Weibo Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results

BEIJING, March 18, 2021 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") WB, a leading social media in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

"We ended the year of 2020 on a solid note," said Gaofei Wang, CEO of Weibo. "During the unprecedented times in 2020, Weibo has demonstrated its indispensable value as China's leading 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. Wang concluded.

Fourth Quarter 2020 Highlights

  • 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].
  • 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 million and diluted net income per share was $0.13.
  • Non-GAAP net income attributable to Weibo was $212.7 million and non-GAAP diluted net income per share was $0.92.
  • 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.

Fiscal Year 2020 Highlights

  • 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].
  • 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 million and diluted net income per share was $1.38.
  • Non-GAAP net income attributable to Weibo was $547.5 million and 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, or RMB 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, or RMB 6.90=US$1.00.

Fourth Quarter 2020 Financial Results

For the fourth quarter of 2020, Weibo's total net revenues were $513.4 million, an increase of 10% compared to $468.1 million for 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 million for 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 million for 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 million for 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 in November 2020.

Costs and expenses for the fourth quarter of 2020 totaled $331.8 million, an increase of 5% compared to $317.4 million for 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 million for the same period last year.

Income from operations for the fourth quarter of 2020 was $181.6 million, compared to $150.7 million for 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 million for 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 million for 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 million investment related impairment, which is excluded under non-GAAP measures; and (iii) a $9.5 million net interest and other income. 

Income tax benefits were $25.3 million, compared to income tax expenses of $31.1 million for 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 million for the same period last year. Diluted net income per share attributable to Weibo for the fourth quarter of 2020 was $0.13, compared to $0.42 for 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 million for 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 $0.77 for the same period last year.

As of December 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 Results

For fiscal year 2020, Weibo's total net revenues were $1.69 billion, a decrease of 4% compared to $1.77 billion in 2019.

Advertising and marketing revenues for 2020 were $1.49 billion, a decrease of 3% compared to $1.53 billion in 2019. Advertising and marketing revenues from KAs and SMEs were $1.33 billion, a decrease of 7% compared to $1.43 billion for 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 million for 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 billion for 2019. Non-GAAP costs and expenses were $1.11 billion, compared to $1.10 billion for 2019.

Income from operations for 2020 was $506.8 million, compared to $597.6 million for 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 million for 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 million for 2019. Non-operating loss in 2020 mainly included (i) a $212.0 million investment related impairment, which is excluded under non-GAAP measures; (ii) a $35.1 million net gain from fair value change of investments, which is excluded under non-GAAP measures; and (iii) a $43.8 million net interest and other income.

Income tax expenses for 2020 were $61.3 million, compared to $109.6 million for 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 million for 2019. Diluted net income per share attributable to Weibo for 2020 was $1.38, compared to $2.18 for 2019. Non-GAAP net income attributable to Weibo for 2020 was $547.5 million, compared to $637.5 million for 2019. Non-GAAP diluted net income per share attributable to Weibo for 2020 was $2.38, compared to $2.78 for 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 Appointments

The Company announced the appointment of Mr. Wei Wang as Weibo's Chief Operating Officer. Mr. Wang has 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 Cao as Weibo's Chief Financial Officer. Both changes are effective immediately.

Business Outlook

For 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.

Conference Call

Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on March 18, 2021 (or 7:00 PM8:00 PM Beijing Time on March 18, 2021) to present an overview of the Company's financial performance and business operations.

Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with dial-in numbers, passcode and unique registrant ID by email. To join the conference, please use the conference access information provided in the email received at the point of registering.

PRE-REGISTER LINK: http://apac.directeventreg.com/registration/event/4595508

Additionally, a live webcast of the call will be available through the Company's corporate website at http://ir.weibo.com.

