Why the results were a bit of a shock:
The results beat analyst estimates handily. After Tencent’s weak advertising results yesterday, Weibo’s results are a bit of a shock. Hat tip to management on navigating the macro headwinds. It’s interesting to note that the company mentioned the Beijing Winter Olympics as a strong opportunity for the company.
In Tencent’s Q3 earnings call yesterday, President Marin Lau stated “….if there has been already a lot of regulations and the regulations in the future on an incremental basis will be smaller in terms of percentage-wise, and as the industry adapted further, then the impact on the industry will be less and less over time.” Good sign right!
There were several catalysts to today’s China and Hong Kong moves as the US and China unexpectedly agreed to work on methane and environmental issues at COP26 in advance of the Biden-Xi virtual summit next week.
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