BEIJING,Aug. 22,2024 -- 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 second quarter ended June 30,2024.

"Our user engagement and operating efficiency have further improved this quarter," said Gaofei Wang,CEO of Weibo. "On the user front,we emphasized on the acquisition and engagement of high quality users and saw improved user engagement this quarter. On the content front,we further optimized our content ecosystem through reinforcement of our core strength and solid execution of our vertical content strategy. On the monetization front,we are encouraged to see Weibo's strength in hot trends and vertical content ecosystem has become the key driver of topline recovery. Underpinned by our stabilized overall business and consistent disciplined spending,our operating efficiency has improved this quarter."

SecondQuarter 2024 Highlights

Net revenues were US$437.9 million,a decrease of 1% year-over-year or an increase of 1% year-over-year on a constant currency basis [1].

Advertising and marketing revenues were US$375.3 million,a decrease of 3% year-over-year or a decrease of 1% year-over-year on a constant currency basis [1].

Value-added services ("VAS") revenues were US$62.6 million,an increase of 15% year-over-year or an increase of 18% year-over-year on a constant currency basis [1].

Income from operations was US$135.4 million,representing an operating margin of 31%.

Net income attributable toWeibo's shareholders was US$111.9 million and diluted net income per share was US$0.43.

Non-GAAP income from operations was US$157.6 million,representing a non-GAAP operating margin of 36%.

Non-GAAP net income attributable toWeibo's shareholders was US$126.3 million and non-GAAP diluted net income per share was US$0.48.

Monthly active users ("MAUs") were 583 million in June 2024.

Average daily active users ("DAUs") were 256 million in June 2024.

[1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the second quarter of 2024 had been the same as it was in the second quarter of 2023,or RMB7.03=US$1.00.

SecondQuarter 2024 Financial Results

For the second quarter of 2024,Weibo's total net revenues were US$437.9 million,a decrease of 1% compared to US$440.2 million for the same period last year.

Advertising and marketing revenues for the second quarter of 2024 were US$375.3 million,a decrease of 3% compared to US$385.7 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$342.9 million,a decrease of 4% compared to US$358.9 million for the same period last year.

VAS revenues for the second quarter of 2024 were US$62.6 million,an increase of 15% year-over-year compared to US$54.6 million for the same period last year,primarily driven by the growth of revenues from membership services.

Costs and expenses for the second quarter of 2024 totaled US$302.5 million,a decrease of 5% compared to US$316.8 million for the same period last year. In addition to the foreign exchange impact,the decrease mainly resulted from lower personnel related costs.

Income from operations for the second quarter of 2024 was US$135.4 million,compared to US$123.5 million for the same period last year. Operating margin was 31%,compared to 28% last year. Non-GAAP income from operations was US$157.6 million,compared to US$153.8 million for the same period last year. Non-GAAP operating margin was 36%,compared to 35% last year.

Non-operating income for the second quarter of 2024 was US$11.4 million,compared to non-operating loss of US$13.8 million for the same period last year. Non-operating income for the second quarter of 2024 mainly included (i) net interest and other income of US$11.2 million; (ii) gain from fair value change of investments of US$9.3 million,which was excluded under non-GAAP measures; and (iii) impairment in equity investment of US$9.0 million,which was excluded under non-GAAP measures.

Income tax expenses for the second quarter of 2024 were US$33.3 million,compared to US$25.5 million for the same period last year. The increase was primarily due to withholding tax accrued related to earnings to be remitted to Weibo Hong Kong Limited from its wholly-owned subsidiary in China.

Net income attributable to Weibo's shareholders for the second quarter of 2024 was US$111.9 million,compared to US$81.4 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the second quarter of 2024 was US$0.43,compared to US$0.34 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the second quarter of 2024 was US$126.3 million,compared to US$126.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the second quarter of 2024 was US$0.48,compared to US$0.53 for the same period last year.

As of June 30,2024,Weibo's cash,cash equivalents and short-term investments totaled US$2.8 billion. For the second quarter of 2024,cash provided by operating activities was US$132.1 million,capital expenditures totaled US$10.3 million,and depreciation and amortization expenses amounted to US$14.5 million.