A telephone replay will be available from 22:00 PM China Standard Time on March 18, 2021 to 20:59 PM China Standard Time on March 26, 2021. To access the recording, please use the following dial-in information listed below:

United States:

+1 855 452 5696

Hong Kong: 

800 963 117

Mainland China: 

400 602 2065

International:

+61 2 8199 0299

Replay PIN: 

4595508

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP costs and expenses, non-GAAP income from operations, non-GAAP net income attributable to Weibo, non-GAAP diluted net income per share attributable to Weibo 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, net results of impairment on, gain/loss on sale of 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, provision for income tax related to the amortization of intangible assets and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of convertible debt and senior notes issuance cost. Adjusted EBITDA excludes interest income, net, income tax expenses (benefit), 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, if they so choose. 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. The Company 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. Designed with a "mobile first" philosophy, Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. To support the mobile format, we have developed and 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 that relate to, among other things, Weibo's expected financial performance and strategic and operational plans (as described, without limitation, in the "Business Outlook" section and in quotations from management in this press release. Weibo may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), 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. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar 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 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 report on Form 20-Fs and other filings with the SEC. 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



Twelve months ended







December 31,



September 30,



December 31,







2020



2019



2020



2020



2019

Net revenues:





















     Advertising and marketing



$         453,477



$         405,921



$         416,672



$      1,486,155



$      1,530,211

     Value-added service



59,933



62,227



49,067



203,776



236,703



Net revenues



513,410



468,148



465,739



1,689,931



1,766,914

























Costs and expenses:





















     Cost of revenues(1)



87,288



90,566



77,198



302,180



328,826

     Sales and marketing (1)



139,136



123,372



105,263



455,619



465,339

     Product development(1)



90,229



75,187



83,511



324,110



284,444

     General and administrative(1)



15,113



28,286



38,813



101,224



90,721



Total costs and expenses



331,766



317,411



304,785



1,183,133



1,169,330

Income from operations



181,644



150,737



160,954



506,798



597,584

























Non-operating income (loss):





















    Impairment on, gain/loss on sale of and

        fair value change of investments, net 



(185,371)



(38,372)



(103,787)



(174,717)



(41,885)

    Interest and other income, net



9,531



13,253



6,311



43,832



46,698







(175,840)



(25,119)



(97,476)



(130,885)



4,813

























Income before income tax expenses



5,804



125,618



63,478



375,913



602,397

     Income tax benefits (expenses)



25,314



(31,056)



(30,003)



(61,316)



(109,564)

























Net income



31,118



94,562



33,475



314,597



492,833

    Less: Net income (loss) attributable to

    non-controlling interests



2,076



(506)



(323)



1,233



(1,842)

Net income attributable to Weibo



$           29,042



$           95,068



$           33,798



$         313,364



$         494,675

















































Basic net income per share attributable to Weibo



$                0.13



$                0.42



$                0.15



$                1.38



$                2.19

Diluted net income per share attributable to Weibo



$                0.13



$                0.42



$                0.15



$                1.38



$                2.18

























Shares used in computing basic





















   net income per share attributable to Weibo



227,495



226,000



227,110



226,921



225,452

Shares used in computing diluted





















   net income per share attributable to Weibo



228,489



226,844



227,793



227,637



226,412

















































(1) Stock-based compensation in each category:























Cost of revenues



$               1,475



$               1,488



$               1,407



$               5,384



$               5,251



Sales and marketing



3,097



2,761



2,623



9,983



9,828



Product development



10,203



8,124



8,438



33,093



28,628



General and administrative



4,545



4,990



5,129



18,645



17,582

 

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)



























December 31,



December 31,











2020



2019

















Assets



Current assets:















Cash and cash equivalents



$           1,814,844



$           1,452,985







Short-term investments



1,682,048



951,235







Accounts receivable, net



492,010



422,225







Prepaid expenses and other current assets



296,757



424,905







Amount due from SINA(1)



548,900



384,828







      Current assets subtotal



4,834,559



3,636,178



















Property and equipment, net



60,632



46,729



Goodwill and intangible assets, net



208,688



46,513



Long-term investments



1,179,466



1,027,459



Other assets



51,772



47,307



Total assets



$           6,335,117



$           4,804,186

















Liabilities and Shareholders' Equity 



Liabilities:













