- Weibo Corp WB reported second-quarter FY21 revenue growth of 48% year-on-year to $574.5 million, beating the analyst consensus of $527.9 million.
- Weibo's Q2 numbers lie between Alphabet Inc GOOG GOOGL, Google's 62% revenue growth, and Baidu Inc's BIDU 20% growth for the same quarter.
- Segments: Weibo's Advertising and marketing revenues rose 47% Y/Y to $502.3 million. Advertising and marketing revenues excluding ad revenues from Alibaba Group Holding Ltd BABA rose 52% Y/Y to $462.4 million from a broad-based increase in advertising demand and strong sales execution.
- Value-added service (VAS) revenues grew 54% Y/Y to $72.1 million.
- Drivers: Monthly active users (MAUs) increased by 43 million Y/Y to 566 million in June 2021, while Average daily active users (DAUs) rose 16 million Y/Y to 246 million.
- Operating Income: Weibo's non-GAAP operating income jumped 83% Y/Y to $223.2 million. Baidu's non-GAAP operating income rose 1% Y/Y due to the relatively weaker revenue growth weighed on by higher SG&A and R&D expenses.
- Margin: The non-GAAP operating margin expanded 800 bps to 39%.
- Non-GAAP EPS of $0.79 beat the analyst consensus of $0.63.
- Weibo held $2.94 billion in cash and equivalents. It generated $94.1 million in operating cash flow in Q2.
- Outlook: Weibo sees Q3 revenue growth of 20%-25% representing $558.89 million - $582.17 million compared to the analyst consensus of $560.71 million.
- Price Action: WB shares traded higher by 6.15% at $49.20 in the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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