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Weibo, a leading social media platform in China, announced its unaudited financial results for the fourth quarter and fiscal year on Monday.
The company's business operations continued to be robust in 2019. Its net revenue was 1.77 billion U.S. dollars, an increase of three percent compared to the previous year. Advertising and marketing revenues was 1.53 billion U.S. dollars, an increase of two percent from 2018. The value-added service (VAS) revenue was 236.7 million U.S. dollars, an increase of eight percent year on year.
Wang Gaofei, CEO of Weibo, summarized the company's robust operational and financial performance, saying: "We ended the year 2019 well as our community and business continue to grow, Our user base and engagement grew robustly as we remained focused on improving user product and optimizing content consumption experience."
"On monetization, we are pleased with the solid growth from key accounts sector in 2019, underpinned by robust momentum in user traffic and our differentiated value proposition to brand advertisers," he said.
Meanwhile, non-operating loss for the fourth quarter of 2019 stood at 25.1 million U.S. dollars compared to a loss of 1.9 million U.S. dollars last year – a huge increase that lowered the net income for 2019.
On the operations side, the bellwether in social media industry has invented a series of services. "Oasis", which was put to use in December 2019 enables daily picture and video sharing and serves as a complement to the traditional Weibo service that mainly consists of content sharing. This new service enables users to socialize according to their individual interests and have successfully attracted and retained scores of active users.
The CEO expressed his optimistic view on the company's future by saying Weibo will continue to improve the ecosystem of the platform in 2020 in order to improve its competitive edge.
