News Classic

• A total of 1,533 hotels, or 175,199 hotel rooms, in operation as of September 30, 2024.
• Net revenues for the third quarter of 2024 increased by 46.7% year-over-year to RMB1,899 million (US$271 million), compared with RMB1,294 million for the same period of 2023.
• Net income for the third quarter of 2024 increased by 45.3% year-over-year to RMB381 million (US$54 million), compared with RMB262 million for the same period of 2023.
• Adjusted net income (non-GAAP)¹ for the third quarter of 2024 increased by 41.2% year-over-year to RMB384 million (US$55 million), compared with RMB272 million for the same period of 2023.
• EBITDA (non-GAAP)² for the third quarter of 2024 increased by 42.9% year-over-year to RMB529 million (US$75 million), compared with RMB370 million for the same period of 2023.
• Adjusted EBITDA (non-GAAP)³ for the third quarter of 2024 increased by 40.0% year-over-year to RMB532 million (US$76 million), compared with RMB380 million for the same period of 2023.

SHANGHAI, Nov. 19, 2024 (GLOBE NEWSWIRE) — Atour Lifestyle Holdings Limited (“Atour” or the “Company”) ATAT, a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter of 2024 Operational Highlights

As of September 30, 2024, there were 1,533 hotels with a total of 175,199 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 37.9% and 36.1% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2024, there were 732 manachised hotels under development in our pipeline.

The average daily room rate⁴ (“ADR”) was RMB456 for the third quarter of 2024, compared with RMB495 for the same period of 2023 and RMB441 for the second quarter of 2024.

The occupancy rate⁴ was 80.3% for the third quarter of 2024, compared with 82.4% for the same period of 2023 and 78.4% for the second quarter of 2024.

The revenue per available room⁴ (“RevPAR”) was RMB380 for the third quarter of 2024, compared with RMB424 for the same period of 2023 and RMB359 for the second quarter of 2024.

The GMV⁵ generated from our retail business was RMB566 million for the third quarter of 2024, representing an increase of 107.7% year-over-year.

“We delivered another strong performance for the third quarter of 2024, driven by synergistic growth across our hotel and retail businesses,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “We accelerated the expansion of our hotel network, with 140 new hotel openings during the quarter, once again setting a quarterly record. As of the end of the third quarter, we had a total of 1,533 hotels in operation, representing a 37.9% year-over-year increase. In October, we officially unveiled our new upscale brand, SAVHE Hotel, strengthening our presence in the upscale market with a long-term approach to growth and branding. Our RevPAR remained at a healthy level this quarter despite evolving market environments and last year’s high comparison base, reaching RMB380. Additionally, our retail business sustained its robust growth momentum, with GMV increasing by 107.7% year-over-year to RMB566 million this quarter, as driven by Atour Planet’s effective and systematic deep sleep idea.

Looking ahead, we will remain committed to executing our core ‘Chinese Experience’ strategy, consistently innovating and elevating our hotel offerings, strengthening our service capabilities to deliver a superior customer experience, and driving high-quality growth in our retail business. We are confident these efforts will holistically amplify our brand influence, reinforcing Atour’s distinctive competitive edges,” concluded Mr. Wang.

Net revenues. Our net revenues for the third quarter of 2024 increased by 46.7% to RMB1,899 million (US$271 million) from RMB1,294 million for the same period of 2023, mainly driven by the growth in manachised hotel and retail businesses.

• Manachised hotels. Revenues from our manachised hotels for the third quarter of 2024 increased by 51.0% to RMB1,179 million (US$168 million) from RMB781 million for the same period of 2023. This increase was primarily driven by our ongoing hotel network expansion and the rapid growth of our supply chain business. The total number of our manachised hotels increased from 1,080 as of September 30, 2023 to 1,504 as of September 30, 2024. RevPAR of our manachised hotels was RMB376 for the third quarter of 2024, compared with RMB418 for the same period of 2023.

