Weibo (NASDAQ: WB) reported Q1 EPS of $0.57, $0.10 better than the analyst estimate of $0.47. Revenue for the quarter came in at $458.9 million versus the consensus estimate of $429.84 million.

First Quarter 2021 Highlights

• Net revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis [1].
• Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.
• Value-added service ("VAS") revenues were $68.9 million, an increase of 44% year-over-year.
• Income from operations was $108.6 million, representing an operating margin of 24%.
• Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.
• Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.
• Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.
• Monthly active users ("MAUs") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.
• Average daily active users ("DAUs") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.

"We started the year of 2021 with a strong quarter," said Gaofei Wang, CEO of Weibo. "Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs." Mr. Wang concluded.

Business Outlook

For the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% 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.