Q1 2025 Weibo Corp Earnings Call
Good day, and thank you for standing by while consider Weeble reports first quarter 2025 financial results Conference call. At this time, all participants are in a listen only mode.
After the speaker's presentation, there will be a question and answer session.
Speaker Change: Good question, Joe in the session you will need to press Star one one on your telephone you will then have an automated message advising Johan just raised to withdraw your question. Please press star one one again.
Please be advised that today's conference is being recorded.
Sunshine: I would now like to hand, the conference that you'll speak at say Sunshine. Please go ahead.
Speaker Change: Thank you operator, welcome to Weibo's fourth quarter 2025 earnings Conference call. Joining me today are Chief Executive Officer, Godfrey Walton and our chief.
Speaker Change: Chief Financial Officer. This conference call is also being broadcasted on the Internet and is available to live with IR website.
Speaker Change: Before the nitrogen demand.
Speaker Change: To review the Safe Harbor statement in connection with today's conference call.
Speaker Change: During today's conference call. We may make forward looking statements statements that are not historical facts, including statements of our beliefs and expectations.
Speaker Change: Forward looking statements involve inherent in all suddenly.
Speaker Change: And then he got accepted could cause actual results to differ materially from those contained in any forward looking statement Weibo assumes no obligation to update them.
Speaker Change: Okay.
Speaker Change: Conference call and elsewhere.
Speaker Change: Further information regarding these and other risks is included in Weibo's annual report on form 20-F, and other filings with SEC.
Speaker Change: You see all.
Speaker Change: All the information provided in this press release.
Speaker Change: A week after we bought it seems no obligation to update such information, except as required under applicable law.
Speaker Change: Additionally, I'd like to remind you that our discussion today.
Speaker Change: Knock on wood.
Speaker Change: Stock based compensation.
Speaker Change: To access it.
Speaker Change: We use non-GAAP financial measures, it's gaining a better understanding of Weibo's comparative operating performance and future prospects, although that's a national issue.
Speaker Change: Certain expenses gains or losses, and other items that are not.
Speaker Change: Basketry valleys future cash payments or are not.
Speaker Change: Clearly a major one off in that piece of our core or pre leased out at all.
Speaker Change: Please refer to our press release for more information about our non-GAAP measures.
Speaker Change: Following managements prepared remarks, well open the lines with lease Q&A session with the Lucky technical all bets are off the old coffee work.
Speaker Change: But claims I got cut out.
Speaker Change: <unk>.
Speaker Change: Thank you Hello, everyone welcome to Weibo's fourth quarter 2025 earnings conference call.
Speaker Change: Okay.
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Speaker Change: D J.
Speaker Change: Yeah.
Speaker Change: On today's call I'll share with you highlights with a lot of their monetization in the first quarter 2025.
Speaker Change: Is it easy to do.
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Speaker Change: All they used to shop in March 'twenty 'twenty five we bought any huge reached 591 million and average fees reached 261 million in the first quarter of 'twenty. When you fly Weibo's total revenues in the first quarter reached $396 9 million.
Speaker Change: $6 flat year over year or up 1% year over year on a constant currency basis.
Speaker Change: Total ad revenues.
Speaker Change: 339, $21 million flat year over year, and if that's revenues reached $57 7 million dollar off 2% year over year.
Speaker Change: non-GAAP operating non-GAAP operating income reached $129 5 million U S dollar representing a non-GAAP operating margin of 33%.
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Speaker Change: In 2025.
Speaker Change: <unk> overall strategy is to focus on the values of visa remain a leading position in Hudson and entertainment content ecosystem and the law.
Speaker Change: Let me find a competitor is actually a social.
Speaker Change: I'll talk that will go to the other type of enhancing our recommendation and search function by integrating Washington models and increased investment in vertical and video content ecosystem through July the user scale and engagement next let me share with you our progress made in the first quarter of 'twenty when you fly from Sweden.
Speaker Change: She used to grow the competitiveness of our content ecosystem and monetization.
Speaker Change: So we will come back to Vivek.
Speaker Change: Okay.
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Speaker Change: Thank you.
Speaker Change: So that's what I'm, saying.
Speaker Change: Sure Sheila.
Speaker Change: Question.
Speaker Change: Thank you Lindsey.
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Speaker Change: Can you just shut down it will go into the car to your question about Q2.
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Michele: Question for Michele.
Speaker Change: Our expectation.
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Speaker Change: The H T H.
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Speaker Change: Good morning.
Speaker Change: And I need to do.
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Speaker Change: Okay.
Speaker Change: Used with growth any day, we focused on the integration of central products and I believe you have a recommendation system aiming to drive user growth and engagement.
Speaker Change: The relationship based feed in the first quarter, we focus on enhancing user experience and social interaction and strengthening social thickness between content creators and their pets.
Speaker Change: We achieved this by strengthening the synergies between the content distribution mechanism.
Speaker Change: The relationship based feed and super topics, extending the distribution of high quality content from Super topics. She was our interest based a piece.
Speaker Change: Drilled successively drive consumption of interest based or community content within the relationship based feed well also attract more users to consume I interact he's super Super topics as a result, the interaction efficiency of the relationship based IP, which is measured by the engagement of salvage.
Speaker Change: She'll year over year growth in the first quarter simultaneously, we are preparing for the product upgrade of the information feed we are physically.
Speaker Change: Packaging needs of the interest rate the feet, but optimizing the patient interface and he had any recommendation capabilities powered by large numbers model, creating a better content consumption experience for users.
Speaker Change: The upgraded version poorly and the internal cat.
And it's exactly to open to use it during the second quarter.
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Speaker Change: Or two the main hurdles on H seem congruent with high adoption and use them on their shelf.
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Speaker Change: Bobby that people got memorial tumor she will tell you that oh that sounds.
Mr. Schott: Mr Schott.
Speaker Change: Yeah.
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Speaker Change: No it's actually excuse me.
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Speaker Change: Key insights.
And Jonathan would of course.
Speaker Change: Yes.
