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Weibo Corporation (NASDAQ: WB ) has reported a decline in adjusted revenue and earnings for the fourth quarter of 2022, amid muted user growth.
The China-based social networking company reported adjusted earnings of $0.75 per share for the most recent quarter, down 10% from the year-ago period. On an unadjusted basis, net income was $141.9 million or $0.60 per share, compared to $115.7 million or $0.50 per share last year.
Adjusted profit was hurt by a 27% drop in revenue to $448 million. At the end of the quarter, Weibo had about 586 million monthly active users and 252 million daily active users.
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“Our community remains healthy and engaged, mainly due to social product optimization and effective channel investment. In monetization, our advertising business shows a recovery trend in the second half of 2022, although macro challenges continue to weigh on overall advertising demand,” said Weibo CEO Gaofei Wang .
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