Weibo (WB) 20-F 27 Apr 23 2022 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Document Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-36397
Entity Registrant Name	WEIBO CORPORATION
Entity Incorporation, State or Country Code	KY
Entity Address, Address Line One	8/F, QIHAO Plaza
Entity Address, Address Line Two	No. 8 Xinyuan S. Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100027
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Beijing, the People’s Republic of China
Entity Central Index Key	0001595761
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Entity Information
Entity Address, Address Line One	8/F, QIHAO Plaza
Entity Address, Address Line Two	No. 8 Xinyuan S. Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100027
Contact Personnel Name	Fei Cao
Country Region	+86
City Area Code	10
Local Phone Number	5898-3095
Contact Personnel Fax Number	+86 10 8260-8888
ADS
Document Entity Information
Title of 12(b) Security	American depositary shares, each representing one Class A ordinary share
Trading Symbol	WB
Security Exchange Name	NASDAQ
Entity Listing, Depository Receipt Ratio	1
Common Stock
Document Entity Information
Entity Common Stock, Shares Outstanding	234,186,394
Class A Ordinary shares
Document Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.00025 per share
Entity Listing, Par Value Per Share | $ / shares	$ 0.00025
Entity Common Stock, Shares Outstanding	139,361,056
No Trading Symbol Flag	true
Class B Ordinary Shares
Document Entity Information
Entity Common Stock, Shares Outstanding	94,825,338

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,690,768	$ 2,423,703
Short-term investments	480,428	711,062
Accounts receivable due from third parties, net of allowances of US$42,650 and US$37,625 as of December 31, 2021 and 2022, respectively	378,500	577,982
Prepaid expenses and other current assets (including loans to and interest receivable from other related parties of US$219,679 and US$110,000 as of December 31, 2021 and 2022, respectively)	391,502	450,726
Amount due from SINA	487,117	494,200
Total current assets	4,552,258	4,802,780
Property and equipment, net	249,553	68,396
Operating lease assets	190,368	60,519
Intangible assets, net	125,072	166,930
Goodwill	120,151	130,405
Long-term investments	993,630	1,207,651
Other non-current assets (including loans to and interest receivable from a related party of US$480,786 and US$484,912 as of December 31, 2021 and 2022, respectively)	898,422	1,082,841
Total assets	7,129,454	7,519,522
Current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiary of US$710,915 and US$575,057 as of December 31, 2021 and 2022, respectively) :
Accounts payable	161,029	197,643
Accrued and other liabilities	913,984	821,033
Operating lease liability, short-term	9,694	7,919
Income taxes payable	55,282	144,747
Deferred revenues	79,949	91,136
Convertible debt		896,541
Total current liabilities	1,219,938	2,159,019
Long-term liabilities
Unsecured senior notes	1,540,717	1,538,415
Long-term loans	880,855
Deferred tax liability	41,694	66,903
Operating lease liability, long-term	55,710	52,042
Other non-current liabilities		15,123
Total long-term liabilities	2,518,976	1,672,483
Total liabilities	3,738,914	3,831,502
Commitments and contingencies
Redeemable non-controlling interests	45,795	66,622
Shareholders' equity:
Ordinary shares: US$0.00025 par value; 2,400,000 and 2,400,000 shares (including 1,800,000 Class A ordinary shares, 200,000 Class B ordinary shares and 400,000 shares to be designated) authorized; 236,553 shares (including 140,274 Class A ordinary shares and 96,279 Class B ordinary shares) and 237,242 shares (including 142,417 Class A ordinary shares and 94,825 Class B ordinary shares) issued and outstanding as of December 31, 2021 and 2022, respectively	59	59
Treasury stock (nil and 3,056 shares as of December 31, 2021 and 2022, respectively)	(57,682)
Additional paid-in capital	1,445,519	1,477,291
Accumulated other comprehensive income (loss)	(102,740)	156,932
Retained earnings	2,045,094	1,959,539
Total Weibo shareholders' equity	3,330,250	3,593,821
Non-controlling interests	14,495	27,577
Total shareholders' equity	3,344,745	3,621,398
Total liabilities, redeemable non-controlling interests and shareholders' equity	7,129,454	7,519,522
Alibaba
Current assets:
Accounts receivable due from related parties	75,347	89,344
Other related parties
Current assets:
