UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2025

 

Commission File Number: 001-36397

 

 

 

Weibo Corporation

(Registrant’s Name)

 

 

 

8/F, QIHAO Plaza, No. 8 Xinyuan S. Road

Chaoyang District, Beijing 100027

People’s Republic of China

(Address of Principal Executive Offices)

 

 

 

Indicate by check mark whether the registrant files or will file annualreports under cover of Form 20-F or Form 40-F.

 

Form 20-F x      Form 40-F ¨

 

 

 

 

 

 

Exhibit Index

 

Exhibit 99.1 – Press Release regarding Financial Results for the Second Quarter Ended June 30, 2025 issued by Weibo Corporation on August 14, 2025

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  WEIBO CORPORATION
   
Date: August 14, 2025 By: /s/ Fei Cao
    Fei Cao
    Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

Weibo Announces Second Quarter 2025 Unaudited Financial Results

 

 

BEIJING, China – August 14, 2025 –Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB and HKEX: 9898), a leading social media in China, todayannounced its unaudited financial results for the second quarter ended June 30, 2025.

 

“We delivered solid performance this quarter,”said Gaofei Wang, CEO of Weibo. “On the user product front, we focused on the integration of social products and upgrade of recommendationsystem, which are aimed at improving user engagement and content consumption on the platform. On the AI technology application front,our user community of AI-powered intelligent search grew robustly, which further drove the increase of the overall search needs of users. On the monetization front, our advertising business exhibited solid trend this quarter, leveraging our strengths in new productlaunch marketing and our capability to capture advertising budget during the e-commerce season.”

 


Second Quarter 2025 Highlights

 

·Net revenues were US$444.8 million, an increase of 2% year-over-year or anincrease of 1% year-over-year on a constant currency basis [1].

·Advertisingand marketing revenues were US$383.4 million, an increase of 2% year-over-year or an increase of 2% year-over-year on a constant currencybasis [1].

·Value-added services ("VAS") revenues were US$61.4 million, a decreaseof 2% year-over-year or a decrease of 2% year-over-year on a constant currency basis [1].

·Income from operations was US$145.6 million, an increase of 8% year-over-year,representing an operating margin of 33%.

·Net income attributable to Weibo’s shareholders was US$125.7 millionand diluted net income per share was US$0.48.

·Non-GAAP income from operations was US$161.8 million, an increase of 3% year-over-year,representing a non-GAAP operating margin of 36%.

·Non-GAAP net income attributable to Weibo’s shareholders was US$143.2million and non-GAAP diluted net income per share was US$0.54.

·Monthly active users ("MAUs") were 588 million in June 2025.

·Average daily active users ("DAUs") were 261 million in June 2025.

 

[1] We define constant currency (non-GAAP) byassuming that the average exchange rate in the second quarter of 2025 was the same as it was in the second quarter of 2024, or RMB7.23=US$1.00.

 

 

 

 

Second Quarter 2025 Financial Results

 

For the second quarter of 2025, Weibo’stotal net revenues were US$444.8 million, an increase of 2% compared to US$437.9 million for the same period last year.

 

Advertising and marketing revenues for the second quarter of 2025 wereUS$383.4 million, an increase of 2% compared to US$375.3 million for the same period last year. Advertising and marketing revenues excludingadvertising revenues from Alibaba were US$347.6 million, an increase of 1% compared to US$342.9 million for the same period last year.Advertising and marketing revenues from Alibaba were US$35.7 million, an increase of 10% compared to US$32.4 million for the same periodlast year, mainly attributable to incremental marketing demand for the June 18 e-commerce festival.

 

VAS revenues for the second quarter of 2025 were US$61.4 million, adecrease of 2% compared to US$62.6 million for the same period last year.

 

Costs and expensesfor the second quarter of 2025 totaled US$299.2 million, a decrease of 1% compared to US$302.5 million for the same period lastyear. The decrease mainly resulted from the decrease of general and administrative expenses year-over-year, partially offset by the increasein cost of revenues and product development expenses year-over-year. The decrease of general and administrative expenses was primarilydue to the collection of an accounts receivable in the second quarter of 2025 which had previously been recognized as bad debt expensesand written off in the past period.

 

Income from operations for the second quarter of 2025 was US$145.6million, an increase of 8% compared to US$135.4 million for the same period last year. Operating margin for the second quarter of 2025was 33%, compared to 31% for the same period last year. Non-GAAP income from operations for the second quarter of 2025 was US$161.8 million,compared to US$157.6 million for the same period last year. Non-GAAP operating margin for the second quarter of 2025 was 36%, at similarlevel compared to the same period last year.

 

Non-operating income for the second quarter of 2025 was US$12.8 million,compared to US$11.4 million for the same period last year. Non-operating income for the second quarter of 2025 mainly included (i) netinterest and other income of US$15.9 million; and (ii) investment related impairment of US$4.9 million, which was excluded undernon-GAAP measures.

