Brief News: Weibo's advertising revenue grew by 9% in the first quarter, but adjusted net profit still fell by 23%
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Weibo Corporation's first-quarter revenue increased by 6% year-on-year to USD 421 million, with advertising and marketing revenue rising by 9% to USD 370 million. However, due to increased costs and expenses, adjusted net profit fell by 23% year-on-year to USD 91.9 million. The company's costs and expenses in the first quarter increased by 8% to USD 310 million, resulting in a decline in operating profit margin by 5 percentage points to 28%. CEO Wang Gaofei stated that they will continue to promote content marketing and improve advertising conversion efficiency. Weibo's Hong Kong stock closed at HKD 60.1 on Friday, down 1.7%
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