Accounts receivable due from related parties	$ 48,596	$ 55,763

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Net of allowances	$ 38,180	$ 42,650
Loans to and interest receivable from other related parties	110,000	219,679
Loans to and interest receivable from other related parties	454,912	480,786
Current liabilities	$ 1,219,938	$ 2,159,019
Ordinary shares, par value (in dollars per share)	$ 0.00025	$ 0.00025
Ordinary shares, shares authorized	2,400,000	2,400,000
Ordinary shares, shares issued	237,242	236,553
Ordinary shares, shares outstanding	237,242	236,553
Treasury stock	3,056	0
Common Class A
Ordinary shares, shares authorized	1,800,000	1,800,000
Ordinary shares, shares issued	142,417	140,274
Class B Ordinary Shares
Ordinary shares, shares authorized	200,000	200,000
Ordinary shares, shares issued	94,825	96,279
Ordinary shares to be designated
Ordinary shares, shares authorized	400,000	400,000
Consolidated VIEs | Without recourse
Current liabilities	$ 575,057	$ 710,915
Alibaba
Net of allowances	0	0
Other related parties
Net of allowances	555	0
Loans to and interest receivable from other related parties	0	5,307
Third parties
Net of allowances	$ 37,625	$ 42,650

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 1,836,332	$ 2,257,083	$ 1,689,931
Costs and Expenses
Cost of revenues	400,585	403,841	302,180
Sales and marketing	477,107	591,682	455,619
Product development	415,190	430,673	324,110
General and administrative	52,806	133,475	101,224
Impairment of intangible assets	10,176
Total costs and expenses	1,355,864	1,559,671	1,183,133
Income from operations	480,468	697,412	506,798
Income (loss) from equity method investments	(24,069)	14,217	10,434
Realized gain from investments	1,591	3,243	2,153
Fair value changes through earnings on investments, net	(243,619)	(72,787)	35,115
Investment-related impairment and provision	(71,081)	(106,800)	(211,985)
Interest income	105,434	77,280	85,829
Interest expense	(71,598)	(71,006)	(57,428)
Other income (loss), net	(49,040)	9,159	4,997
Income before income tax expenses	128,086	550,718	375,913
Less: income tax expenses	30,277	138,841	61,316
Net income	97,809	411,877	314,597
Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	12,254	(16,442)	1,233
Net income attributable to Weibo's shareholders	85,555	428,319	313,364
Other comprehensive income
Currency translation adjustments (for which there were no taxes)	(261,729)	78,196	148,547
Total comprehensive income (loss)	(163,920)	490,073	463,144
Less: comprehensive income (loss) attributable to non-controlling interests and redeemable non-controlling interests	10,197	(15,652)	1,695
Comprehensive income (loss) attributable to Weibo's shareholders	$ (174,117)	$ 505,725	$ 461,449
Shares used in computing net income per share attributable to Weibo's shareholders:
Basic (in shares)	235,164	228,814	226,921
Diluted (in shares)	236,407	230,206	227,637
Income per share:
Basic (in dollars per share)	$ 0.36	$ 1.87	$ 1.38
Diluted (in dollars per share)	$ 0.36	$ 1.86	$ 1.38
Advertising and Marketing
Revenues:
Revenues	$ 1,596,650	$ 1,980,795	$ 1,486,155
Value-added services
Revenues:
Revenues	239,682	276,288	203,776
Alibaba | Advertising and Marketing
Revenues:
Revenues	107,197	181,241	188,597
SINA | Advertising and Marketing
Revenues:
Revenues	56,206	96,359	48,353
Other related parties | Advertising and Marketing
Revenues:
Revenues	40,524	69,953	46,493
Third parties | Advertising and Marketing
Revenues:
Revenues	$ 1,392,723	$ 1,633,242	$ 1,202,712

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Currency translation adjustments, tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Ordinary Shares	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-controlling Interests	Total
Balance at Dec. 31, 2019	$ 57		$ 1,133,913	$ (68,559)	$ 1,217,856	$ (1,448)	$ 2,281,819
Balance (in shares) at Dec. 31, 2019	226,310
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan			57				57
Issuance of ordinary shares pursuant to stock plan (in shares)	1,378
Non-cash stock-based compensation			67,105				67,105
Conversion of convertible debt			8				8
Net income (loss)					313,364	1,233	314,597
Sale of a subsidiary's shares to non-controlling shareholders			539			978	1,517
Acquisition of subsidiaries with non-controlling interests						16,133	16,133
Net income (loss) attributable to redeemable non-controlling interests						(1,167)	(1,167)
Currency translation adjustments				148,085		462	148,547