 

Income tax expenses for the second quarter of 2025 were US$31.7 million,compared to US$33.3 million for the same period last year.

 

 

 

 

Net income attributable to Weibo’s shareholders for the secondquarter of 2025 was US$125.7 million, compared to US$111.9 million for the same period last year. Diluted net income per share attributableto Weibo’s shareholders for the second quarter of 2025 was US$0.48, compared to US$0.43 for the same period last year. Non-GAAPnet income attributable to Weibo’s shareholders for the second quarter of 2025 was US$143.2 million, compared to US$126.3 millionfor the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the second quarterof 2025 was US$0.54, compared to US$0.48 for the same period last year.

 

As of June 30, 2025, Weibo’s cash, cash equivalents andshort-term investments totaled US$2.11 billion. For the second quarter of 2025, cash provided by operating activities was US$24.8 million,capital expenditures totaled US$17.6 million, and depreciation and amortization expenses amounted to US$14.8 million.

 

Conference Call

 

Weibo's management team will host a conference call from 7:00 AM to8:00 AM Eastern Time on August 14, 2025 (or 7:00 PM to 8:00 PM Beijing Time on August 14, 2025) to present an overview of theCompany's financial performance and business operations.

 

Participants who wish to dial in to the teleconference must registerthrough the below public participant link. Dial-in and instructions will be provided in the confirmation email upon registering.

 

Participants Registration Link:

 

https://register-conf.media-server.com/register/BIca78327ff60c4790b7850d5dc2a37d25

 

Additionally, a live and archived webcastof 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-GAAPincome from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributableto Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitutefor, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.

 

 

 

 

The Company’s non-GAAP financialmeasures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net resultsof impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconcilingitems on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controllinginterests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value changeof investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible seniornotes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholdersbefore interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

 

The Company’s management uses these non-GAAP financial measuresin their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operatingperformance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measuresprovide useful information to investors and others in the following ways: (i) in comparing the Company’s current financialresults with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’scurrent operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAPfinancial 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 indicativeof the Company’s core operating results and business outlook.

 

Use of non-GAAP financial measures has limitations. The Company’snon-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparableto non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company definesits non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measuresare 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 anddiscover 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 relationshipson Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetricand distributed nature of Weibo allows an original feed to become a live viral conversation stream.

 

 

 

 

Weibo enables its advertising and marketing customers to promotetheir brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companiesof all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including thesale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format andoffers native advertisement that conform to the information feed on our platform. We are continuously refining our social interestgraph 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 statementsare made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-lookingstatements 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-lookingstatements 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. Statementsthat 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 differmaterially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’slimited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; theuncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s relianceon advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetizenew features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquiredbusinesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfullyagainst new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of theRenminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Furtherinformation regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SECand the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes noobligation 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,   June 30,   June 30,   June 30, 
   2024   2025   2024   2025 
Net revenues:                    
Advertising and marketing  $375,277   $383,352   $714,228   $722,458 
Value-added services   62,596    61,446    119,142    119,195 
Net revenues   437,873    444,798    833,370    841,653 
                     
Costs and expenses:                    
Costof revenues (1)   89,790    103,451    176,611    192,253 
Salesand marketing (1)   114,232    109,747    217,859    205,557 
Productdevelopment (1)   71,689    78,068    152,415    154,089 
Generaland administrative (1)   26,777    7,962    51,363    33,874 
Total costs and expenses   302,488    299,228    598,248    585,773 
Income from operations   135,385    145,570    235,122    255,880 
                     
Non-operating income (loss):                    
Investment related income (loss), net   245    (3,112)   (4,725)   5,245 
Interest and other income (loss), net   11,182    15,945    (7,429)   29,691 
    11,427    12,833    (12,154)   34,936 
                     
Income before income tax expenses   146,812    158,403    222,968    290,816 
Less: Income tax expenses   33,275    31,705    58,319    55,996 
                     
Net income   113,537    126,698    164,649    234,820 
Less: Net income attributable to non-controlling interests   471    429    1,019    763 
Accretion to redeemable non-controlling interests   1,135    584    2,261    1,408 
Net income attributable to Weibo’s shareholders  $111,931   $125,685   $161,369   $232,649 
                     
Basic net income per share attributable to Weibo’s shareholders  $0.47   $0.53   $0.68   $0.98 
Diluted net income per share attributable to Weibo’s shareholders  $0.43   $0.48   $0.63   $0.88 
Shares used in computing basic net income per share attributable to Weibo’s shareholders   237,124    238,632    236,909    238,459 
Shares used in computing diluted net income per share attributable to Weibo’s shareholders   265,086    268,346    264,365    267,429 
                     
(1) Stock-based compensation in each category:                    
Cost of revenues  $1,527   $980   $3,300   $2,219 
Sales and marketing   3,211    2,234    7,034    5,163 
Product development   8,293    5,340    18,731    12,180 
General and administrative   4,176    3,465    9,154    7,504 

