FX.co ★ Weibo Q4 Profit Falls

On Thursday, Chinese social media company Weibo Corp. announced a significant decline in its fourth-quarter earnings compared to the previous year, with revenues seeing a slight decrease.

The earnings for the quarter stood at $77.49 million, or $0.60 per share, a substantial drop from $141.92 million or $0.60 per share during the same period last year. When adjusted, the earnings amounted to $136.59 million, or $0.57 per share. This exceeds the prediction of nine analysts surveyed by Thomson Reuters, who anticipated the company to earn $0.49 per share on average. The estimates typically do not take into account any special items.

Meanwhile, the company's revenue grew to $442.15 million, compared to $447.99 million the previous year.

Moreover, the board of the company approved a special cash dividend of $0.82 per share and American Depository Share, due on April 12, 2024, according to Beijing/Hong Kong Time and New York Time. This payment is expected to be made on or around May 6 and will reach ADS holders on or around May 13, 2024.