Weibo Corporation announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. For Q4 2024, total net revenues were $456.8 million, a 1% decrease year-over-year, yet it surpassed the analyst consensus estimate of $437.87 million. Advertising and marketing revenues decreased by 4% to $385.9 million, primarily due to the online game sector's underperformance.
Value-added services (VAS) revenues for Q4 2024 increased by 18% year-over-year to $71.0 million, driven by growth in membership services and game-related revenues. Non-GAAP diluted net income per share for the fourth quarter was $0.40, exceeding the analyst consensus estimate of $0.39. Monthly active users (MAUs) in December 2024 were 590 million, a decrease from 598 million year-over-year, while average daily active users (DAUs) increased to 260 million from 257 million.
For the full fiscal year 2024, total net revenues were $1.75 billion, remaining relatively flat compared to $1.76 billion in 2023. Advertising and marketing revenues for the full year decreased by 2% to $1.50 billion, while VAS revenues increased by 13% to $256.0 million. Non-GAAP operating margin for the full year was 33%.
On March 12, 2025, Weibo's board of directors adopted a cash dividend policy, committing to potential annual cash dividends. Concurrently, the board declared a cash dividend of $0.82 per ordinary share, or $0.82 per ADS, for fiscal year 2024. The aggregate dividend payout will be approximately $200 million, payable around May 8, 2025, for ordinary shares and May 15, 2025, for ADSs.
As of December 31, 2024, Weibo maintained a strong liquidity position with cash, cash equivalents, and short-term investments totaling $2.4 billion. Cash provided by operating activities for Q4 2024 was $244.0 million, and for the full year 2024, it was $639.9 million. The initiation of a dividend policy underscores the company's commitment to shareholder returns, supported by its decent profitability and healthy cash flow.
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