Current liabilities:















Accounts payable



$               149,509



$               126,247







Accrued expenses and other current liabilities



562,333



465,580







Deferred revenues



143,684



108,783







Income tax payable



102,844



100,245







     Current liabilities subtotal



958,370



800,855





















Long-term liabilities:















Convertible debt



892,399



888,266







Senior notes



1,536,112



793,985







Other long-term liabilities



61,906



39,261







     Total liabilities



3,448,787



2,522,367



















Redeemable noncontrolling interests



57,714



-



















Shareholders' equity :













Weibo shareholders' equity 



2,812,425



2,283,267





Non-controlling interests



16,191



(1,448)







Total shareholders' equity 



2,828,616



2,281,819



















Total liabilities and shareholders' equity 



$           6,335,117



$           4,804,186



















(1) Included short-term loans to and interest receivable from SINA of $547.9 million as of  December 31,

2020 and $236.6 million as of December 31, 2019.

 

 

WEIBO CORPORATION



UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS



(In thousands of U.S. dollars, except per share data)























































Three months ended











December 31, 2020



December 31, 2019



September 30, 2020















































Non-GAAP











Non-GAAP











Non-GAAP











Actual



Adjustments



Results



Actual



Adjustments



Results



Actual



Adjustments



Results















































Advertising and marketing



$      453,477







$      453,477



$      405,921







$      405,921



$      416,672







$      416,672



Value-added service



59,933







59,933



62,227







62,227



49,067







49,067





Net revenues



$      513,410







$      513,410



$      468,148







$      468,148



$      465,739







$      465,739







































































































(19,320)

 (a) 









(17,363)

 (a) 









(17,597)

 (a) 

















(3,174)

 (b) 









(821)

 (b) 









(836)

 (b) 





Total costs and expenses



$      331,766



$      (22,494)



$      309,272



$      317,411



$      (18,184)



$      299,227



$      304,785



$      (18,433)



$      286,352







































































































19,320

 (a) 









17,363

 (a) 









17,597

 (a) 

















3,174

 (b) 









821

 (b) 









836

 (b) 





Income from operations



$      181,644



$        22,494



$      204,138



$      150,737



$        18,184



$      168,921



$      160,954



$        18,433



$      179,387







































































































19,320

 (a) 









17,363

 (a) 









17,597

 (a) 

















3,174

 (b) 









821

 (b) 









836

 (b) 

















185,371

 (c) 









38,372

 (c) 









103,787

 (c) 

















(6,399)

 (d) 









2,118

 (d) 









(3,658)

 (d) 

















(562)

 (e) 









6

 (e) 









(21)

 (e) 

















(18,889)

 (f) 









21,354

 (f) 









(1,062)

 (f) 

















1,611

 (g) 









1,371

 (g) 









1,595

 (g) 





Net income attributable to Weibo

$        29,042



$      183,626



$      212,668



$        95,068



$        81,405



$      176,473



$        33,798



$      119,074



$      152,872















































Diluted net income per share attributable to Weibo

$             0.13







$             0.92

*

$             0.42







$             0.77

*

$             0.15







$             0.66

*













































Shares used in computing  diluted







































    net income per share attributable to Weibo

228,489



6,753

 (h) 

235,242



226,844



6,753

 (h) 

233,597



227,793



6,753

 (h) 

234,546















































Adjusted EBITDA:





















































































Non-GAAP net income attributable to Weibo









$      212,668











$      176,473











$      152,872







Interest income,net











(4,021)











(13,652)











(4,340)







Income tax expenses (benefits)











(6,425)











9,702











31,065







Depreciation expenses











7,511











5,719











6,894





Adjusted EBITDA











$      209,733











$      178,242











$      186,491



















































































































































































WEIBO CORPORATION



UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS



(In thousands, except per share data)























































