Weibo Corp. (NASDAQ: WB) stock declined by 8.69% at the last close whereas the WB stock price gains by 4.19% in the pre-market trading session. Weibo is a popular online platform for individuals to produce, share, and find information. Weibo is a strong platform for social interaction, content aggregation, and content dissemination that blends real-time public self-expression with a robust platform for social interaction, content aggregation, and content delivery.
WB stock, Financial Highlights
Weibo Corp announced its second-quarter 2021 financial highlights. The summary is as follows:
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- Weibo’s overall net revenues for the second quarter of 2021 were $574.5 million, up 48 percent from $387.4 million in the same quarter the previous year.
- Costs and costs for the second quarter of 2021 totaled $381.2 million, up 36% from $281.2 million in the same quarter the previous year. Higher marketing and personnel-related costs accounted for the majority of the rise.
- In the second quarter of 2021, income from operations was $193.2 million, up 82 percent from $106.2 million in Q2 2020.
- The operating margin was 34%, up from 27% the previous year. Non-GAAP income from operations was $223.2 million, up 83 percent from $121.9 million in the prior year’s comparable quarter. The non-GAAP operating margin was 39 percent, up from 31 percent the previous year.
- Weibo’s net income for the second quarter of 2021 was $81.0 million, down from $198.4 million in the same quarter the previous year.
- Weibo has $2.94 billion in cash, cash equivalents, and short-term investments as of June 30, 2021. Cash produced by operating operations was $94.1 million in the second quarter of 2021, capital expenditures were $9.5 million, and depreciation and amortization charges were $13.6 million.
Gaofei Wang, CEO of Weibo commented,
They had a great quarter with broad-based business success, and their community and sales both increased at a rapid pace. On the user front, both their MAUs and DAUs hit new highs in June, owing to their increased competitiveness in social goods, video efforts, and efficient channel investment. Their persistent work to refine ad solutions and enhance efficiency to generate value for its clients backed the steady growth of their ad business in terms of monetization.
On a constant currency basis, Weibo expects its net sales to rise by 20% to 25% year over year in the third quarter of 2021. This projection is based on Weibo’s current and preliminary assessment, which may change.