Weibo Corporation (NASDAQ: WB) reported a 65% dip in earnings for the first quarter of 2020 due to lower revenue from advertising and marketing as well as from value-added service. The results were adversely impacted by the coronavirus pandemic on the overall advertising demand as well as negative currency translation impact.
The monthly active users were 550 million in March 2020, a net addition of about 85 million users on a year-over-year basis. The average daily active users were 241 million in March 2020, a net addition of about 38 million users on a year-over-year basis.
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. The company will continue to focus on optimizing ad products and enhancing ad performance for advertisers to further tap into advertisers’ social ad wallet and improve its monetization efficiency.
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