans	795,311		793,060
			Other long-term liabilities	96,701		150,394
			Total liabilities	2,925,613		2,961,653
	Redeemable non-controlling interests			45,103		28,426
	Shareholders' equity :
		Weibo shareholders' equity		3,482,771		3,854,720
		Non-controlling interests		51,012		53,984
			Total shareholders' equity	3,533,783		3,908,704
	Total liabilities, redeemable non-controlling interests and     shareholders' equity			$        6,504,499		$       6,898,783
	(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$406.6 million as of September 30, 2025.

 

WEIBO CORPORATION
UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
(In thousands of U.S. dollars, except per share data)
				Three months ended						Nine months ended
				September 30,			September 30,			September 30,			September 30,
				2024			2025			2024			2025
Income from operations				$	141,322		$	117,342		$	376,444		$	373,222
Add:	Stock-based compensation				18,098			10,424			56,317			37,490
	Amortization of intangible assets resulting from business acquisitions				5,112			4,197			15,182			12,480
Non-GAAP income from operations				$	164,532		$	131,963		$	447,943		$	423,192
Net income attributable to Weibo's shareholders				$	130,567		$	221,093		$	291,936		$	453,742
Add:	Stock-based compensation				18,098			10,424			56,317			37,490
	Amortization of intangible assets resulting from business   acquisitions				5,112			4,197			15,182			12,480
	Investment related gain/loss, net (1)				(16,905)			(39,733)			(12,180)			(44,978)
	Non-GAAP to GAAP reconciling items on the share of equity   method investments				1,975			(115,222)			18,921			(116,825)
	Non-GAAP to GAAP reconciling items for the income/loss   attributable to non-controlling interests				(501)			(505)			(1,372)			(1,575)
	Tax effects on non-GAAP adjustments (2)				(1,112)			28,501			(3,297)			27,282
	Amortization of  issuance cost of convertible senior notes, unsecured   senior notes and long-term loans				1,951			1,943			6,542			5,829
Non-GAAP net income attributable to Weibo's shareholders				$	139,185		$	110,698		$	372,049		$	373,445
Non-GAAP diluted net income per share attributable to Weibo's   shareholders				$	0.53	*	$	0.42	*	$	1.42	*	$	1.41	*
Shares used in computing GAAP diluted net income per share attributable   to Weibo's shareholders					265,824			269,382			264,856			268,088
Shares used in computing non-GAAP diluted net income per share   attributable to Weibo's shareholders					265,824			269,382			264,856			268,088
Adjusted EBITDA:
	Net income attributable to Weibo's shareholders			$	130,567		$	221,093		$	291,936		$	453,742
	Non-GAAP adjustments				8,618			(110,395)			80,113			(80,297)
	Non-GAAP net income attributable to Weibo's shareholders				139,185			110,698			372,049			373,445
		Interest income, net			(6,348)			(5,132)			(24,909)			(29,216)
		Income tax expenses			33,309			28,741			93,813			85,956
		Depreciation expenses			8,985			10,979			27,571			30,491
	Adjusted EBITDA			$	175,131		$	145,286		$	468,524		$	460,676
Net revenues				$	464,480		$	442,305		$	1,297,850		$	1,283,958
Non-GAAP operating margin					35 %			30 %			35 %			33 %
(1)	To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments.
(2)	To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.
*	Net income attributable to Weibo's shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS.

 

WEIBO CORPORATION
UNAUDITED ADDITIONAL INFORMATION
(In thousands of U.S. dollars)
			Three months ended				Nine months ended
			September 30,		September 30,		September 30,		September 30,
			2024		2025		2024		2025
Net revenues
	Advertising and marketing
	Non-Ali advertisers		$         377,112		$         329,889		$      1,036,380		$         973,993
	Alibaba		21,503		45,484		76,463		123,838
	Subtotal		398,615		375,373		1,112,843		1,097,831
	Value-added services		65,865		66,932		185,007		186,127
			$         464,480		$         442,305		$      1,297,850		$      1,283,958

 

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SOURCE Weibo Corporation

FAQ

What were Weibo (WB) third quarter 2025 revenues and EPS?

Weibo reported $442.3M in net revenues and diluted EPS of $0.83 for Q3 2025.

How did Weibo advertising revenue perform in Q3 2025 for WB?

Advertising and marketing revenues were $375.4M, down 6% year-over-year; excluding Alibaba they fell 13%.

What cash balance did Weibo report for Q3 2025 (WB)?

As of September 30, 2025, Weibo had $2.04 billion in cash, cash equivalents and short-term investments.

Why did Weibo report large non-operating income in Q3 2025?

Non-operating income of $163.4M included an equity method pick-up gain (~$117.8M) and a $39.5M fair-value gain on an investment.

What were Weibo's user metrics (WB) in Q3 2025?

Monthly active users were 578M and average daily active users were 257M in September 2025.

Did Weibo's operating margins change in Q3 2025 (WB)?

Operating margin declined to 27% from 30% year-over-year; non-GAAP operating margin was 30%.