WB 2Q25 Results: 2H Could be Challenging for Ads
What’s new: Weibo’s reported 2Q25 results that were above consensus and our expectations. Ad rev growth in 2H could be challenging partly due to tougher comps from Summer Olympics and uncertainties in key verticals such as smartphone and online games. Despite near-term uncertainties, ad rev growth could potentially bottom out in 2H as comps could start to ease heading into FY26. We slightly up our PT from USD12 to USD13 on a potential recovery of ads into FY26. Our updated PT of USD13 implies 6.9x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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