Speaker Change: Content ecosystem in Trinidad and five I'll use a part of our push and focus is on solidifying, our leading position Hudson and entertainment sector, well continuing to in the bathroom vertical content video content ecosystem.
Speaker Change: This strategy, we have is our ability to attract and retain users well increasing use of times that.
Speaker Change: During the Spring Festival appeal, it with a bonkers entertainments called her release.
Speaker Change: <unk> leverage our platform strength in celebrity fan ecosystem holiday seems culture and campaigns and cross learning cooperation and instantly hot topics entertainment content and vertical content to drive usage consumption and interaction around spring factor related causes.
Speaker Change: On the Chinese New year's Eve in 200 celebrities and Kols discussed around the Spring Festival gala.
Speaker Change: <unk> electronics that envelopes on LIBOR, attracting over 30 million users to participate.
Speaker Change: In addition at the Spring Festival Gala this year gained popularity among the public.
Speaker Change: The abuse of the Spring Festival gala related topics surpasses 60 billion impressions and discussion around these topics are exceeding 500 million on weibo platform, representing a 50% increase year over year, we will have achieved a nice user groups during the season with D. A.
Speaker Change: Chinese new year's Eve, increasing year over year and the average fee is in traffic during the spring festival season, achieving substantial increase compared with the same period last year. Additionally, and.
Speaker Change: Our clients are perception of LIBOR culture, and marketing strength that we saw sustained growth of AD revenue from Akshay Lockheed during the season to be specific and talking about the Nike.
Speaker Change: Basketball achieved double digit growth.
Speaker Change: Year over year, we say even more notable increase in the number of but he's a patient out of crisis.
Speaker Change: It's easy to Premier conduct chief with that unless you've got the leadership and the team in Canada.
Speaker Change: Thank God.
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Speaker Change: I don't know she thought too sure sure.
Anthony: Anthony will delete, Bob Cook with jet, which is tissue appear could it be.
Speaker Change: Could you kind.
Speaker Change: Kind of a call it doesn't always work out when you add up all the suites you choose to put you into that topic.
Joshua: Joshua Presuming what would you add.
Speaker Change: You talked to them a cookie.
Joshua: Sure.
Joshua: In the first quarter, we did receive pending the technological advancement trade ins lifetime foundational lush language models.
Joshua: The latest topics continue to gain cross platform traction of Weibo for instance, topics relating to emerging models like deep sea and matters quickly went viral leading AI model companies robotic firms and intelligent agents developers have also opened account on weibo and actively intimidated.
Joshua: Check check and to showcase their innovation.
Joshua: It has accepted 19 differential voices from the technology sector to engage in socks discussion of salaries in the shape of AI related conversation some niche technical communities to the broader public.
Joshua: As a result.
Joshua: Users have a better understanding of AI and thus more willing to embrace the transformation, which in turn drives the integration of AI capabilities, our cross platform products.
Joshua: They bought timing that didn't get to it.
Joshua: And so switching gears.
Joshua: Sure.
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Speaker Change: So it's a few months of due diligence you shouldn't.
Speaker Change: So someday soon you sort of look without carried out at us.
Speaker Change: Yeah, So don't put a lot of times in the young attitude you need.
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Speaker Change: So all I can say that you don't want them to leave it to.
Speaker Change: To your children, you just trying to massage out literally shoes in that case I'll leave the bank book.
Speaker Change: We will have also like that compete for and implemented AI technology in automobile.
Speaker Change: On the product side gradually focusing on several strategic areas, including AI powered search social interaction content ecosystem content recommendation and commercial advertising.
Speaker Change: In March we incubated the latest open source models, each weibo search, which deliver a significant upgrade in search capabilities. We've working how did the search product is now able to organize and summarize information for some multiple perspectives, including technical details and.
Speaker Change: Public sentiment well suggests you said three key follow up.
Speaker Change: Topics besides.
Speaker Change: Not only greatly improved the answer quantity and music, but also enhance our companions at around trending topics.
Speaker Change: April we accelerated the evolution of our intelligent search product I enjoyed at who only uses AI generated results analogously a cross ocean Daniel if there's clarity.
Speaker Change: We have also optimized landing pages with English the image and video content as well. So it has it's immediate.
Speaker Change: The upgraded products delivered more comprehensive reliable and higher quantities.
Speaker Change: In March and the use of our intelligent search product, surpassing 30 million and it goes biggies MBT search clarity what you've had in researching March grew nicely on a sequential basis. So she's got infection metrics also showed notable improvement, which further drove the use of scale.
Speaker Change: And clearly with the general search function. In addition, we are actively piloting AI application used social and tightened parts.
Speaker Change: We are dedicated to investing in the AI transformation to strengthen the core competitiveness of our existing products.
Speaker Change: Foundation No model.
Speaker Change: And our cost of computing power decline, we look forward to sharing more updates with you on public our progress and the achievement in the AI powered applications.
Speaker Change: So we saw it comes off of him.
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Speaker Change: So don't you should all that kind of caught on any future yourself with it sounds like that's a really big wasn't cool.
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Speaker Change: So that's the world lung cancer well could.
Speaker Change: Thank you for your time should you felt quick with regard Shabaniyah Sun.
Speaker Change: Can I mean.
Speaker Change: Many of them quickly and it's all because of the huge bubble Lockheed is without hurting yourself visual.
Speaker Change: So a lot of people without even pushing each article he Yorkshire.
Speaker Change: Sudhakar do casino Babu, so what I mean.
Speaker Change: And gentlemen, and welcome to all of that quick.
Speaker Change: Maybe you come in from the Hugoton got one depending on what triggered the rule. So you know what it's all about how you saw unfortunately.
Speaker Change: Actual regardless kind of philosophically.
Speaker Change: Moving on to monetization in 'twenty than flight hour cost and sales strategy focused on FERC physically establishing after let me find the customer mindset of truth label at they'll go to platform for content marketing across industries, as well as enhancing our product conversion capability.
Speaker Change: In the first quarter, we worked at a tightened revenue grew 1% year over year.
Speaker Change: Constant currency basis.
