The leading social media in China, Weibo (NASDAQ: WB), released its unaudited financial results for the third quarter of 2021.
According to the Q3 performance report for 2021:
- The revenue totalled USD 607 million (CNY 3,882 million), increasing 30% year-on-year. As of September 30, 2021, the total cash, cash equivalents and short-term investments amounted to USD 2.71 billion (CNY 17.333 billion).
- The operating profit was USD 213 million (CNY 1,477 million), showing an upward trend for 32%, while the net profit was USD 182 million (CNY 1,164 million), growing 438% from the same period last year.
- The advertising and marketing revenue increased by 29% to USD 538 million (CNY 3,441 million), which was mainly due to a stronger demand for advertising from key industries.
- Revenue from value-added services was USD 69.8 million (CNY 446 million yuan), up 42% year-on-year.
- The revenue cost was USD 394 million (CNY 2.520 billion), which was mainly related to increased staff-related costs and marketing expenses. Specifically, revenue costs, marketing costs, product development and administrative expenses were USD 103 million (CNY 659 million), USD 141 million (CNY 902 million), USD 119 million (CNY 761 million) and USD 31.75 million (CNY 238 million), respectively.
- As of September 2021, Weibo had 573 million monthly active users, where 94% of them were mobile users. In September 2021, the average daily active number of Weibo users reached 248 million. Affected by events such as the Olympics, its user base and traffic re-peaked in July and August after the outbreak following March 2020, reaching 302 million.