Weibo Corporation (NASDAQ: WB) on Thursday reported a sharp decline in revenues and adjusted earnings for the third quarter of 2022, despite a modest increase in the number of users.
The China-based social networking company reported adjusted profit of $0.50 per share for the most recent quarter, down 44% from the year-ago period. On an unadjusted basis, it incurred a net loss of $17.1 million or $0.07 per share, compared to net income of $181.7 million or $0.78 per share last year.
The bottom line was hurt by a 25% decrease in revenues to $453.6 million. At the end of the quarter, Weibo had around 584 million monthly active users and 253 million daily active users.
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“In the third quarter, our user community and engagement remained solid, as we continued to improve operation efficiency on the user front. As our business entered into a gradual recovery trajectory, we continued to optimize cost structure to improve operating efficiency and cash generation capability, aiming to remain competitive in the long-run,” said Weibo’s CEO Gaofei Wang.
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