Speaker Change: Across the broader market well, Michael policies to boost domestic demand and consumption are gradually taking effect.
Speaker Change: Cause I paid 475 remain cautious we've asked them to be unlocked and progressive fleet based on market feedback internally for Whiting, we swap to go capture clients marketing demand around the new product launch major events and a macro trend.
Speaker Change: Leveraging reinforce the point for stress incontinence product launch marketing, we seek to deliver better performance in terms of distributions and fat and the client feedback for another we remain committed to investing and they are really hadn't beaten inflammation and truck and replace it with a pocket definitely freaked out.
Speaker Change: Some information fees attached.
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Speaker Change: So the topic of kids on producer.
Speaker Change: You know how that's all the time.
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Speaker Change: But introducing a interesting.
Speaker Change: So I thought that they believe that holds up.
Speaker Change: Yeah, because they both he and she mentioned virtual card yourself.
Jonathan: Hi, Jonathan.
Speaker Change: Sure.
Speaker Change: Yeah.
Speaker Change: And so that to the shop.
Speaker Change: Box with government tenants.
Speaker Change: Looking at industry checks.
Speaker Change: Some of the consumption stimulus package, we are pleased to see solid growth across a number of industry. The automobile sector continues to deliver growth in the first quarter driven not only by the contribution from the movie Bras, but also by traditional Oems accelerate their it needs to be rolled out and increasing their budget allocation for labor.
Speaker Change: Cool.
Speaker Change: Momentum demonstrated wavelength division as a key product launch and discretion hub for the energy in the recent years.
Speaker Change: Coupled with policy holders, we'd like to maintain vigilance.
Speaker Change: Revenues from that sector of the backhaul stuff happening for years.
Speaker Change: And of course.
Speaker Change: Thank you Thiago for your New York, Judy finish off on here.
It should be done here.
Speaker Change: So can we assume that you don't see a doctor and ensure we come out.
Speaker Change: So it makes yourself they fit onto them.
Speaker Change: Could you get back to them to look at it.
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Speaker Change: Talk to you then.
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Speaker Change: He himself, but he is unchanged.
Speaker Change: We're doing against them job easier do you think you saw some really you got to do that.
Speaker Change: Yeah, they will tie them on their knees on washers second okay. Here you all those bonds mature that you ship docks.
Speaker Change: Hopefully meeting that you're going to have a huge problem.
Speaker Change: We're not able to eat and.
Speaker Change: And when you shop.
Speaker Change: In the first quarter, the ecommerce dairy products and food and beverage taxes also book the solid growth heading into the key market window during the spring Festival.
Speaker Change: E Commerce platform in particular delivered robust growth in the first quarter.
Speaker Change: E Commerce, becoming a significant driver of domestic domestic consumption and E. Commerce platform excuse me operating efficiency, we hope to see higher E Commerce asset that we bought this year.
Speaker Change: We will be thoughtful effort to seize their high high certainty opportunities by partnering with clients around the trending topics and key E Commerce shopping festivals and that's expanded market reach and capture incremental budget Act for the food and beverage sector, we pushed the deputy chairman and the new product.
Speaker Change: Country, you're getting traction among client base.
Speaker Change: In the first quarter, both the number of celebrity and new product marketing projects, it's well, it's really rapidly so real but the year over year works. They showcased the scalability of LIBOR its differentiated content marketing model across more industries when clients have a celebrity endorsement when you try to put option.
Speaker Change: They are choosing weibo for integrated brand plus content marketing campaigns.
Speaker Change: Name and company.
Speaker Change: Yeah. So I think 2017 do kind of a kid who feel hot dog.
Speaker Change: Saturday, but that's the only issue or do you find yourself, what you need to reach up ASIC team.
Speaker Change: Do you see any adjustments that you got royalties on another new logo churn it equally box in the future.
Speaker Change: Sure.
Speaker Change: Yeah.
Speaker Change: So 19, Triple Toyota able to meet people all the time.
Speaker Change: Sure.
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Speaker Change: Alright change once you catch it.
Speaker Change: Put simply it was there for them and you can't get a job.
Speaker Change: Pat yourself on your chimney.
Speaker Change: I mean, that's easy that's you've got anyway.
Speaker Change: And he is also one here showing.
Sure between each other so the chart here shows that.
Speaker Change: Oh sure.
Speaker Change: Sure.
Speaker Change: Let me sum it up.
Speaker Change: Sidney that we see coming to market with that.
Speaker Change: And then someone can be sure gotcha, Qualcomm that she's going to.
Speaker Change: Central bankers.
Speaker Change: Sure Phil.
Speaker Change: The Hilton me too out you saw you saw shipping children age.
Speaker Change: Also with us.
Speaker Change: On the flip side, the handset manufacturer sector. So our year over year decline in the first quarter, primarily due to a shift of product launch timelines of me. That's really high end models. They spike wave was already surely Sheraton detector leaks that really grows from the south east sector.
Speaker Change: I think we've got the new product marketing.
Speaker Change: And if he likes Asquith driven by trading subsidies.
Speaker Change: Online game sector continues to face year over year decline, which weighed on the overall growth.
Speaker Change: As tightened about.
Speaker Change: This was probably gives you a high base effect from major campaigns. They come online game companies in the first quarter.
Speaker Change: It's one of the notable decrease in the number of new lockbox.
Speaker Change: Blockbuster teams game launch studies don't need of last year.
Speaker Change: Looking ahead, we expect the online gaming industry to remain under pressure throughout the year and we are actively exploring ways to attract these hazards in the beauty and personal care sector that will be kind level year over year and book sequential growth during the quarter that's at the category.
Speaker Change: <unk> impact on the overall AD revenue.
Speaker Change: Sure.
Speaker Change: For both the online game in the beauty and personal care industries, we focus on refining our sales strategy.
Speaker Change: According to market that market condition and that would be all competitive advantages and Meanwhile, we will continue to support more kols capable of generating high quality content synergies between our content and monetization ecosystem.
Speaker Change: And to increase the wallet share of coffee market and revenues in the sectors.
Speaker Change: Well how come you come in you get a chance.
