Exhibit 99.1

Weibo Announces Second Quarter 2024 Unaudited Financial Results

BEIJING, China – August 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.”

Second Quarter 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 to Weibo’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 to Weibo’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.

Second Quarter 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 exclude stock-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

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. 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. We are 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,		June 30,		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,		June 30,
	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	$	7,280,358	$	7,102,285

(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, except per share data)

	Three months ended									Six months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	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		26,067			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
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		237,886			263,644			265,086			237,393			264,365
Adjusted EBITDA:
Net income attributable to Weibo’s shareholders	$	81,387		$	49,438		$	111,931		$	181,879		$	161,369
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,		March 31,		June 30,		June 30,		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		54,566		56,546		62,596		113,044		119,142
	$	440,240	$	395,497	$	437,873	$	854,018	$	833,370