Balance at Dec. 31, 2020	$ 57		1,201,622	79,526	1,531,220	16,191	2,828,616
Balance (in shares) at Dec. 31, 2020	227,688
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan	$ 1		1,312				1,313
Issuance of ordinary shares pursuant to stock plan (in shares)	1,715
Non-cash stock-based compensation			95,896				95,896
Issuance of shares - global offering, net of issuance costs	$ 1		178,739				178,740
Issuance of shares - global offering, net of issuance costs (in shares)	5,500
Shares lent to underwriters for settlement of over-allocations	1,650
Net income (loss)					428,319	(16,442)	411,877
Compensation cost to non-controlling interest shareholders						3,215	3,215
Disposal of subsidiaries with non-controlling interests			(278)			12	(266)
Acquisition of subsidiaries with non-controlling interests						10,811	10,811
Net income (loss) attributable to redeemable non-controlling interests						13,000	13,000
Currency translation adjustments				77,406		790	78,196
Balance at Dec. 31, 2021	$ 59		1,477,291	156,932	1,959,539	27,577	$ 3,621,398
Balance (in shares) at Dec. 31, 2021	236,553						236,553
Balance at ending (in shares) at Dec. 31, 2021							0
Increase (Decrease) in Shareholders' Equity
Issuance of ordinary shares pursuant to stock plan (in shares)	2,339
Shares returned from underwriters for settlement of over-allocations	(1,650)
Repurchase of American depositary shares ("ADSs")		$ (57,682)					$ (57,682)
Repurchase of American depositary shares ("ADSs") (in shares)		(3,056)
Non-cash stock-based compensation			119,006				119,006
Net income (loss)					85,555	12,254	97,809
Contribution from non-controlling interest shareholders			8,520			(25,535)	(17,015)
Compensation cost to non-controlling interest shareholders						1,368	1,368
Reversal of compensation cost to non-controlling interest shareholders						(4,274)	(4,274)
Net income (loss) attributable to redeemable non-controlling interests						10,298	10,298
Currency translation adjustments				(259,672)		(2,057)	(261,729)
Purchase of a subsidiary's shares from non-controlling shareholders			(270)			(5,136)	(5,406)
Acquisition of Sina.com Technology (China) Co., Ltd ("STC")			(159,028)				(159,028)
Balance at Dec. 31, 2022	$ 59	$ (57,682)	$ 1,445,519	$ (102,740)	$ 2,045,094	$ 14,495	$ 3,344,745
Balance (in shares) at Dec. 31, 2022	237,242						237,242
Balance at ending (in shares) at Dec. 31, 2022		3,056					3,056

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 97,809,000	$ 411,877,000	$ 314,597,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,694,000	55,008,000	32,107,000
Stock-based compensation	111,713,000	87,996,000	67,105,000
Amortization of operating lease assets	11,461,000	6,224,000	3,974,000
Non-cash compensation cost to non-controlling interest shareholders	(20,638,000)	23,246,000
Provision of allowance for credit losses	4,440,000	19,702,000	53,124,000
Deferred income taxes	(24,821,000)	(12,478,000)	(15,727,000)
Foreign currency exchange loss	66,975,000
(Income) loss from equity method investments	24,069,000	(14,217,000)	(10,434,000)
Dividend received from equity method investments	5,772,000	11,695,000	320,000
Gain on sale of investments	(1,591,000)	(3,243,000)	(2,153,000)
Fair value changes through earnings on investments, net	243,619,000	72,787,000	(35,115,000)
Investment-related impairment and provision	71,081,000	106,800,000	211,985,000
Impairment of intangible assets	10,176,000
Gain on disposal of property and equipment	(240,000)	(172,000)	(74,000)
Amortization of issuance cost of convertible debt, unsecured senior notes and long-term loans	6,273,000	6,445,000	5,944,000
Changes in assets and liabilities:
Accounts receivable due from third parties	159,365,000	(273,728,000)	(75,685,000)
Other non-current assets	(27,980,000)	(14,512,000)	(191,000)
Accounts payable	(35,481,000)	41,809,000	15,167,000
Accrued and other liabilities	(38,058,000)	274,803,000	62,404,000
Deferred revenues	(3,925,000)	(56,181,000)	19,928,000
Operating lease liabilities	(10,128,000)	(6,684,000)	(4,315,000)
Income taxes payable	(79,623,000)	38,910,000	(6,210,000)
Net cash provided by operating activities	564,104,000	814,020,000	741,646,000
Cash flows from investing activities:
Purchases of bank time deposits and wealth management products	(629,889,000)	(1,170,070,000)	(3,170,291,000)
Maturities of bank time deposits and wealth management products	859,075,000	2,040,599,000	2,600,010,000
