New Street Research - Weibo Corp Sponsored ADR Class A (WB) New Street: WB 3Q22 Results - Ads Continue to Face Headwinds

Report

New Street Research

Jin Yoon

New Street: WB 3Q22 Results - Ads Continue to Face Headwinds

What's new: Weibo Corporation reported 3Q22 top line results came in below consensus and our expectations. Advertising could continue to face top-line pressure amid macro and covid uncertainties. We lower our PT from USD 30 to USD 25 as ads could remain challenging in the near term. Our revised PT of USD 25 implies a 12.0x FY23 P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

21/11/2022 1 EN

Underlying

Weibo Corp Sponsored ADR Class A

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US9485961018 NASDAQ Stock Market United States

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street: WB 3Q22 Results - Ads Continue to Face Headwinds

WB 3Q24 Results: Ad Recovery Could Take Time

WB 2Q24 Results: Ad Outlook Challenging in 2H

Vermilion Short Shots: Technically Vulnerable Stocks

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Gen AI Big Idea Series - Chipletz CEO Bryan Black - Smart Substrate & the Multi-Chip-Module revolution

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