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weibo Weibo Reports First Quarter 2021 Unaudited Financial Results May 10 , 2021 BEIJING , May 10 , 2021 / PRNewswire / -- Weibo Corporation ( " Weibo " or the " Company " ) ( NASDAQ : WB ) , a leading social media in China , today announced its unaudited financial results for first quarter ended March 31 , 2021 . " We started the year of 2021 with a strong quarter , " said Gaofei Wang , CEO of Weibo . " Weibo's user base and engagement continued to grow from prior quarter , leveraging our effective channel investments and our strength in social distribution and hot trends . On the monetization front , we are glad to see broad - based year - over - year growth across industries and robust momentum with certain differentiated ad products , demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs . " Mr. Wang concluded . First Quarter 2021 Highlights • Net revenues were $ 458.9 million , an increase of 42 % year - over - year or an increase of 31 % year - over - year on a constant currency basis [ 1 ] • Advertising and marketing revenues were $ 390.0 million , an increase of 42 % year - over - year . • Value - added service ( " VAS " ) revenues were $ 68.9 million , an increase of 44 % year - over - year . • Income from operations was $ 108.6 million , representing an operating margin of 24 % . • Non - GAAP income from operations was $ 137.5 million , representing a non - GAAP operating margin of 30 % . • Net income attributable to Weibo was $ 49.8 million and diluted net income per share was $ 0.22 . • Non - GAAP net income attributable to Weibo was $ 130.7 million and non - GAAP diluted net income per share was $ 0.57 . • Monthly active users ( " MAUs " ) were 530 million in March 2021 , a decrease of 4 % year - over - year and an increase of 2 % quarter- over - quarter . Mobile MAUS represented 94 % of MAUS . • Average daily active users ( " DAUS " ) were 230 million in March 2021 , a decrease of 5 % year - over - year and an increase of 2 % quarter - over - quarter . [ 1 ] On a constant currency ( non - GAAP ) basis , we assume that the exchange rate in the first quarter of 2021 had been the same as it was in the first quarter of 2020 , or RMB 6.98 = US $ 1.00 . First Quarter 2021 Financial Results For the first quarter of 2021 , Weibo's total net revenues were $ 458.9 million , an increase of 42 % compared to $ 323.4 million for the same period last year . Advertising and marketing revenues for the first quarter of 2021 were $ 390.0 million , an increase of 42 % compared to $ 275.4 million for the same period last year . Advertising and marketing revenues excluding ad revenues from Alibaba were $ 356.7 million , an increase of 44 % compared to $ 247.9 million for the same period last year , primarily attributable to broad - based robust growth of ad spend across industries from the trough for the same period last year . VAS revenues for the first quarter of 2021 were $ 68.9 million , an increase of 44 % year - over - year compared to $ 48.0 million for the same period last year , mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020 . Costs and expenses for the first quarter of 2021 totaled $ 350.3 million , an increase of 32 % compared to $ 265.4 million for the same period last year . The increase was primarily due to increased marketing expense and higher personal related cost . Income from operations for the first quarter of 2021 was $ 108.6 million , compared to $ 58.0 million for the same period last year . Operating margin was 24 % , compared to 18 % last year . Non - GAAP income from operations was $ 137.5 million , compared to $ 74.1 million for the same period last year . Non - GAAP operating margin was 30 % , compared to 23 % last year . Non - operating loss for the first quarter of 2021 was $ 44.7million , compared to an income of $ 10.0 million for the same period last year . Non - operating loss for the first quarter of 2021 mainly included ( i ) a $ 58.2 million net loss on sale of and fair value change of investments , which is excluded under non - GAAP measures ; and ( ii ) a $ 13.5 million net interest and other income . Income tax expense were $ 14.9 million , compared to $ 15.9 million for the same period last year . Net income attributable to Weibo for the first quarter of 2021 was $ 49.8 million , compared to $ 52.1 million for the same period last year . Diluted net income per share attributable to Weibo for the first quarter of 2021 was $ 0.22 , at similar level for the same period last year . Non - GAAP net income attributable to Weibo for the first quarter of 2021 was $ 130.7 million , compared to $ 67.4 million for the same period last year . Non - GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $ 0.57 , compared to $ 0.30 for the same period last year . As of March 31 , 2021 , Weibo's cash , cash equivalents and short - term investments totaled $ 3.41 billion . For the first quarter of 2021 , cash provided by operating activities was $ 244.3 million , capital expenditures totaled $ 6.0 million , and depreciation and amortization expenses amounted to $ 12.4 million . Appointment of Independent Director The Company announced that its board of directors has appointed Mr. Yan Wang as an independent director of the Company . Mr. Wang served as a director of SINA Corporation , the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception . The appointment is effective immediately . Business Outlook For the second quarter of 2021 , Weibo estimates its net revenues to increase by 25 % to 30 % year - over - year on a constant currency basis . This forecast reflects