Speaker Change: Okay.
Speaker Change: In Egypt, so talking with them and really touch on because they couldn't shoot it allowed you to ethylene consumption.
Speaker Change: Siobhan.
Speaker Change: So I had one quick Quebec, who forgot.
Speaker Change: Penetration with more of our time here.
Speaker Change: The future.
Speaker Change: When the value of them on the shelf, it's a cool cause by the Ocean King Junior's routines with Yahoo.
Speaker Change: Yeah sure. So once you got sandwich here, so I'm just trying to put in Italy.
Speaker Change: From a product.
Speaker Change: And revenue Spa promoted fee offerings, and a real kind of beating system took a notable year over year growth in the first quarter.
Speaker Change: Growth was primarily driven by and you have the product capabilities and a better understanding of.
Speaker Change: Without any significant progress.
Speaker Change: If I could.
Speaker Change: Moving forward, we will penetrate into a broader client base and to better fulfill the needs of advertisers that wages are axon up capabilities. In addition, we're committed to integrating technologies to enhance the user experience as consumption and streamline clients' AD placement, which.
Speaker Change: Enable us to further capture performance based ad budgets.
Speaker Change: Tony's here, we've got sandbox.
Speaker Change: So you just want to redo that he she didn't show it to them yet because I'm sure he will be tricky.
We're moving towards.
Speaker Change: That's a whole Lexington Clooney chin.
Speaker Change: Also to ensure that children went down in a week or 10 of them, saying you know she's going to talk to them have been equal to.
Speaker Change: Trouble, creating equal total added countries people shouldn't I can't believe agenda.
Speaker Change: So once you send them away more career somehow trying to Julie.
Speaker Change: To conclude in the first quarter with stable revenue performance with operating margin remain healthy and improved year over year. Thanks to our effective execution of efficiency initiatives improved operating efficiency stable profitability and healthy cash flow how to enhance our financial flexibility.
Speaker Change: Pete enabling her to further in back in the AI transformation.
Speaker Change: <unk>.
Speaker Change: Competitiveness or how people.
Speaker Change: A buffet bought ecosystem they see that.
Speaker Change: That's been a cornerstone for us to further drive user growth and deepen engagement as one of three and four so all monetization capabilities.
Speaker Change: I don't I mean, it's healthy.
Speaker Change: I would get it wrong.
Speaker Change: With that let me turn the call over to Paypal for his financial review.
Speaker Change: Thank you we'll go for it and how do I do that well.
Speaker Change: Welcome to Weibo's first quarter 2025 earnings conference call.
Speaker Change: Let's start with user metrics in March and a 75.
Speaker Change: I mean, you and I really think it's the first.
Speaker Change: Andre the Nike and what made it on a 206 1 million respectively.
Speaker Change: Our net addition, Australia and 6 million users on year over year basis, Despite ongoing discipline in the China Sunday, we kicked off the ear. They both I mean, you and I read your do you return it to growth trajectory that will strengthen our efforts to attract and engage.
Speaker Change: Elaborate and user community importantly, R. A D. You work with any ratio remained healthy indicating strong user engagement.
Speaker Change: That's where I'm sticking to it.
Speaker Change: Turning to financials.
Speaker Change: As a reminder, my prepared remarks would focus on non-GAAP results. All monetary amounts are in U S. Dollar term and all comparisons are on a year over year basis.
Speaker Change: Unless otherwise noted.
Speaker Change: Now, let me walk you through our financial highlights for the first quarter plenty of 75.
Speaker Change: Weibo's fourth quarter Tennant 75, net revenue, what theyre excited and that can cause the pause I mean, it flat or an increase of 1% a constant currency basis.
Speaker Change: Operating income was 179 5 million, representing an operating margin of circa 3% now.
Speaker Change: Net income attributable to Weibo reached a lot of time to 19 5 million inquiries upheld percent diluted EPS was <unk> 45 cents.
Speaker Change: Let me give you more color on the fourth quarter totaling 75 to revenue performance.
Speaker Change: [noise] Weibo's advertising and marketing revenue for the first quarter of 275, what very excited at 13 911 million flat or an increase of 1% a constant currency basis.
Speaker Change: Value added service revenue was $57 7 million in the fourth quarter, an increase of 2% or 3%.
Speaker Change: Constant currency basis.
Speaker Change: In line with our expectations, our advertising business continued.
Speaker Change: To stabilize there.
Speaker Change: With that emerging trend across our major AD vertical this quarter by industry.
Speaker Change: Or like is the very vertical well F. N C. G E Commerce I'm afraid seat product in terms of world ecommerce Ethernet services and other mobile was a key contributor.
Speaker Change: E Commerce platform.
Speaker Change: I think a particular jumped up as bad to amplify the spring festival marketing effect and the capture of surfing consumer demand during the holiday season.
Speaker Change: We're also pleased with the healthy growth of the automobile sector benefiting from the uncle being secular shift to electronic vehicles.
Speaker Change: I would say to you as a whole decreased by low single digit year over yearly foot her lifting in that category.
Speaker Change: Our food and beverage products demonstrated the upward churn.
Speaker Change: Well, Phil Kim on the personal care continued to face a year over year gap, but the second one to show that clear sequential recovery.
Speaker Change: On the other hand, the online game sector faced tough comps I'm, declaring the shop, they due to lack of blockbuster release last quarter the.
Speaker Change: The Hudson might affect her mother any of their AD spend with us each quarter, mainly due to a seasonal slowdown in the product launch pace of mid to high on handset devices.
Speaker Change: These underperforming industry with a meaningful top line recovery.
Speaker Change: The AD product for mortgage piece at the largest followed by social display on the topic on search.
Speaker Change: AD revenues from Alibaba booked a robust growth of 18, 9%.
Speaker Change: Rich and $42 6 million in the fourth quarter. The strong momentum of AD revenue from Alibaba was primarily driven by high profile sponsorship of the spring Festival gala to promote its bad for them on the E Commerce you bet.
Speaker Change: Incremental add that in promoting their AI related products.
