Social media company Weibo Corporation (NASDAQ: WB) on Thursday reported a decline in net profit for the fourth quarter of 2024, amid a modest drop in revenues.
The China-based tech firm reported adjusted earnings of $0.40 per share for the fourth quarter, down 29% from the year-ago period. On an unadjusted basis, net income was $8.9 million or $0.04 per share in Q4, compared to $83.2 million or $0.34 per share last year.
The weak bottom-line performance reflects a 1% dip in revenues to $456.8 million. At the end of the quarter, Weibo had around 590 million monthly active users.
“In 2024, we have proactively adjusted our user strategy to focus on the acquisition and engagement of high-quality users. On the content front, we further optimized our content ecosystem through reinforcement of our core areas of strength, investment into vertical content, and construction of the AI-empowered content ecosystem,” said Weibo’s CEO Gaofei Wang.