Weibo (NASDAQ: WB) reported Q1 EPS of $0.30, $0.01 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $323.4 million versus the consensus estimate of $312.52 million.

First Quarter 2020 Highlights

• Net revenues were $323.4 million, a decrease of 19% year-over-year or 15% year-over-year on a constant currency basis [1].
• Advertising and marketing revenues were $275.4 million, a decrease of 19% year-over-year.
• Value-added service ("VAS") revenues were $48.0 million, a decrease of 17% year-over-year.
• Net income attributable to Weibo was $52.1 million and diluted net income per share was $0.23.
• Non-GAAP net income attributable to Weibo was $67.4 million and non-GAAP diluted net income per share was $0.30.
• Monthly active users ("MAUs") were 550 million in March 2020, a net addition of approximately 85 million users on year over year basis. Mobile MAUs represented approximately 94% of MAUs.
• Average daily active users ("DAUs") were 241 million in March 2020, a net addition of approximately 38 million users on year over year basis.

"We are satisfied with our first quarter result amid the coronavirus pandemic," said Gaofei Wang, CEO of Weibo. "In this challenging period, Weibo has further demonstrated its indispensable value as a leading social media platform to keep the public informed, connected and engaged. In March, we delivered our strongest user growth in terms of net additions of MAUs and DAUs on a year-over-year basis. On monetization, we have seen a gradual recovery trend since March for most brands and merchants from the trough in February, although there are still uncertainties brought forth by the pandemic. We will continue to focus on optimizing ad products and enhancing ad performance for advertisers to further tap into advertisers' social ad wallet and improve our monetization efficiency," said Mr. Wang.

Business Outlook

For the second quarter of 2020, Weibo estimates its net revenues to decrease by 7% to 12% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.

For earnings history and earnings-related data on Weibo (WB) click here.