Investment in and prepayment on long-term investments	(193,784,000)	(1,593,880,000)	(392,547,000)
Proceeds from disposal of/refund of prepayment on long-term investments	141,806,000	447,381,000	289,631,000
Proceeds from disposal of property and equipment	269,000	383,000	92,000
Purchases of property and equipment	(43,136,000)	(35,094,000)	(34,828,000)
Prepayment for purchase of SINA Plaza	(153,572,000)	(132,531,000)
Payment for acquisitions, net of cash acquired	939,000	(61,160,000)	(214,302,000)
Prepayment to agent for share repurchase	(2,318,000)
Net cash used in investing activities	(33,014,000)	(423,960,000)	(1,214,315,000)
Cash flows from financing activities:
Proceeds from employee options exercised	0	1,313,000	122,000
Proceeds from unsecured senior notes, net of issuance costs			740,324,000
Repayment of convertible notes	(899,992,000)
Proceeds from long-term loans, net of issuance costs	880,353,000
Cash received from (paid for) acquisitions, net of cash acquired	(8,414,000)	188,129,000
Payments for share repurchases	(57,682,000)
Repurchase of non-controlling shareholders	(5,406,000)
Proceeds from sale of a subsidiary's equity interest to a non-controlling shareholder			1,517,000
Net cash provided by (used in) financing activities	(91,141,000)	189,442,000	741,963,000
Effect of exchange rate changes on cash and cash equivalents	(172,884,000)	29,357,000	92,565,000
Net increase in cash and cash equivalents	267,065,000	608,859,000	361,859,000
Cash and cash equivalents at the beginning of the year	2,423,703,000	1,814,844,000	1,452,985,000
Cash and cash equivalents at the end of the year	2,690,768,000	2,423,703,000	1,814,844,000
Supplemental disclosures:
Cash paid for interest expenses on convertible debt/unsecured senior notes	(64,562,000)	(37,906,000)	(65,906,000)
Cash paid for income taxes	(135,055,000)	(111,260,000)	(82,667,000)
Non-cash investing and financing activities
Property and equipment in accounts payable	17,641,000	5,520,000	3,985,000
Unpaid consideration for acquisition of STC	218,402,000
Unpaid consideration for other acquisitions	(687,000)	(6,293,000)	(10,280,000)
SINA
Changes in assets and liabilities:
Amount due from SINA	(47,303,000)	(7,787,000)	148,943,000
Cash flows from investing activities:
Loans to SINA	(1,261,880,000)	(978,162,000)	(473,777,000)
Repayment of loans by SINA	1,249,476,000	1,058,574,000	181,697,000
Alibaba
Changes in assets and liabilities:
Accounts receivable due from Alibaba	10,162,000	49,003,000	(68,286,000)
Other related parties
Changes in assets and liabilities:
Accounts receivable due from other related parties	(3,031,000)	(5,872,000)	54,699,000
Prepaid expenses and other current assets	$ (20,686,000)	$ 2,589,000	$ (30,461,000)

Operations

Operations	12 Months Ended
	Dec. 31, 2022
Operations
Operations	1. Operations Weibo Corporation (“Weibo” or the “Company”) is a leading social media platform in China for people to create, discover and distribute content. By providing a simple and inspirational way for people and organizations in China and the global Chinese communities to express themselves publicly in real time, interact with others on a platform with vast scale and stay connected with the world, Weibo has had a profound social impact in China. Launched in 2009, Weibo has been committed to enabling faster, easier, and richer connection among people and has become an integral part of many of Weibo users’ daily lives. Incorporated in the Cayman Islands, Weibo Corporation is a controlled subsidiary of Sina Corporation (the “Parent” or “SINA”). In April 2014, the Company completed an initial public offering (the “IPO”) and received US$306.5 million in net proceeds. Immediately prior to the completion of the IPO, all the ordinary shares held by SINA were converted into an equal number of the Class B ordinary shares, all the ordinary shares held by other shareholders converted into an equal number of the Class A ordinary shares, and all of its outstanding preferred shares automatically converted into Class A ordinary shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to three votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares. In December 2021, the Company successfully listed its Class A ordinary shares on the main board of the Hong Kong Stock Exchange. Net proceeds from the offering, after deducting estimated underwriting fees and other offering expenses, were