Twelve months ended























December 31, 2020



December 31, 2019































Non-GAAP











Non-GAAP























Actual



Adjustments



Results



Actual



Adjustments



Results



























































Advertising and marketing



$  1,486,155







$  1,486,155



$  1,530,211







$  1,530,211















Value-added service



203,776







203,776



236,703







236,703

















Net revenues



$  1,689,931







$  1,689,931



$  1,766,914







$  1,766,914



















































































































(67,105)

 (a) 









(61,289)

 (a) 





























(5,654)

 (b) 









(3,355)

 (b) 

















Total costs and expenses



$  1,183,133



$      (72,759)



$  1,110,374



$  1,169,330



$      (64,644)



$  1,104,686































































































































































67,105

 (a) 









61,289

 (a) 





























5,654

 (b) 









3,355

 (b) 

















Income from operations



$      506,798



$        72,759



$      579,557



$      597,584



$        64,644



$      662,228























































































































































































































































67,105

 (a) 









61,289

 (a) 





























5,654

 (b) 









3,355

 (b) 





























174,717

 (c) 









41,885

 (c) 





























(11,953)

 (d) 









12,143

 (d) 





























(468)

 (e) 









(1,648)

 (e) 





























(6,897)

 (f) 









20,979

 (f) 





























5,944

 (g) 









4,803

 (g) 

















Net income attributable to Weibo

$      313,364



$      234,102



$      547,466



$      494,675



$      142,806



$      637,481



























































Diluted net income per share attributable to Weibo

$             1.38







$             2.38

*

$             2.18







$             2.78

*

























































Shares used in computing  diluted







































    net income per share attributable to Weibo

227,637



6,753

 (h) 

234,390



226,412



6,753

 (h) 

233,165



























































Adjusted EBITDA:





















































































Non-GAAP net income attributable to Weibo









$      547,466











$      637,481



















Interest income, net











(34,345)











(60,293)



















Income tax expenses











68,213











88,585



















Depreciation expenses











26,453











22,418

















Adjusted EBITDA











$      607,787











$      688,191



























































(a)  To exclude stock-based compensation.





































(b)  To exclude amortization of intangible assets.





































(c)  To exclude net results of impairment on, gain/loss on sale of and fair value change of investments.



























(d)  To exclude the non-GAAP to GAAP reconciling items on the share of equity method investments.



























(e)  To exclude non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests.























(f)  To exclude the provision for income tax related to item (b) and (c). Other non-GAAP to GAAP reconciling items have no income tax effect.



















      The Company considered the tax implication arising from the reconciliation items and part of these items recorded in entities in tax free jurisdictions were without relevant tax implications.







      For impairment on investments, valuation allowances were made for those differences the Company does not expect they can be realized in the foreseeable future.















(g)  To exclude the amortization of convertible debt and senior notes issuance cost. 































(h)  To adjust the number of shares for dilution resulted from convertible debt which were anti-dilutive under GAAP measures.



































































*  Net income attributable to Weibo is adjusted for interest expense of convertible debt for calculating diluted EPS.























 

WEIBO CORPORATION

UNAUDITED ADDITIONAL INFORMATION

(In thousands of U.S. dollars)



























Three months ended



Twelve months ended





December 31,



September 30,



December 31,





2020



2019



2020



2020



2019























Net revenues





















Advertising and marketing





















     Key accounts and small & medium-sized enterprises

$      393,945



$      368,061



$      387,517



$  1,334,155



$  1,432,439



     Alibaba

59,532



37,860



29,155



152,000



97,772



         Subtotal

453,477



405,921



416,672



1,486,155



1,530,211

























Value-added service

59,933



62,227



49,067



203,776



236,703





$      513,410



$      468,148



$      465,739



$  1,689,931



$  1,766,914























Cision View original content:http://www.prnewswire.com/news-releases/weibo-reports-fourth-quarter-and-fiscal-year-2020-unaudited-financial-results-301249974.html

SOURCE Weibo Corporation

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