Financial Performance - Net revenue for Q2 2024 was 437.9million,adecreaseof1375.3 million, down 3% year-over-year, or down 1% when adjusted for fixed exchange rates[4]. - Value-added services revenue increased by 15% year-over-year to 62.6million,primarilydrivenbygrowthinmembershipservices[5].−OperatingprofitforQ22024was135.4 million, with an operating margin of 31%, compared to 28% in the same period last year[5]. - Non-GAAP net profit attributable to Weibo shareholders was 126.3million,withadilutedEPSof0.48[5]. - The company reported a decrease in total costs and expenses by 5% year-over-year to 302.5million[5].−Non−operatingprofitforQ22024was11.4 million, compared to a non-operating loss of 13.8millioninthesameperiodlastyear[5].−NetincomeattributabletoWeiboshareholderswas81.387 million for the quarter ended June 30, 2023, compared to 49.438millionforthequarterendedMarch31,2024,representinganincreaseof64.50.35 for the quarter ended June 30, 2023, compared to 0.21forthequarterendedMarch31,2024,indicatingagrowthof66.7123.453 million, compared to 99.737millionforthequarterendedMarch31,2024,showinganincreaseof23.8440.240 million for the quarter ended June 30, 2023, compared to 395.497millionforthequarterendedMarch31,2024,markingagrowthof11.3714,228, compared to 740,974forthesameperiodin2023,adecreaseofabout3.6293,393, compared to 297,625forthesameperiodin2023,indicatingaslightdecreaseof1.1199,842,000 for the six months ended June 30, 2024, compared to 195,170,000forthesameperiodlastyear,reflectinganincreaseofapproximately1.4620,997,000, down from 634,075,000year−over−year,indicatingadecreaseofabout2.1247,144,000 before income tax expenses, up from 235,947,000,markinganincreaseofaround4.6210,647,000, compared to 181,879,000,reflectingagrowthofabout15.8271,650,000 in profit before income tax expenses, an increase from 222,968,000,representingagrowthofapproximately21.82.8 billion as of June 30, 2024[6]. - As of June 30, 2024, total assets decreased to 7,102,285from7,280,358 as of December 31, 2023, representing a decline of approximately 2.4%[13][14]. - The company's cash and cash equivalents decreased to 1,922,371asofJune30,2024,downfrom2,584,635 as of December 31, 2023, a reduction of about 25.7%[13]. - Total liabilities decreased to 3,688,718asofJune30,2024,from3,762,742 as of December 31, 2023, a decline of approximately 2%[14]. - Long-term investments decreased slightly to 1,281,402asofJune30,2024,from1,320,386 as of December 31, 2023, a reduction of about 2.9%[13][14]. Compliance and Accounting - The company’s total assets and liabilities were evaluated under both US GAAP and IFRS, with no significant discrepancies found in the financial reporting[20]. - The company is committed to maintaining compliance with both US GAAP and IFRS standards, ensuring transparency and accuracy in financial reporting[19]. - As of December 31, 2023, total assets reported under US GAAP amounted to 7,280,358,whileunderIFRS,itwas7,322,919, reflecting a difference of 42,561[22].−Thenetgoodwillandintangibleassetswerereportedat300,565 under US GAAP, adjusted to 289,461underIFRSafteraccountingforredeemablenon−controllinginterests[22].−Long−terminvestmentswerevaluedat1,320,386 under US GAAP, increasing to 1,376,307underIFRSafterfairvalueadjustments[22].−TotalliabilitiesunderUSGAAPwere3,762,742, while under IFRS, they amounted to 3,892,810,indicatingadifferenceof130,068[22]. - The total equity attributable to shareholders was 3,398,735underUSGAAP,adjustedto3,338,694 under IFRS after accounting for convertible bonds and other adjustments[22]. - The company reported a total of 666,833inaccruedexpensesandothercurrentliabilitiesunderUSGAAP,whichadjustedto666,497 under IFRS[22]. - The convertible preferred stock was valued at 317,625underUSGAAP,withanadjustmentto356,545 under IFRS due to fair value measurement[22]. - The company’s total liabilities and equity under US GAAP were 7,280,358,whileunderIFRS,itwas7,322,919, showing a difference of 42,561[22].−Thecompany’snon−controllinginterestswerereportedat50,153 under US GAAP, adjusted to $91,415 under IFRS after accounting for fair value changes[22]. - The adjustments between US GAAP and IFRS reflect differences in accounting policies, particularly in the treatment of convertible bonds, leases, and equity incentives[23][24][25][26][27]. Acquisition and Financial Liabilities - The company entered into a series of share purchase agreements to acquire a majority stake in Shanghai Mask Information Technology Co., Ltd. on October 31, 2020[28]. - The redeemable non-controlling interests were recognized at fair value on the acquisition date, including the redemption rights as part of the purchase price[28]. - The overall increase in redeemable non-controlling interests was recorded up to the redemption value from the acquisition date[28]. - The fair value of the redeemable non-controlling interests is treated as permanent equity, excluding the redemption rights[28]. - The fair value of the redemption rights is recognized separately as a financial liability on the balance sheet[28]. - The initial recognition of the financial liability reduces the parent company's equity[28]. - Subsequent changes in the carrying amount of the financial liability are recognized as financial expenses in the income statement[28]. - The company has an obligation to purchase the remaining equity interests held by the founder and CEO of Mask Technology at fair value[28]. - The application of acquisition accounting results in lower goodwill due to the separate recognition of the financial liability[28]. - The redeemable non-controlling interests are classified as financial liabilities due to the conditional events not fully controlled by the company[28].
WB(09898)2024-08-22 09:00