Weibo (9898) saw its first-half net profit plunge by 56 percent to US$102.1 million (HK$796.4 million).
During the first six months, its net revenue rose by 4 percent to US$875.2 million, with basic earnings per share dropping to US$0.43.
For the second quarter, its net profit dropped 46 percent year-on-year to US$67.4 million, dragging basic earnings per share down to US$0.28, while net revenue grew by 2 percent to US$453.8 million.
The profit slump stemmed from a 12 percent jump in costs to US$335 million, coupled with a US$27.8 million non-operating loss linked to investments.
Second-quarter advertising and marketing revenues dipped 1 percent to US$381 million, mainly due to the descending trend of advertising demands from the handset and online game sectors year-over-year.
However, this was partially offset by an increase in advertising revenues from the internet service and automobile sectors, alongside a 10 percent rise in advertising from Alibaba to US$39.2 million driven by its AI application promotion.
Value-added services revenue jumped 19 percent to US$72.9 million, primarily attributable to additional revenues of one-off ticket proceeds from off-line activities held by Weibo, and solid growth from membership service
