BEIJING,Nov. 19,2024 -- 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 third quarter ended September 30,2024.

"We had a solid quarter," said Gaofei Wang,CEO of Weibo. "On the user front,we continued to focus on the acquisition and engagement of high quality users. On the monetization front,our advertising business has exhibited a stabilized trend this quarter. We are pleased to see robust growth of ad revenues from certain key sectors,mainly driven by ad demand during the Summer Olympics. Our value-added services business also delivered strong momentum this quarter,benefiting from the upgrade of membership services catering to users' social interactions on the platform."

Third Quarter 2024 Highlights

Net revenues were US$464.5 million,an increase of 5% year-over-year or an increase of 3% year-over-year on a constant currency basis [1].

Advertising and marketing revenues were US$398.6 million,an increase of 2% year-over-year or flat year-over-year on a constant currency basis [1].

Value-added services ("VAS") revenues were US$65.9 million,an increase of 25% year-over-year or an increase of 23% year-over-year on a constant currency basis [1].

Income from operations was US$141.3 million,representing an operating margin of 30%.

Net income attributable to Weibo's shareholders was US$130.6 million and diluted net income per share was US$0.50.

Non-GAAP income from operations was US$164.5 million,representing a non-GAAP operating margin of 35%.

Non-GAAP net income attributable to Weibo's shareholders was US$139.2 million and non-GAAP diluted net income per share was US$0.53.

Monthly active users ("MAUs") were 587 million in September 2024.

Average daily active users ("DAUs") were 257 million in September 2024.

[1]We define constant currency (non-GAAP) by assuming that the average exchange rate in the third quarter of 2024 had been the same as it was in the third quarter of 2023,or RMB7.23=US$1.00.

ThirdQuarter 2024Financial Results

For the third quarter of 2024,Weibo's total net revenues were US$464.5 million,an increase of 5% compared to US$442.2 million for the same period last year.

Advertising and marketing revenues for the third quarter of 2024 were US$398.6 million,an increase of 2% compared to US$389.3 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$377.1 million,an increase of 3% compared to US$367.6 million for the same period last year.

VAS revenues for the third quarter of 2024 were US$65.9 million,an increase of 25% year-over-year compared to US$52.9 million for the same period last year,primarily driven by the growth of membership services and game-related revenues.

Costs and expenses for thethird quarter of 2024totaled US$323.2 million,an increase of 5% compared to US$308.2 million for the same period last year. The increase was mainly resulted from higher marketing spend and personnel related expenses.

Income from operations for the third quarter of 2024 was US$141.3 million,compared to US$134.0 million for the same period last year. Operating margin was 30%,same as last year. Non-GAAP income from operations was US$164.5 million,compared to US$163.9 million for the same period last year. Non-GAAP operating margin was 35%,compared to 37% last year.

Non-operating income for the third quarter of 2024 was US$23.6 million,compared to non-operating loss of US$28.4 million for the same period last year. Non-operating income for the third quarter of 2024 mainly included (i) gain from fair value change of investments of US$16.8 million,which was excluded under non-GAAP measures; and (ii) net interest and other income of US$6.7 million.

Income tax expenses for the third quarter of 2024 were US$32.2 million,compared to US$25.4 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 third quarter of 2024 was US$130.6 million,compared to US$77.5 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the third quarter of 2024 was US$0.50,compared to US$0.32 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the third quarter of 2024 was US$139.2 million,compared to US$136.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the third quarter of 2024 was US$0.53,compared to US$0.57 for the same period last year.

As of September 30,2024,Weibo's cash,cash equivalents and short-term investments totaled US$2.2 billion. For the third quarter of 2024,cash provided by operating activities was US$124.2 million,capital expenditures totaled US$11.8 million,and depreciation and amortization expenses amounted to US$14.4 million.

Conference Call

Weibo's management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 19,2024 (or 7:00 PM to 8:00 PM Beijing Time on November 19,2024) 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/BI53615081ba80427881ec0a24ad90968c

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 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 EBITDArepresents 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 ofWeiboallows 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

Nine months ended

September 30,

June 30,

September 30,

2023

2024

2024

2023

2024

Net revenues:

Advertising and marketing

$ 389,301

$ 375,277

$ 398,615

$ 1,130,275

$ 1,112,843

Value-added services

52,850

62,596

65,865

165,894

185,007

Net revenues

442,151

437,873

464,480

1,296,169

1,297,850

Costs and expenses:

Cost of revenues (1)

93,998

89,790

92,381

274,123

268,992

Sales and marketing (1)

109,776

114,232

123,069

321,695

340,928

Product development (1)

82,764

71,689

80,411

266,385

232,826

General and administrative (1)

21,627

26,777

27,297

80,037

78,660

Total costs and expenses

308,165

302,488

323,158

942,240

921,406

Income from operations

133,986

135,385

141,322

353,929

376,444

Non-operating income (loss):

Investment related income (loss),net

(8,915)

245

16,905

(6,950)

12,180

Interest and other income (loss),net

(19,498)

11,182

6,699

(5,459)

(730)

(28,413)

11,427

23,604

(12,409)

