Weibo Corporation

Good day and thank you for standing by. Welcome to the WIBO reports first quarter 2023 financial results. At this time all participants are in a listen only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1 and 1 again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sandra Shang, Investor Relations. Please go ahead.

Thank you, operator. Welcome to Weibo Sports Quarter 2023 Earnings Conference Call. Joining me today are our Chief Executive Officer, Cao Fei Wang, and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the Internet and is available through our IR website. Before the management remarks, I would like to read you the safe harbor statement in connection with today's conference call. During today's conference call, we may make forward-looking statements, statements that are not historical facts, including statements of our beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Weibo assumes no obligation to update the forward-looking statement in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as of the date of payroll. Weibo assumes no obligation to update such information, except as required under applicable law. Additionally, I would like to remind you that our discussion today includes certain non-debt measures, which includes stock-based compensation and certain other expenses. We use non-debt financial measures to gain a better understanding of Weibo's comparative operating performance and the future prospects. Our non-debt financials include certain expenses, gains or losses, and other items that are not expected to result in future cash payments or are non-recurring in nature or are not indicative of our core operating result and outlook. Please refer to our press release for more information about our non-debt measures. Following management prepared remarks, we'll open the line for a brief Q&A session. With this, I would like to turn the call over to our CEO, Gao Fei Wang. Thank you. Hello, everyone. Welcome to Weibo's fourth quarter 2023 earnings conference call.

Today, I'll share with you highlights in Weibo's user product and monetization in the first quarter of 2023. On the user front, Weibo's MAUs reached 593 million, and average DAUs reached 255 million, adding approximately 11 million and 3 million users year-over-year respectively. In the first quarter, 95% of Weibo's MAUs came from mobile. In terms of commercialization, we see that the overall advertising demand is still relatively weak under the influence of the pandemic. In addition, last year, we brought a high-end number of 1 billion total revenue of 4.138 billion US dollars, which dropped by 15% year-on-year. Removing the exchange rate factor, the total revenue dropped by 7% year-on-year, and the advertising revenue reached 3.553 billion US dollars, which reached 95% in the number of mobile ads, and the non-advertising revenue reached 58.5 million US dollars, which increased by 2% year-on-year. On monetization, affected by the overpicked pandemic, macro uncertainties and off-season during the Spring Festival,