Maintaining Our $106 FVE for Weibo; 1Q Results in Line With Our Expectations
Narrow-moat Weibo’s shares tanked 14% to $110 after the company's first-quarter release, toward our fair value estimate of $106. We think this reflected concern regarding the reduction in the stakes of Weibo's management, Sina, and Alibaba. In particular, Weibo’s management collectively reduced its stake from 2.3% to 1.0% year over year as of March 31. The net increase in monthly active users was 21% year over year, reaching 411 million in March 2018, a slowdown from mid-20s sequential gains in ...
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