On November 8th, Weibo's spokesperson account "Weibo Spokesperson" posted that since 2021, the compliance and supervision department has discovered and investigated 9 cases of employee fraud, and 17 people have had their labor contracts terminated. Ten of them were transferred to judicial authorities for suspected crimes.
Weibo screenshot
Previously, Weibo's Q2 and interim results for 2024 showed a net revenue of $438 million, a decrease of 1% from the same period last year's $440 million. The net profit attributable to Weibo shareholders was $112 million, compared to a net profit of $81 million in the same period last year.
As of June 30, 2024, Weibo's total cash, cash equivalents, and short-term investments amounted to $2.8 billion. The cash generated from operating activities in the second quarter of 2024 was $132 million.
In June, Weibo had 583 million monthly active users and an average daily active user count of 256 million.
Today, the stock price of Hong Kong stock Weibo SW (9898. HK) continued to decline, and as of 15:54, it was reported at HKD 71.1, a decrease of 3%.
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