Conference Call

Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on August 22,2024 (or 7:00 PM to 8:00 PM Beijing Time on August 22,2024) 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 instruction will be in the confirmation email upon registering.

Participants Registration Link:

https://register.vevent.com/register/BI8263b36dae6d4ec0b241bfee48aa09d0

Additionally,a live and archived webcast of this conference call will 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 excludestock-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

Weibois 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 onWeibomay be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple,asymmetric and distributed nature ofWeibo allows an original feed to become a live viral conversation stream.

Weiboenables its advertising and marketing customers to promote their brands,products and services to users.Weibooffers 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. Weare 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

Six months ended

June 30,

March 31,

June 30,

2023

2024

2024

2023

2024

Net revenues:

Advertising and marketing

$ 385,674

$ 338,951

$ 375,277

$ 740,974

$ 714,228

Value-added services

54,566

56,546

62,596

113,044

119,142

Net revenues

440,240

395,497

437,873

854,018

833,370

Costs and expenses:

Cost of revenues (1)

94,272

86,821

89,790

180,125

176,611

Sales and marketing (1)

105,425

103,627

114,232

211,919

217,859

Product development (1)

92,945

80,726

71,689

183,621

152,415

General and administrative (1)

24,145

24,586

26,777

58,410

51,363

Total costs and expenses

316,787

295,760

302,488

634,075

598,248

Income from operations

123,453

99,737

135,385

219,943

235,122

Non-operating income (loss):

Investment related income (loss),net

(25,190)

(4,970)

245

1,965

(4,725)

Interest and other income (loss),net

11,357

(18,611)

11,182

14,039

(7,429)

(13,833)

(23,581)

11,427

16,004

(12,154)

Income before income tax expenses

109,620

76,156

146,812

235,947

222,968

Less: Income tax expenses

25,450

25,044

33,275

47,302

58,319

Net income

84,170

51,112

113,537

188,645

164,649

Less: Net income attributable to non-controlling interests

257

548

471

813

1,019

Accretion to redeemable non-controlling interests

2,526

1,126

1,135

5,953

2,261

Net income attributable to Weibo's shareholders

$ 81,387

$ 49,438

$ 111,931

$ 181,879

$ 161,369

Basic net income per share attributable to Weibo's shareholders

$ 0.35

$ 0.21

$ 0.47

$ 0.77

$ 0.68

Diluted net income per share attributable to Weibo's shareholders

$ 0.34

$ 0.19

$ 0.43

$ 0.77

$ 0.63

Shares used in computing basic net income per share attributable

to Weibo's shareholders

235,361

236,694

237,124

235,035

236,909

Shares used in computing diluted net income per share attributable

to Weibo's shareholders

237,886

263,644

265,086

237,393

264,365

(1) Stock-based compensation in each category:

Cost of revenues

$ 2,238

$ 1,773

$ 1,527

$ 4,774

$ 3,300

Sales and marketing

4,113

3,823

3,211

8,726

7,034

Product development

13,256

10,438

8,293

27,056

18,731

General and administrative

6,460

4,978

4,176

13,136

9,154

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

As of

December 31,

2023

2024

Assets

Current assets:

Cash and cash equivalents

$ 2,584,635

$ 1,922,371

Short-term investments

641,035

915,637

Accounts receivable,net

440,768

371,291

Prepaid expenses and other current assets

359,881

348,135

Amount due from SINA(1)

486,397

466,915

Current assets subtotal

4,512,716

4,024,349

Property and equipment,net

220,663

212,451

Goodwill and intangible assets,net

300,565

283,646

Long-term investments

1,320,386

1,281,402

Other non-current assets

926,028

1,300,437

Total assets

$ 7,280,358

$ 7,102,285

Liabilities,Redeemable Non-controlling Interests and Shareholders' Equity

Liabilities:

Current liabilities:

