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BEIJING -On Thursday, Chinese social media platform Weibo Corporation (NASDAQ:WB) reported fourth quarter 2024 results that slightly exceeded analyst expectations for revenue.
The company’s stock was up marginally by +0.28% in premarket trading following the release.
Weibo posted revenue of $456.8 million for the quarter, surpassing the consensus estimate of $453.11 million. Adjusted earnings per share came in at $0.40, matching analyst forecasts.
The company’s advertising and marketing revenues declined 4% year-over-year to $385.9 million, primarily due to weakness in the online gaming sector. However, value-added services revenue grew 18% to $71.0 million, driven by growth in membership services and game-related revenues.
"We capped off the year with solid performance in the fourth quarter of 2024," said Gaofei Wang, CEO of Weibo. He noted the company delivered "solid performance" in advertising and "good momentum" in value-added services for the full year.
Weibo’s monthly active users reached 590 million in December 2024, while daily active users hit 260 million.
The social media firm also announced its board has approved an annual dividend policy, with a $200 million payout planned for fiscal 2024.
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