Speaker Change: Value added service revenue was 50 757 million in the fourth quarter up to a perfect that year over year, primarily driven by growth in membership Thursday.
Speaker Change: The increase in membership in membership revenue was largely fueled by higher alcohol, our VIP membership offering resonates well with people at the premium user base.
Speaker Change: Turning to the coffee SUNFISH total cost expenses for the first quarter, which will fund J the six to seven 4 million.
Speaker Change: It's all done for that.
Speaker Change: Decrease in sales and the marketing expenses offset by increased cost of revenue.
Speaker Change: Operating income in the fourth quarter with a kind of a country like a fascinating.
Speaker Change: An increase of 30%.
Speaker Change: Operating margin of 33% compared to the second to a professor in the same period last year.
Speaker Change: Turning to income tax under GAAP income tax expenses for the fourth quarter were $24 3 million compared to 25 million last year.
Speaker Change: Net income attributable to Weibo in the fourth quarter with Black Friday, and I cant put Pennsylvania.
Increased upheld cut that.
Speaker Change: It doesn't have that market of circuit of 30% compared to 27% last year. The increase was primarily attributable to operating efficiencies and higher net interest and other income.
Speaker Change: Turning to our balance sheet and cash flow either as of March 31st 2075.
Speaker Change: Cash cash equivalents I'm assured for me last night total of the two point.
Speaker Change: 8 billion compared to 235 billion as of December at circuit for Us plenty of time before the.
Speaker Change: Chris I'll Weibo's cash cash equivalents and the short term investments was mainly resulted from the portraits of longtime valley commencement of product in the first quarter of 2025.
Speaker Change: In the first quarter cash provided by all Crazy activity. It was about 113 plus two of me.
Speaker Change: Capital expenditures totaled $9 4 million.
Speaker Change: Depreciation and amortization expenses.
Speaker Change: The 30th climbed to 60 day lag.
Speaker Change: Before turning to the countless Asia now I'm pleased to announce another way have completely at the distribution of the annual cash dividend of 82 aside.
Speaker Change: Problem, there sure Oh Abi for the fiscal year plenty plenty for now.
Speaker Change: Forget the amount approximately 200 million U S dollar email.
In addition.
Speaker Change: But that's to provide updates on our ESG initiatives.
Speaker Change: In April we were at.
Our fourth ESG report, highlighting our performance across key areas, including Grand operation.
Speaker Change: Employee guardsman.
Speaker Change: Ecosystems, social responsibility information security and information security.
Speaker Change: On the technological innovation that report underscores our long term commitment to sustainability.
Speaker Change: More information on our ESG disclosure.
Speaker Change: Visit our Investor Relations, that's that with that let me now turn the call over to the operator for the Q&A session.
Speaker Change: Thank you.
Speaker Change: Just to ask a question you will need to press star one on your telephone.
Speaker Change: Your name to be announced to withdraw your question. Please press star one one again.
Speaker Change: We will take this question.
And the question comes from the line of Alicia Yap from Citigroup. Please go ahead. Your line is open.
Speaker Change: Hello, and thank you Eric money till Lashawn call 60, additional what does she want Oh, well see and you'll join one shot Sheila wash yourself talk and.
Speaker Change: Nobody can go much sooner eat salmon, its about weibo and social found in nature.
Speaker Change: The way, we bought yourself she's been a solid quarter.
Speaker Change: The horse I thought that Oh, I'm going to give him and he goes finally sounds using small way I think you said slow yet.
Speaker Change: You'll not see a whole Jai pinching found women's you mentioned some of them.
Speaker Change: Oh, all the time.
Speaker Change: So oh gosh, how shall I wait outside Oh, we bought and how she saw a whole sheets, you see Oakland weight bench and doesn't need it.
Speaker Change: The whole anyway June when you said, you'll show one golf show, which I E I assume you.
Speaker Change: Josef all all woman generally gone door down.
Speaker Change: You'll mail kind all store types. So got one got to tie out adult children until final water shouldn't joke like he said he ends up and she thought you mentioned that you've got some insight.
Speaker Change: And a whole bunch of women's basketball and golf soldier, Daniel what are you doing.
Speaker Change: The whole sheets, which one.
Speaker Change: Why is that.
Speaker Change: Oh, Hi, Susan by Asia.
Speaker Change: So I'm, taking my question I wanted to ask about Oh at all how you think about your such a poll questions. So we bought two show has actually been doing quite well. So if you can give us a little bit you'll see which oh strategy or how you think about that.
Speaker Change: Product well that you know still remain a good and a way for us to help and engage user or would that be itchy.
Speaker Change: Casually become a separate product downtown L. A and then especially on the AI monetization. So just wondering how are you you're often integrating teaching and all other lodging languish motto, how are our product our advertising product has in tools in pumps.
Speaker Change: For example.
Speaker Change: The the asphalt match or the E. C. P M. A R E bunch.
Speaker Change: How advertisers are able to put them on top of that our ads. So any color on that would be helpful. Thank you.
Speaker Change: Okay.
Oh sure Yeah.
Speaker Change: So people are social how you're going to.
Speaker Change: So you go out in the wash up on the shelf, we got Hugo.
Speaker Change: But on the you do them.
Speaker Change: I was scribbling and she's all of them Julien if you bought a twilio due to U a E.
Speaker Change: She had her then you should kind of unless your U T shirt.
Speaker Change: To keep it as social Becker Julien the two years of deep Sea this weekend as a whole.
Speaker Change: Sorry about the hole that you need to get them.
Speaker Change: Well no.
Speaker Change: My father, when they absolutely sure that people see that most of you because you cannot do that.
Speaker Change: Children, a shovel and will feed on each other you got you've got tissue.
Speaker Change: Well I mean that said, but you've got to be the problem with the <unk>.
Sheila: Sure Sheila.
Speaker Change: You did figure that there you go.
Speaker Change: Yeah. So what's what are you going to be no signs and I think a year, where we can promote our people send him I said you got it turned out a little bit of a team. But then you got to show failure, which I'll elaborate on them. It doesn't hit US also the theory of occurred on the tissue.