• Leased hotels. Revenues from our leased hotels for the third quarter of 2024 decreased by 20.4% to RMB190 million (US$27 million) from RMB238 million for the same period of 2023, primarily due to the decrease in the number of leased hotels as a result of our product mix optimization, as well as the decrease in RevPAR. RevPAR of our leased hotels was RMB527 for the third quarter of 2024, compared with RMB571 for the same period of 2023.

• Retail. Revenues from retail for the third quarter of 2024 increased by 104.0% to RMB480 million (US$68 million) from RMB235 million for the same period of 2023. This increase was driven by widespread recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.

• Others. Revenues from others for the third quarter of 2024 increased by 26.4% to RMB50 million (US$7 million) from RMB40 million for the same period of 2023. This increase was driven by our fast-growing membership business.

Operating costs and expenses for the third quarter of 2024 were RMB1,442 million (US$205 million), including RMB3 million share-based compensation expenses, compared with RMB959 million, including RMB10 million share-based compensation expenses for the same period of 2023.

• Hotel operating costs for the third quarter of 2024 were RMB876 million (US$125 million), compared with RMB617 million for the same period of 2023. This increase was mainly due to the increase in variable costs, such as supply chain costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 64.0% of manachised and leased hotels’ revenues for the third quarter of 2024, compared with 60.5% for the same period of 2023. This increase was due to a decrease in RevPAR attributable to the high base effect in the same period of 2023, as well as an increased share of revenues generated by the lower-margin supply chain business.

• Retail costs for the third quarter of 2024 were RMB227 million (US$32 million), compared with RMB112 million for the same period of 2023. This increase was associated with the rapid growth of our retail business. Retail costs accounted for 47.3% of retail revenues for the third quarter of 2024, compared with 47.7% for the same period of 2023.

• Other operating costs for the third quarter of 2024 were RMB8 million (US$1.1 million), compared with RMB18 million for the same period of 2023.

• Selling and marketing expenses for the third quarter of 2024 were RMB218 million (US$31 million), compared with RMB112 million for the same period of 2023. This increase was mainly due to our enhanced investment in brand recognition and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 11.5% of net revenues for the third quarter of 2024, compared with 8.7% for the same period of 2023.

• General and administrative expenses for the third quarter of 2024 were RMB82 million (US$12 million), including RMB3 million share-based compensation expenses, compared with RMB79 million, including RMB9 million share-based compensation expenses for the same period of 2023. Excluding the share-based compensation expenses, this increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.2% of net revenues for the third quarter of 2024, compared with 5.4% for the same period of 2023.

• Technology and development expenses for the third quarter of 2024 were RMB30 million (US$4 million), compared with RMB20 million for the same period of 2023. This increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business and improve customer experience. Technology and development expenses accounted for 1.6% of net revenues for both the third quarters of 2024 and the same period of 2023.

Other operating income, net for the third quarter of 2024 was RMB35 million (US$5 million) income, compared with RMB6 million income for the same period of 2023. This increase was primarily due to the increase in government subsidies.

Income from operations for the third quarter of 2024 was RMB492 million (US$70 million), compared with RMB341 million for the same period of 2023.

Income tax expense for the third quarter of 2024 was RMB143 million (US$20 million), compared with RMB94 million for the same period of 2023.

Net income for the third quarter of 2024 was RMB381 million (US$54 million), representing an increase of 45.3% year-over-year compared with RMB262 million for the same period of 2023.

Adjusted net income (non-GAAP) for the third quarter of 2024 was RMB384 million (US$55 million), representing an increase of 41.2% year-over-year compared with RMB272 million for the same period of 2023.

Basic and diluted income per share/American depositary share (ADS). For the third quarter of 2024, basic income per share was RMB0.93 (US$0.13), and diluted income per share was RMB0.92 (US$0.13). Basic income per ADS for the third quarter of 2024 was RMB2.79 (US$0.39), and diluted income per ADS was RMB2.76 (US$0.39).

