WB 2Q24 Results: Ad Outlook Challenging in 2H
What’s new: Weibo’s reported 2Q24 revs that were largely in-line with consensus but below our expectations. Ads could remain challenging in the 2H as advertisers remain cautious under an uncertain macro environment. We lower our PT from USD15 to USD10 due to lowered outlook. Our updated PT of USD10 implies 5.4x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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