Speaker Change: Thank you very much for the question. So I can tell you have been asking two questions. The first one is about the AI search.
Speaker Change: One is about the relationship between AI and also disbursements. The first question is that in Q1 as we have already stated that last year based on the open source models, we've been already providing the preliminary model.
Speaker Change: As such to the users, but after the spring festival in China, we've been seeing the launch of deep sea, so been integrating deeply into our whole facility.
Speaker Change: Do you see a very good improvement of a final question sorry.
Speaker Change: So in March so we've been seeing are also will be launching those particular deep sea based AI search because it uses them in a very good boost up a number of them are used for instance in March the number has been reached and over 30 million and this number will be also growing depressed well. So we believe that in the future. The number you use and also the volume of Macquarie.
Speaker Change: Will it be improving because of this result.
Speaker Change: Okay.
Speaker Change: So it's no one should that come down over time getting that done.
Speaker Change: So when you work with us.
Speaker Change: But they've also so much infection high school, she got assurance, which you know because you were you call me and I got unknown come.
Speaker Change: Come out associated with all of you if I quit harvest Scott loves to talk about something that I don't know I.
Speaker Change: So I don't I'm not sure you'll meet him that she couldnt timeshare, let's if I'm gonna real kudos to reach you said she would call me anymore. You can when you look at it.
Speaker Change: I'm sure I'll be able to come up and as soon as the Guy who didn't seem to do with hydro niche in Washington.
Speaker Change: Number Oh man I got a follow up kind of done with having kidney failure, who is shopping them. Yeah. Sure do you want the social you'll include in juices rum social yeah. Yeah. When you go back I will go down and you saw that he got chicken, yes, as yet your home doesn't know inquiry. So you don't get the real true.
Speaker Change: It didn't come in with shell woman.
Speaker Change: The only via email kosher gtt's trying to fight that off the book audience I assume but thought it would.
Speaker Change: Yeah, Let me answer that then the company do you need to essentially seen a bump when you sum it up Q2, and we won't put up a hill, it's supposed to work.
Speaker Change: As you know carry all the way from there.
Speaker Change:
Speaker Change: Probably we will in fact go Schindler, who go the extra again believe we should get some in vivo Shanghai those higher quality, New Yorker hydro.
Speaker Change: And over the border.
Speaker Change: Alright.
Speaker Change: Second point I'd like to say is that now according to the users and also the feedback from the users what do we have seen a very good result, especially in the field by the news and also entertainment related content.
Speaker Change: And then kind of just started so in this particular area, we've seen a lot of usage or users.
Speaker Change: But in terms of the general purpose search so there isn't a sudden kind of improvement. However, this particular volume and Christmas was not as good as that from the newest airplanes.
Speaker Change: It is probably because of the natural positioning or be a natural feature of weibo.
Speaker Change: Which is they focus on the entertainment news relate to topics. So hum but of course in terms of they are you just sort of consumption.
Speaker Change: Do see about 5% of the increase in terms of deeper Tabitha search volume increase.
Speaker Change: It does improve a lot on the.
Speaker Change: I'll caveat Corey.
Speaker Change: As far as the U S. Our retention. So we are not starting especially the commercialization approach them and also many other uses are.
Speaker Change: About one we're going to commercialize those so we're seeing that even though this is not commercialized 40, yet we see a very good support on the boost to our revenues all co commercialization and monetization appliances.
So I hope that the query volume increase because of this and also we do see a very good differentiated a competitor that just that we've been building or weapons furthering costing in the field of hot topics news related and entertainment related content such.
Speaker Change: Yeah.
Speaker Change: No, they're not dealing with hunting theory.
Speaker Change: Hum.
Speaker Change: You got to believe it kind of gets you teach young pritzl, Bachelor or cheaper or where kind of I mean.
Speaker Change: He would come in and say Oh, Yeah, Oh Shimon.
Speaker Change: I'm not getting a truthful that youll ship type of deals that I'm going to share a little conduct authority man, but she's already but beyond that.
Speaker Change: I won't call that he's got a lot, though when he went through the hydro, Quebec will enable them to get them back on any of that from both of these are all that's all locked down and he goes so they'll go by vessel through the downturn.
Speaker Change: Right.
Speaker Change: Fleet maintenance illness.
Speaker Change: This was with us.
Speaker Change: Oh My God, she visited 20 nanometer.
Speaker Change: So in Oklahoma that I simply it's a so it's only a dialogue about I don't know if it's going to go going into this where they go to close which will clean life.
Speaker Change: Pulled back a few years ago, but for buying you know social upheaval in the film's always heard a bunch of them in Shanghai.
What I mean is that kind of going to other similar cases, you won't be able to sort of downturn.
Speaker Change: Well now.
Speaker Change: It's the whole without without me.
Speaker Change: People know, what she's going to go to Sheila Yahoo, Cherokee, but the value of shopping.
Speaker Change: Got it.
Speaker Change: So in terms of whether or not we have a plan to make this a intelligent search and independent product actually we don't have those plants are making independent. However, still you know this is a phone.
Speaker Change: To maintain our advantage of the intelligent search in an area of hot topics. The news related contents on entertainment related content.
For instance, we have been finding a very good effect of reigning users from other and by collaborating with some of our partners Christmas I've been aware of that kind of results.
Speaker Change: Previously we've been working with a lot of that may cause here in China.
Speaker Change: And they do have a pre install results Oh.
Speaker Change: Hot search ranking list on the part of those contents are actually generated or directly quoted from weibo's intelligent search results. So in the future probably we can see more results are related to this and also if in the future all kinds of applying all our resources are related to news.
Speaker Change: We are going to encourage more partners.
Speaker Change: Quoting the intelligent search results from Weibo and then from that sense are we kind of don't make the users click on that a hot search ranking results on this well director uses to the terminal off label. So this is also not a very good way.
Speaker Change: New users onto the Weibo platform.
Speaker Change: Okay.
Speaker Change: Oh the theme I still go back between the two sure Oh.
