Timothy Zhau's questions to Weibo Corp (WB) leadership • Q2 2025
Question
Timothy Zhau from Goldman Sachs Group Inc. asked for the advertising revenue growth outlook for Q3 and the second half of the year. He sought specifics on which industries would drive growth and the performance differences between ad formats like search, display, and recommendation feeds.
Answer
Weibo's management expects continued growth from the e-commerce and automotive industries in the second half of the year, with healthcare also showing positive trends. However, they anticipate pressure in FMCG due to a tough comparison with last year's Olympics, as well as weakness in cosmetics, luxury, and mobile phones. Management noted that information feed ads are the fastest-growing format, while pure display ads are becoming less of a focus. Regarding search ads, they reiterated that the priority is user base growth for the new Intelligent Search product, and monetization is not an immediate priority.