 

 

 

 

WEIBO CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars)

 

   As of  
   December 31,   June 30, 
   2024   2025 
Assets          
Current assets:          
Cash and cash equivalents  $1,890,632   $1,156,292 
Short-term investments   459,852    952,876 
Accounts receivable, net   339,754    376,540 
Prepaid expenses and other current assets   348,774    339,402 
Amount due from SINA(1)   452,769    452,953 
Current assets subtotal   3,491,781    3,278,063 
           
Property and equipment, net   215,034    280,622 
Goodwill and intangible assets, net   272,004    268,159 
Long-term investments   1,389,199    1,419,411 
Other non-current assets   1,136,481    1,292,890 
Total assets  $6,504,499   $6,539,145 
           
Liabilities, Redeemable Non-controlling Interests and Shareholders’ Equity          
Liabilities:          
Current liabilities:          
Accounts payable  $158,435   $186,790 
Accrued expenses and other current liabilities   652,369    582,521 
Income tax payable   84,690    50,295 
Deferred revenues   72,642    77,272 
Current liabilities subtotal   968,136    896,878 
           
Long-term liabilities:          
Convertible senior notes   320,803    322,374 
Unsecured senior notes   744,662    745,146 
Long-term loans   795,311    797,144 
Other long-term liabilities   96,701    101,895 
Total liabilities   2,925,613    2,863,437 
           
Redeemable non-controlling interests   45,103    25,817 
           
Shareholders’ equity :          
Weibo shareholders’ equity   3,482,771    3,597,121 
Non-controlling interests   51,012    52,770 
Total shareholders’ equity   3,533,783    3,649,891 
Total liabilities, redeemable non-controlling interests and shareholders’ equity  $6,504,499   $6,539,145 

 

(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$410.2 million as of June 30, 2025.

 

 

 

 

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,   June 30,   June 30,   June 30, 
   2024   2025   2024   2025 
Income from operations  $135,385   $145,570   $235,122   $255,880 
Add: Stock-based compensation   17,207    12,019    38,219    27,066 
Amortization of intangible assets resulting from business acquisitions   5,011    4,161    10,070    8,283 
Non-GAAP income from operations  $157,603   $161,750   $283,411   $291,229 
                     
Net income attributable to Weibo’s shareholders  $111,931   $125,685   $161,369   $232,649 
Add: Stock-based compensation   17,207    12,019    38,219    27,066 
Amortization of intangible assets resulting from business acquisitions   5,011    4,161    10,070    8,283 
Investment related gain/loss, net (1)   (245)   3,112    4,725    (5,245)
Non-GAAP to GAAP reconciling items on the share of equity method investments   (8,412)   (2,642)   16,946    (1,603)
Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests   (435)   (578)   (871)   (1,070)
Tax effects on non-GAAP adjustments (2)   (1,082)   (485)   (2,185)   (1,219)
Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans   2,277    1,943    4,591    3,886 
Non-GAAP net income attributable to Weibo’s shareholders  $126,252   $143,215   $232,864   $262,747 
                     
Non-GAAP diluted net income per share attributable to Weibo’s shareholders  $0.48*  $0.54*  $0.89*  $0.99*
                     
Shares used in computing GAAP diluted net income per share attributable to Weibo’s shareholders   265,086    268,346    264,365    267,429 
Shares used in computing non-GAAP diluted net income per share attributable to Weibo’s shareholders   265,086    268,346    264,365    267,429 
                     
Adjusted EBITDA:                    
Net income attributable to Weibo’s shareholders  $111,931   $125,685   $161,369   $232,649 
Non-GAAP adjustments   14,321    17,530    71,495    30,098 
Non-GAAP net income attributable to Weibo’s shareholders   126,252    143,215    232,864    262,747 
Interest income, net   (9,410)   (10,098)   (18,561)   (24,084)
Income tax expenses   34,357    32,190    60,504    57,215 
Depreciation expenses   9,169    10,363    18,586    19,512 
Adjusted EBITDA  $160,368   $175,670   $293,393   $315,390 
                     
Net revenues  $437,873   $444,798   $833,370   $841,653 
                     
Non-GAAP operating margin   36%   36%   34%   35%

 

(1)To adjust impairment and provision on investments, gain/losson sale of investments and fair value change of investments.

 

(2)To adjust the income tax effects of non-GAAP adjustments, whichprimarily related to amortization of intangible assets resulting from business acquisitions and fair value change of investments. Othernon-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 adjustedfor 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,   June 30,   June 30,   June 30, 
   2024   2025   2024   2025 
Net revenues                    
Advertising and marketing                    
Non-Ali advertisers  $342,868   $347,610   $659,268   $644,104 
Alibaba   32,409    35,742    54,960    78,354 
Subtotal   375,277    383,352    714,228    722,458 
                     
Value-added services   62,596    61,446    119,142    119,195 
   $437,873   $444,798   $833,370   $841,653