approximately US$178.4 million. Weibo Corporation is an exempted company with limited liability under the laws of the Cayman Islands. WB Online and Weibo HK are wholly owned subsidiaries of the Company, and Weibo Technology, a wholly foreign-owned enterprise, (“the WFOE”), is a subsidiary of Weibo HK. The operation of Weibo business is carried out by various subsidiaries and variable interest entities (“VIE”) of the Company. The Company’s VIEs and VIEs’ subsidiaries are controlled by the WFOE through a series of contractual agreements. Weibo Corporation, its subsidiaries, VIEs and VIEs’ subsidiaries together are referred to as “the Group”. ​ The following sets forth the Company’s major subsidiaries and major VIEs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ ​ ​ ​ ​ Direct/ ​ ​ ​ ​ ​ ​ Indirect ​ ​ Date of ​ Place of ​ Economic Company Incorporation Incorporation Interest Major Subsidiaries ​ ​ ​ ​ ​ ​ ​ Weibo Hong Kong Limited (“Weibo HK”) July 19, 2010 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Weibo Internet Technology (China) Co., Ltd. (“Weibo Technology” or “the WFOE”) October 11, 2010 PRC 100 % ​ ​ ​ ​ ​ ​ ​ ​ WB Online Investment Limited (“WB Online”) ​ June 5, 2014 ​ Cayman Islands ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Hangzhou Weishichangmeng Advertising Co., Ltd. (“Weishichangmeng”) ​ September 25,2018 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Major VIEs ​ ​ ​ ​ ​ ​ ​ Beijing Weimeng Technology Co., Ltd (“Weimeng”) August 9, 2010 PRC 99 % ​ ​ ​ ​ ​ ​ ​ ​ Beijing Weimeng Chuangke Investment Management Co., Ltd. (“Weimeng Chuangke”) ​ April 9, 2014 ​ PRC ​ 100 % ​ Intellectual Property License Agreement The intellectual property license agreement was entered into by and between SINA and the Company in April 2013. Under this agreement, SINA granted the Company and its subsidiaries a perpetual, worldwide, royalty-free, fully paid-up, non-sub licensable, non-transferable, limited, exclusive license of certain trademarks and a non-exclusive license of certain other intellectual property owned by SINA to make, sell, offer to sell and distribute products, services and applications on a microblogging and social networking platform. The Company granted SINA and its affiliates a non-exclusive, perpetual, worldwide, non-sub licensable, non-transferable limited license of certain of the Company’s intellectual property to use, reproduce, modify, prepare derivative works of, perform, display or otherwise exploit such intellectual property. This agreement commenced on April 29, 2013 and will continue to be in effect unless and until terminated as provided in the agreement. Transactions between SINA and Weibo Accounts receivable directly related to the Group but for which SINA will receive payments and remit payments to the Group, as well as accounts receivable directly from SINA, are included in the amount due from SINA. Liabilities directly related to the Group but for which SINA will make payments and receive reimbursements from the Group, as well as liabilities directly to SINA, are included in the amount due to SINA. The amount due from/to SINA is presented as an offsetting balance on the Group’s consolidated balance sheets. Loans from SINA are presented under cash flow from financing activities, whereas loans to SINA are presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated to the Group is presented under operating activities in the consolidated statements of cash flows. The Group’s consolidated statements of comprehensive income contain all the related costs and expenses of the Weibo business, including allocation to the cost of revenues, sales and marketing expenses, product development expenses, and general and administrative expenses, which are incurred by SINA but related to the Weibo business. These allocations were based on proportional cost allocation by considering proportion of the revenues, infrastructure usage metrics and labor usage metrics, among other things, attributable to the Group and are made on a basis considered reasonable by mutual managements. Refer to Note 6 for information related to the acquisition of STC. Total costs and expenses allocated from SINA were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Cost of revenues ​ $ 19,462 ​ $ 14,749 ​ $ 17,255 Sales and marketing ​ ​ 5,966 ​ ​ 3,319 ​ ​ 1,953 Product development ​ 10,505 ​ 10,083 ​ ​ 12,192 General and administrative ​ 7,078 ​ 10,119 ​ 15,778 ​ ​ $ 43,011 ​ $ 38,270 ​ $ 47,178 ​ While the costs and expenses allocated to the Group for these items are not necessarily indicative of the costs and expenses that would have been incurred if the Group had transactions with independent third party suppliers directly or hired more employees, the Company does not believe there would be any significant difference between the nature and amounts of these allocated costs and expenses and the ones that would have been incurred if the Group had transactions with independent third party suppliers directly or hired more employees. Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, VIEs controlled by the WFOE through a series of contractual agreements, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated. To comply with PRC laws and regulations, the Group provides a substantial amount of its services in China via the VIEs, which hold critical operating licenses that enable the Group to do business in China. Most of the Group’s revenues, costs and expenses, and net income before intercompany transactions in China were generated directly or indirectly through the VIEs and VIEs’ subsidiaries. The Company relies on contractual arrangements among its PRC subsidiaries, the VIEs and their shareholders to control the business operations of the VIEs and VIEs’ subsidiaries and the Group has determined that Weibo Technology, the WFOE, is the primary beneficiary of the VIEs through its contractual arrangements with the VIEs. Accordingly, the Company has consolidated the results of operations and assets and liabilities of VIEs and VIEs’ subsidiaries in the Group’s financial statements pursuant to the United States Generally Accepted Accounting Principles (“US GAAP”) for all the periods presented. Shareholders of the VIEs are certain nominee shareholders from the Company or SINA. The capital for their investments in the VIEs is funded by the Company and recorded as interest-free loans to these individuals. These loans were eliminated with the capital of the VIEs during consolidation. Each shareholder of the VIEs has agreed to transfer their equity interest in the VIEs to Weibo Technology when permitted by PRC laws and regulations or to designees of the Company at any time for the amount of loans outstanding. All voting rights of the VIEs, including without limitation the right to appoint all directors of the VIEs, has been assigned to Weibo Technology. Weibo Technology has also entered into exclusive technical service agreements with the VIEs under which Weibo Technology provides technical and other services to the VIEs in exchange for substantially all net income of the VIEs. In addition, the shareholders of the VIEs have pledged their shares in the VIEs as collateral for the non-payment of loans or for the technical and other services fees due to Weibo Technology. As of December 31, 2021 and 2022, the total amounts of interest-free loans to the VIEs’ shareholders were US$92.0 million and US$84.8 million, respectively. The VIEs and VIEs’ subsidiaries had accumulated deficit of US$132.5 million and US$150.8 million as of December 31, 2021 and 2022,respectively, which were included in the Group’s consolidated financial statements. The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries taken as a whole, which are included in the Group’s consolidated balance sheets and consolidated statements of comprehensive income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Cash and cash equivalents ​ $ 183,543 ​ $ 657,578 Short-term investments ​ ​ 110,472 ​ ​ 53,822 Accounts receivable ​ 650,278 ​ 467,083 Prepaid expenses and other current assets ​ ​ 160,722 ​ ​ 179,516 Amount due from SINA ​ ​ 36,211 ​ ​ 17,908 Property and equipment, net ​ 1,812 ​ 1,641 Operating lease assets ​ ​ 28,049 ​ ​ 25,776 Intangible assets, net ​ 166,930 ​ 124,856 Goodwill ​ 130,405 ​ 120,151 Long-term investments ​ ​ 439,922 ​ ​ 327,423 Other non-current assets ​ ​ 352,008 ​ ​ 295,500 Total assets ​ $ 2,260,352 ​ $ 2,271,254 ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 129,498 ​ $ 97,269 Accrued and other liabilities ​ ​ 480,866 ​ ​ 405,979 Income taxes payable ​ ​ 41,882 ​ ​ 25,055 Deferred revenues ​ 57,348 ​ 45,433 Amount due to the subsidiaries of the Group ​ ​ 1,462,242 ​ ​ 1,676,499 Operating lease liability ​ ​ 28,022 ​ ​ 26,756 Deferred tax