Accounts payable

$ 161,493

$ 150,456

Accrued expenses and other current liabilities

666,833

625,542

Income tax payable

94,507

54,688

Deferred revenues

75,187

88,596

Unsecured senior notes

799,325

799,993

Current liabilities subtotal

1,797,345

1,719,275

Long-term liabilities:

Convertible senior notes

317,625

319,232

Unsecured senior notes

743,695

744,179

Long-term loans

791,647

793,479

Other long-term liabilities

112,430

112,553

Total liabilities

3,762,742

3,688,718

Redeemable non-controlling interests

68,728

38,217

Shareholders' equity :

Weibo shareholders' equity

3,398,735

3,325,636

Non-controlling interests

50,153

49,714

Total shareholders' equity

3,448,888

3,375,350

Total liabilities,redeemable non-controlling interests and

shareholders' equity

$ 7,285

(1) Included short-term loans to and interest receivable from SINA of

US$445.2 million as of December 31,2023 and US$430.1 million as of June 30,2024.

WEIBO CORPORATION

UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS

(In thousands of U.S. dollars,

2023

2024

2024

2023

2024

Income from operations

$

123,453

$

99,737

$

135,385

$

219,943

$

235,122

Add:

Stock-based compensation

26,067

21,012

17,207

53,692

38,219

Amortization of intangible assets resulting from business acquisitions

4,271

5,059

5,011

8,710

10,070

Non-GAAP income from operations

$

153,791

$

125,808

$

157,603

$

282,345

$

283,411

Net income attributable to Weibo's shareholders

$

81,387

$

49,438

$

111,931

$

181,879

$

161,369

Add:

Stock-based compensation

26,219

Amortization of intangible assets resulting from business

acquisitions

4,070

Investment related gain/loss,net (1)

25,190

4,970

(245)

(1,965)

4,725

Non-GAAP to GAAP reconciling items on the share of equity

method investments

(11,262)

25,358

(8,412)

(7,079)

16,946

Non-GAAP to GAAP reconciling items for the income/loss

attributable to non-controlling interests

(156)

(436)

(435)

(313)

(871)

Tax effects on non-GAAP adjustments (2)

(727)

(1,103)

(1,082)

(531)

(2,185)

Amortization of issuance cost of convertible senior notes,unsecured

senior notes and long-term loans

1,606

2,314

2,277

3,212

4,591

Non-GAAP net income attributable to Weibo's shareholders

$

126,376

$

106,612

$

126,252

$

237,605

$

232,864

Non-GAAP diluted net income per share attributable to Weibo's

shareholders

$

0.53

$

0.41

*

$

0.48

*

$

1.00

$

0.89

*

Shares used in computing GAAP diluted net income per share attributable

to Weibo's shareholders

237,886

263,644

265,086

237,393

264,365

Shares used in computing non-GAAP diluted net income per share

attributable to Weibo's shareholders

237,365

Adjusted EBITDA:

Net income attributable to Weibo's shareholders

$

81,369

Non-GAAP adjustments

44,989

57,174

14,321

55,726

71,495

Non-GAAP net income attributable to Weibo's shareholders

126,376

106,612

126,252

237,605

232,864

Interest (income) expense,net

1,366

(9,151)

(9,410)

(8,377)

(18,561)

Income tax expenses

26,177

26,147

34,357

47,834

60,504

Depreciation expenses

9,962

9,417

9,169

20,563

18,586

Adjusted EBITDA

$

163,881

$

133,025

$

160,368

$

297,625

$

293,393

Net revenues

$

440,240

$

395,497

$

437,873

$

854,018

$

833,370

Non-GAAP operating margin

35%

32%

36%

33%

34%

(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

Six months ended

June 30,

2023

2024

2024

2023

2024

Net revenues

Advertising and marketing

Non-Ali advertisers

$ 358,894

$ 316,400

$ 342,868

$ 695,925

$ 659,268

Alibaba - as an advertiser

26,780

22,551

32,409

45,049

54,960

Subtotal

385,674

338,951

375,277

740,974

714,228

Value-added services

54,142

$ 440,240

$ 395,497

$ 437,873

$ 854,018

$ 833,370