Speaker Change: Oh boy are there to see some new Jersey central that kind of I don't know, what you're kind of bad because I didn't know the truth. She feeds her background as a source of each one of them. So some of that.
Speaker Change: As you can see with each all that's true they will Haryana.
Speaker Change: Those are done at a time here.
Speaker Change: She should again would you go more.
Speaker Change: Oklahoma.
Speaker Change: Sure David.
Speaker Change: Squishy Dominion, but aren't you too vocal about it.
Speaker Change: You do have a daughter who's here.
Speaker Change: The engine control unit condo community our fans on social channels.
Speaker Change: You have until April and that's what she said.
Speaker Change: You have to make it easier for them to sell let's say on the tool.
Speaker Change: I don't think you're done but yeah. It's just all in fact, you know great job to fill them in Oh, artisan, which I'm sure you're not kind of on top of you on sort of a good thing.
Speaker Change: He sort of viewpoint I think it's a good time came to us in a new way of not doing overtime getting people to me through why that they'd want Howard if I can do is ship to be on each other.
Speaker Change: Also asked for the AI for the consumers or the Tuesday pardon me I, we've been saying that for intelligence. So as for instance in terms of the total structure of this particular product within Weibo. We are still at a very a parameter on earlier stage. So a in the second quarter and also in the near term.
Speaker Change: We're going to see a new user experience of using this intelligence search function of Weibo.
Speaker Change: For instance in the February March it was pretty much based on the Q&A format generating tax and majority of the time for those questions that the users were searching upon.
Speaker Change: But of course, we do have a trial.
Speaker Change: New multimedia kind of a generated a multimedia result.
Sure.
Speaker Change: I'll put it results.
Speaker Change: She has been a very much a successful so the overall conclusion is that this year and 25, we're going to emphasize more on the investments dedicated to the intelligence I would put up so that we are going to further boost the number of users and also the activity all across.
Speaker Change: Across the whole pipeline on smart products. So that we can really build a much better differentiated competitive edges in the future. Thank you.
Speaker Change: So leave us plenty of years ago.
Speaker Change: I, usually don't sometimes have already matched associated with <unk>.
Speaker Change: It could be a theory, but that's probably the thing about sitting here.
Charlotte: They are setting a set of answers that I don't know C. Charlotte you could become an issue.
Charlotte: She says that Vietnam Shirley.
Charlotte: Chris and again I've got a ctr to match.
Charlotte: Canada.
Charlotte: And with Shanghai.
Charlotte: Thank god for that.
The whole world with Enzo Hill, but all of the.
Charlotte: They they bought I don't know how long I figured it would seem that the omni channel sell them something here shortly.
Speaker Change: Sure Tycho, that's really about how they use something to you know show level.
Speaker Change: I wish it could be an important.
Speaker Change: All of them until you enable your that yeah that somebody to sell my car to Egypt.
Speaker Change: I'll try to go about golf should repeat that.
Speaker Change: Sure.
Speaker Change: So she is very bullish.
Speaker Change: I kinda hydro they show up on shelf talk thank you.
Speaker Change: But you know I'm not really talking to the other options have always out there.
Speaker Change: I'll say that there is something I feel rather than people should put it up yet.
Speaker Change: Got it.
Speaker Change: Yeah.
Speaker Change: Ask the second question the relationship between AI and to what extent can we have a better and better.
Speaker Change: Let us know related revenue.
Speaker Change: Actually you know we did see a very good facilitation to boost up the advertisement revenue related to inflammation based feed bank and also we did see a very good improvement of the ctr rate by about 10% or so but still for the other indicators. We did have only a single digit improvement Oh man. So.
Speaker Change: In terms of the effectiveness of the AI on the advertising revenues, especially in the information feed related revenue.
Speaker Change: Our revenue increase.
Speaker Change: We had an improvement, but you can see that because overall speaking majority of Ah Ah Ah Ah.
Speaker Change: Our effective Oh based.
Speaker Change: Based on our development.
Speaker Change: So in terms of the overall advertising revenue improvement so the presentation and also the a boosting effect from the AI technology.
Speaker Change: So pretty limited.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Yes. Thank you.
Speaker Change: Thank you.
Speaker Change: We will take our next question.
Speaker Change: Your next question comes from the line of Thomas Chong from Jefferies. Please go ahead. Your line is open.
Speaker Change: Yeah.
Speaker Change: Thats helpful.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: No problem.
Yeah.
Speaker Change: Okay.
Speaker Change: Joe.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: My question.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: I apologize.
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Well.
Speaker Change: That's true.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: And the strategies.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Oh.
Speaker Change: So you can do about that.
Speaker Change: Just I'll call it the governor to I'm sure. She lifetime Junior can kill you in which a nudge involved a top at all are you sure are going to take them the shelf say Oh.
Speaker Change: So we have done by Ashford She's Russia, you only have to argue that will come out very quickly.
Speaker Change: We're gonna price yet.
Speaker Change: They're showing them with your own kind of argued to Philadelphia.
Speaker Change: Sure.
Speaker Change: Got it.
Speaker Change: Yeah.
Speaker Change: Okay. So that's what the overall trend I think that we have been already a litigated on this topic before and in terms of the future expectations. So our expectations for Q2 for this particular fund is pretty much similar to the final result of tier one, especially those verticals that enjoy a very good consumption.
Speaker Change: Both because of the national subsidy policy for.
Speaker Change: I think they're very.
Speaker Change: Good performance improvement.
Speaker Change: The automotive industry and also the vertical also how's that.
Speaker Change: And we are expecting a very good performance from our vertical.
Speaker Change: As well in Q2.
Speaker Change: Okay.
Speaker Change: The data from social G on the yards I go to the Doctor told me that he said to me that I'm not sure. If you said you didn't really.
Speaker Change: So you shouldn't see yourself, so that she felt though so they'll either shut down or not hard to kind of beat me, though the CLIA waiver.
Speaker Change:
Speaker Change: Uh huh.
Speaker Change: Great.
Speaker Change: Yesterday.
Speaker Change: She thinks and the hope for a lot of them hopefully read Amit.