EBITDA (non-GAAP) for the third quarter of 2024 was RMB529 million (US$75 million), representing an increase of 42.9% compared with RMB370 million for the same period of 2023.

Adjusted EBITDA (non-GAAP) for the third quarter of 2024 was RMB532 million (US$76 million), representing an increase of 40.0% compared with RMB380 million for the same period of 2023.

Cash flows. Operating cash inflow for the third quarter of 2024 was RMB433 million (US$62 million). Investing cash outflow for the third quarter of 2024 was RMB572 million (US$81 million). Financing cash outflow for the third quarter of 2024 was RMB421 million (US$60 million).

Cash and cash equivalents and restricted cash. As of September 30, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.7 billion (US$391 million).

Debt financing. As of September 30, 2024, the Company had total outstanding borrowings of RMB92 million (US$13 million), and the unutilized credit facility available to the Company was RMB460 million.

Outlook

For the full year of 2024, the Company currently expects total net revenues to increase by 48% to 52% compared with full-year 2023.

This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.

_______________________________
¹ Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
² EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
³ Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
⁴ Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax–inclusive room rates.
“ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
⁵ “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, November 19, 2024 (or 8:00 PM Beijing/Hong Kong time on the same day). 

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

Details for the conference call are as follows: 

Event Title: Atour Third Quarter 2024 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BI61cf605c124941f491fa85e482178e58

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis, excluding share-based compensation expenses, which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.

About Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings Limited ATAT is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings.

For more information, please visit https://ir.yaduo.com.

Investor Relations Contact

Atour Lifestyle Holdings Limited
Email: ir@yaduo.com

Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677

—Financial Tables and Operational Data Follow—

_____________________________
¹ Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2024 and as of September 30, 2024 are solely for readers‘ convenience and were calculated at the rate of US$1.00=RMB7.0176, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2024.

_____________________________
² The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

Key Operating Data

________________________
³ Effective July 1, 2024, we merged our upscale hotel brand, ZHOTEL, with Atour S as part of our efforts to streamline and optimize our brand portfolio. Consequently, the key information for our Atour S brand in the table includes data for the hotel operated under ZHOTEL up to June 30, 2024.
⁴ Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
⁵ For any given quarter, we define “same-hotel” to be a hotel that has operated for a minimum of 18 calendar months as of the 15th day (inclusive) of any month within that quarter. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the third quarter of 2024, compared to the corresponding metrics generated by these “same hotels” during the same period in 2023.

BEIJING, Nov. 19, 2024 /PRNewswire/ — Weibo Corporation (“Weibo” or the “Company”) WB, a leading social media in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

“We had a solid quarter,” said Gaofei Wang, CEO of Weibo. “On the user front, we continued to focus on the acquisition and engagement of high quality users. On the monetization front, our advertising business has exhibited a stabilized trend this quarter. We are pleased to see robust growth of ad revenues from certain key sectors, mainly driven by ad demand during the Summer Olympics. Our value-added services business also delivered strong momentum this quarter, benefiting from the upgrade of membership services catering to users’ social interactions on the platform.”

 Third Quarter 2024 Highlights

• Net revenues were US$464.5 million, an increase of 5% year-over-year or an increase of 3% year-over-year on a constant currency basis ^[1].
• Advertising and marketing revenues were US$398.6 million, an increase of 2% year-over-year or flat year-over-year on a constant currency basis ^[1].
• Value-added services (“VAS”) revenues were US$65.9 million, an increase of 25% year-over-year or an increase of 23% year-over-year on a constant currency basis ^[1].
• Income from operations was US$141.3 million, representing an operating margin of 30%.
• Net income attributable to Weibo’s shareholders was US$130.6 million and diluted net income per share was US$0.50.
• Non-GAAP income from operations was US$164.5 million, representing a non-GAAP operating margin of 35%.
• Non-GAAP net income attributable to Weibo’s shareholders was US$139.2 million and non-GAAP diluted net income per share was US$0.53.
• Monthly active users (“MAUs”) were 587 million in September 2024.
• Average daily active users (“DAUs”) were 257 million in September 2024.

