公司业绩预测 - 美银证券将微博第三季度总收入预测从同比下降4%进一步下调至同比下降6% [1] - 第三季度经调整净利润预测降至1.06亿美元 [1] - 目标价相应从9美元下调至8.7美元，重申“跑输大市”评级 [1] - 第四季度收入预测从同比下降2%进一步下调至同比下降5% [1] - 第四季度经调整净利润预测下调至9600万美元 [1] 广告收入表现 - 预计微博第三季度广告收入将承压 [1] - 线上游戏和手机广告商的开支持续疲弱 [1] - 快速消费品广告商因去年高基数导致开支疲软 [1] - 渠道调查显示第四季度广告市场可能转弱 [1] - 微博关键广告领域的广告开支表现较弱 [1] 行业前景 - 对微博第四季度前景持谨慎态度 [1]

Our raised FY2025 adj. EPADS forecast mainly reflects the company's disciplinedSG&A despite accelerated AI-related investments. 1Q25 clean beat mainly on Alibaba ad. Total revenue of US$397m (flattishYoY/ +1% YoY on c.c) was 1% above consensus. Core online ad revenue wasflattish YoY or +1% YoY on c.c.. Non-Alibaba ad revenue declined by 6% YoY,mainly dragged by online game and handset sectors while being partially offsetby auto, eC, food & beverage sectors. Alibaba ad revenue surged by 89% YoYon strong prom ...