11,450

Income before income tax expenses

105,573

146,812

164,926

341,520

387,894

Less: Income tax expenses

25,407

33,275

32,197

72,709

90,516

Net income

80,166

113,537

132,729

268,811

297,378

Less: Net income attributable to non-controlling interests

474

471

545

1,287

1,564

Accretion to redeemable non-controlling interests

2,203

1,135

1,617

8,156

3,878

Net income attributable to Weibo's shareholders

$ 77,489

$ 111,931

$ 130,567

$ 259,368

$ 291,936

Basic net income per share attributable to Weibo's shareholders

$ 0.33

$ 0.47

$ 0.55

$ 1.10

$ 1.23

Diluted net income per share attributable to Weibo's shareholders

$ 0.32

$ 0.43

$ 0.50

$ 1.09

$ 1.12

Shares used in computing basic net income per share attributable

to Weibo's shareholders

235,842

237,124

237,499

235,307

237,107

Shares used in computing diluted net income per share attributable

to Weibo's shareholders

238,655

265,086

265,824

237,817

264,856

(1) Stock-based compensation in each category:

Cost of revenues

$ 2,308

$ 1,527

$ 1,539

$ 7,082

$ 4,839

Sales and marketing

4,243

3,211

3,454

12,969

10,488

Product development

13,306

8,293

8,593

40,362

27,324

General and administrative

5,834

4,176

4,512

18,970

13,666

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

$ 1,203,977

Short-term investments

641,035

993,618

Accounts receivable,net

440,768

419,369

Prepaid expenses and other current assets

359,881

375,455

Amount due from SINA(1)

486,397

465,676

Current assets subtotal

4,512,716

3,458,095

Property and equipment,net

220,663

227,609

Goodwill and intangible assets,net

300,565

288,233

Long-term investments

1,320,386

1,445,467

Other non-current assets

926,028

1,205,712

Total assets

$ 7,280,358

$ 6,625,116

Liabilities,Redeemable Non-controlling Interests and Shareholders' Equity

Liabilities:

Current liabilities:

Accounts payable

$ 161,493

$ 154,440

Accrued expenses and other current liabilities

666,833

638,826

Income tax payable

94,507

80,711

Deferred revenues

75,187

94,690

Unsecured senior notes

799,325

-

Current liabilities subtotal

1,797,345

968,667

Long-term liabilities:

Convertible senior notes

317,625

320,017

Unsecured senior notes

743,695

744,420

Long-term loans

791,647

794,395

Other long-term liabilities

112,430

119,676

Total liabilities

3,762,742

2,947,175

Redeemable non-controlling interests

68,728

42,377

Shareholders' equity :

Weibo shareholders' equity

3,398,735

3,583,469

Non-controlling interests

50,153

52,095

Total shareholders' equity

3,448,888

3,635,564

Total liabilities,redeemable non-controlling interests and

shareholders' equity

$ 7,116

(1) Included short-term loans to and interest receivable from SINA of US$445.2 million as of December 31,2023 and US$423.5 million

as of September 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

$

133,986

$

135,385

$

141,322

$

353,929

$

376,444

Add:

Stock-based compensation

25,691

17,207

18,098

79,383

56,317

Amortization of intangible assets resulting from business acquisitions

4,209

5,011

5,112

12,919

15,182

Non-GAAP income from operations

$

163,886

$

157,603

$

164,532

$

446,231

$

447,943

Net income attributable to Weibo's shareholders

$

77,489

$

111,931

$

130,567

$

259,368

$

291,936

Add:

Stock-based compensation

25,317

Amortization of intangible assets resulting from business

acquisitions

4,182

Investment related gain/loss,net (1)

8,915

(245)

(16,905)

6,950

(12,180)

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

method investments

19,430

(8,412)

1,975

12,351

18,921

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

attributable to non-controlling interests

(101)

(435)

(501)

(414)

(1,372)

Tax effects on non-GAAP adjustments (2)

(645)

(1,082)

(1,112)

(1,176)

(3,297)

Amortization of issuance cost of convertible senior notes,unsecured

senior notes and long-term loans

1,607

2,277

1,951

4,819

6,542

Non-GAAP net income attributable to Weibo's shareholders

$

136,595

$

126,252

$

139,185

$

374,200

$

372,049

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

shareholders

$

0.57

$

0.48

*

$

0.53

*

$

1.57

$

1.42

*

Shares used in computing GAAP diluted net income per share attributable

to Weibo's shareholders

238,655

265,086

265,824

237,817

264,856

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

attributable to Weibo's shareholders

238,856

Adjusted EBITDA:

Net income attributable to Weibo's shareholders

$

77,936

Non-GAAP adjustments

59,106

14,321

8,618

114,832

80,113

Non-GAAP net income attributable to Weibo's shareholders

136,595

126,252

139,185

374,200

372,049

Interest (income) expense,net

2,823

(9,410)

(6,348)

(5,554)

(24,909)

Income tax expenses

26,052

34,357

33,309

73,886

93,813

Depreciation expenses

9,354

9,169

8,985

29,917

27,571

Adjusted EBITDA

$

174,824

$

160,368

$

175,131

$

472,449

$

468,524

Net revenues

$

442,151

$

437,873

$

464,480

$

1,169

$

1,850

Non-GAAP operating margin

37%

36%

35%

34%

35%

(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 businessacquisitions and fair value change

of investments. Other non-GAAP adjustment items have no tax effect,because (i) they were recorded in entitiesestablished 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,

2023

2024

2024

2023

2024

Net revenues

Advertising and marketing

Non-Ali advertisers

$ 367,633

$ 342,868

$ 377,112

$ 1,063,558

$ 1,036,380

Alibaba - as an advertiser

21,668

32,409

21,503

66,717

76,463

Subtotal

389,301

375,277

398,615

1,275

1,843

Value-added services

52,007

$ 442,151

$ 437,873

$ 464,480

$ 1,169

$ 1,850