Third Quarter 2024 Financial Results

For the third quarter of 2024, Weibo’s total net revenues were US$464.5 million, an increase of 5% compared to US$442.2 million for the same period last year.

Advertising and marketing revenues for the third quarter of 2024 were US$398.6 million, an increase of 2% compared to US$389.3 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$377.1 million, an increase of 3% compared to US$367.6 million for the same period last year.

VAS revenues for the third quarter of 2024 were US$65.9 million, an increase of 25% year-over-year compared to US$52.9 million for the same period last year, primarily driven by the growth of membership services and game-related revenues.

Costs and expenses for the third quarter of 2024 totaled US$323.2 million, an increase of 5% compared to US$308.2 million for the same period last year. The increase was mainly resulted from higher marketing spend and personnel related expenses.

Income from operations for the third quarter of 2024 was US$141.3 million, compared to US$134.0 million for the same period last year. Operating margin was 30%, same as last year. Non-GAAP income from operations was US$164.5 million, compared to US$163.9 million for the same period last year. Non-GAAP operating margin was 35%, compared to 37% last year.

Non-operating income for the third quarter of 2024 was US$23.6 million, compared to non-operating loss of US$28.4 million for the same period last year. Non-operating income for the third quarter of 2024 mainly included (i) gain from fair value change of investments of US$16.8 million, which was excluded under non-GAAP measures; and (ii) net interest and other income of US$6.7 million.

Income tax expenses for the third quarter of 2024 were US$32.2 million, compared to US$25.4 million for the same period last year. The increase was primarily due to withholding tax accrued related to earnings to be remitted to Weibo Hong Kong Limited from its wholly-owned subsidiary in China.

Net income attributable to Weibo’s shareholders for the third quarter of 2024 was US$130.6 million, compared to US$77.5 million for the same period last year. Diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2024 was US$0.50, compared to US$0.32 for the same period last year. Non-GAAP net income attributable to Weibo’s shareholders for the third quarter of 2024 was US$139.2 million, compared to US$136.6 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo’s shareholders for the third quarter of 2024 was US$0.53, compared to US$0.57 for the same period last year.

As of September 30, 2024, Weibo’s cash, cash equivalents and short-term investments totaled US$2.2 billion. For the third quarter of 2024, cash provided by operating activities was US$124.2 million, capital expenditures totaled US$11.8 million, and depreciation and amortization expenses amounted to US$14.4 million.

Conference Call

Weibo’s management team will host a conference call from 6:00 AM to 7:00 AM Eastern Time on November 19, 2024 (or 7:00 PM to 8:00 PM Beijing Time on November 19, 2024) to present an overview of the Company’s financial performance and business operations.

Participants who wish to dial in to the teleconference must register through the below public participant link. Dial in and instruction will be in the confirmation email upon registering.

Participants Registration Link:
https://register.vevent.com/register/BI53615081ba80427881ec0a24ad90968c 

Additionally, a live and archived webcast of this conference call will be available at http://ir.weibo.com. 

Non-GAAP Financial Measures

This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo’s shareholders, non-GAAP diluted net income per share attributable to Weibo’s shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company’s financial performance prepared in accordance with U.S. GAAP.

The Company’s non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo’s shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses.

The Company’s management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company’s ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company’s current financial results with the Company’s past financial results in a consistent manner, and (ii) in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

Use of non-GAAP financial measures has limitations. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company’s non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled “Unaudited Reconciliation of Non-GAAP to GAAP Results.”

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “confidence,” “estimates” and similar statements. Among other things, Weibo’s expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company’s periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo’s limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company’s quarterly operating results; the Company’s reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company’s investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo’s annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law.

Contact:

Investor Relations
Weibo Corporation
Phone: +86 10 5898-3336
Email: ir@staff.weibo.com