Speaker Change: Excuse me.
Speaker Change: Think of that you have to keep up with the non Florida.
Speaker Change: And I'm just.
Now we outside that thank you to expect a very good performance from vertical I'll pass that in automotive, but still in Q1, we had a little bit decrease of the revenue from vertical outside the house that because all of the adjustments of marketing cycles of some of the manufacturers are.
Speaker Change: But this industry I mean, the vertical also.
Speaker Change: We'll be rebound at.
Speaker Change: Two a better track of growth in Q2, and none of them are very promising and a vertical in Q2 and near future would be health care related right because of the huge increase of the demand and because of the aging society. Nowadays and also a further boosting offer demands on cosmetic surgery et cetera.
Speaker Change: Okay.
Speaker Change: Oh.
Speaker Change: She and I shall there bill.
Speaker Change: On a go forward this year, yeah no homogeneous.
Speaker Change: So you can do.
Speaker Change: We've assumed that there will be kind of a change of heart here you'll be on that.
Speaker Change: How did we get a few patches or I should say so he has an impact.
Speaker Change: And that's an opportunity.
Speaker Change: And Trisha Oh Yoshi.
Speaker Change: We've got an extra dollar or <unk>.
Speaker Change: B top Utah.
Speaker Change: Would you do it for.
Speaker Change: Oh man I got on a cold weather, a cocoa chunghwa weak condition. The shipyard this year should help them in the Tcl group.
Speaker Change: Hey, Richard.
Speaker Change: Sure.
Speaker Change: Oh, no it's going to show the final two elements and that can do this is going to Oh shovel them all up.
Speaker Change: JBT cocos or to hold them on your ruler they don't walk on empty shelves Angel Yoshi Shalwar signed up it's also supposed to come in the quarter.
Speaker Change: No I know.
Speaker Change: Also note last year for some of the chat.
Speaker Change: Challenge the verticals, we do see a very good improvement in Q1 in terms of their of over 11, new contribution on a quarter by quarter basis, but still we do see a lot of stress around those areas and for some of the in the overseas. Brian We had a decrease of the revenue from them. So this was offset.
Speaker Change: Some of the domestic brands increase.
Speaker Change: No no.
Speaker Change: Sorry, another very challenging industry.
Speaker Change: The Street, we are facing.
Speaker Change: And just the.
Speaker Change: Still in the next quarter or so.
Speaker Change: You can see that the budget allocated by Hudson and in that.
Speaker Change: That's been reduced and especially you could see that in the financial statement and.
Speaker Change: Proposed by then that is a.
Speaker Change: And the reason at the time.
Speaker Change: Of course, how to mitigate that impact revlon to fully leverage the divestments.
Speaker Change: Divestments or the performance based ad.
Speaker Change: Increase and especially in some of the Internet.
Speaker Change: Based up relates to that to have knocked out all the time.
Speaker Change: Something that gaming industry.
Speaker Change: Okay.
Uh huh.
Speaker Change: Tell me if I'm here in sugar.
Speaker Change: It's a shame.
Joe: Sure Joe.
Speaker Change: Constant dollar yeah, Oh, not pushing the team I think they are.
Speaker Change: Hello, Nicole seem to be a material factor, what the meeting Chelsea to each on their own and shellfish on glass.
Speaker Change: So what have you done any major reported that if I'm in the union.
Speaker Change: Hum.
Speaker Change: Thank you Tito and that's it for me in Q4.
Speaker Change: Vermillion Cyber Cook will kill me, if I go to Languish, Algeria, Nigeria.
Speaker Change: So all future.
Speaker Change: Systems two <unk>.
Speaker Change: If we can get them any one bucket that's off the whole thing Goldman said cocoa chip as future I mean cellphone sheeting.
Speaker Change: Sure.
Speaker Change: When does that happen, how easy, particularly of high power to the corner.
Speaker Change: Yeah.
Speaker Change: And in terms of our AD products, so I'll call competitive.
Speaker Change: I just.
Speaker Change: Is that still you know in the U S. This mindset, we've been already regarded that as a platform focusing on some new product marketing and content based marketing. So in the past two years at that time, we did a very good job in terms of operation and also a focus on this competitive advantage, especially while the brands.
Speaker Change: Our making the launches of the new products. So in the future a webinar for those things the opportunities from the brand new product launch and those hot topics for instance, and this is the very core part of our competitive edge and we're going to be consistent in doing so and increasing our investment into this.
Speaker Change: So overall speaking we by doing this.
Speaker Change: Focusing on the products of this kind we are going to put them on just stabilize the demand and try to get a most part of the budget from those brands.
Speaker Change: Okay.
Speaker Change: So nobody is telling me that that show off on me I got it you got to remember one thing our senior team.
Speaker Change: So, let's say the onions yourself to shut down their countries.
Speaker Change: Oh, you got some valleys.
Speaker Change: Nothing that should hit or exceed that held off on efficacy by the Peru, Oh, the pool, a awful townhouse shuttle ships.
Speaker Change: You can probably in April and all the shelf sheer volume cause yourself.
Speaker Change: And finally in the fourth quarter.
Speaker Change: And also in terms of the performance based AD. After 'twenty two 'twenty three we've been investing a lot into this area did see very good growth coming back in the second half of last year as well.
Speaker Change: So this is point number one and point number two is that kind of self walk come off their information based seed.
Speaker Change: Pricing related and we will be focusing on this as well and by doing the AI either.
Speaker Change: The other and the latest technologies and products, we are able to increase the awareness among the users and our existing customers and try to get new ones into the whole pool. So that the revenue from this part could be in cost because of these efforts.
Speaker Change: Okay.
Does that.
Speaker Change: Yes, thank you very much.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: This concludes the question and answer session I'll now hand back to Sunshine for closing remarks.
Speaker Change: Okay.
Sunshine: Thanks, operator, and thank you all for joining US we'll see you next quarter.
Sunshine: This concludes today's conference call. Thank you for participating you may now disconnect.
Sunshine: Okay.
Sunshine: [music].
Sunshine: Okay.
Sunshine: [music].