liability ​ ​ 39,637 ​ ​ 28,665 Other non-current liabilities ​ ​ 15,122 ​ ​ — Total liabilities ​ ​ 2,254,617 ​ ​ 2,305,656 ​ ​ ​ ​ ​ ​ ​ Redeemable non-controlling interests ​ ​ 66,622 ​ ​ 45,795 ​ ​ ​ ​ ​ ​ ​ Total shareholders’ equity ​ ​ (60,887) ​ ​ (80,197) ​ ​ ​ ​ ​ ​ ​ Total liabilities, redeemable non-controlling interests and shareholders’ equity ​ $ 2,260,352 ​ $ 2,271,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 ​ 2021 2022 ​ ​ (In US$ thousands) Net revenues (no revenues from entities within the Group) ​ $ 1,319,080 ​ $ 1,821,294 ​ $ 1,540,585 Net loss ​ $ (129,126) ​ $ (36,406) ​ $ (18,356) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities * ​ $ 157,262 ​ $ 335,940 ​ $ (136,442) Net cash provided by (used in) investing activities ​ $ (272,958) ​ $ (583,397) ​ $ 410,164 Net cash provided by financing activities* ​ $ 290,234 ​ $ 156,997 ​ $ 226,938 * The amount of cash flows provided by operating activities and the amount of cash flows provided by financing activities for the year ended December 31, 2021 have been revised to reflect a reclassification adjustment of US$145.6 million loans from the primary beneficiary to the VIEs, which was previously classified as operating activities. Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs through Weibo Technology and can have assets transferred freely out of the VIEs without restrictions. Therefore, the Company considers that there is no asset of the VIEs that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries, except for the registered capital and non-distributable reserve funds of the VIEs and VIEs’ subsidiaries, amounting to US$241.4 million and US$228.0 million as of December 31, 2021 and 2022, respectively. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Company is conducting certain businesses mainly through the VIEs, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. The total amount of costs and expenses allocated from SINA to the VIEs was US$8.7 million, US$3.4 million and US$4.2 million for 2020, 2021 and 2022, respectively. The VIEs hold assets with no carrying value in the consolidated balance sheets that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs include the Internet Content Provision License, the Online Culture Operating Permit, the domain names of Weibo.com, Weibo.cn and Weibo.com.cn and so on. Recognized revenue-producing assets held by the VIEs include game technology, supplier-relationship contracts, and trademark and domain names, which were acquired through the previous acquisitions. Unrecognized revenue-producing assets, including customer lists relating to advertising and marketing services, membership, and game-related services, as well as trademarks, are also held by Weibo Technology. The following is a summary of the VIE agreements with Weimeng. The VIE agreements with Weimeng Chuangke are substantially the same as those described below: Loan Agreements. Share Transfer Agreements. Loan Repayment Agreements. Agreement on Authorization to Exercise Shareholder’s Voting Power. Share Pledge Agreements. Exclusive Technical Services Agreement, Exclusive Sales Agency Agreement and Trademark License Agreement. Spousal Consent Letters. These VIE agreements provide Weibo Technology with the power to direct the activities that most significantly affect the economic performance of the Group’s consolidated VIEs and enable the Group to receive substantially all of the economic benefits generated by them. For the years ended December 31, 2020, 2021 and 2022, the total amount of service fees that Weibo Technology charged to Weimeng under these service agreements and trademark license agreement was US$766.8 million, US$1,026.2 million and US$745.1 million, respectively, which were based on the actual cost incurred from providing the services and the operations of Weimeng. Weibo Technology, Weimeng Chuangke and Weimeng Chuangke’s shareholders have entered into contractual arrangements which contain agreements and terms substantially similar to Weibo Technology’s contractual arrangements with Weimeng and Weimeng’s shareholders described above. Minority Investment in Weimeng In April 2020, WangTouTongDa (Beijing) Technology Co., Ltd., a subsidiary of a state-owned enterprise, China Internet Investment Fund Management Co., Ltd., which is owned by several state-owned enterprises, made an investment of approximately RMB10.7 million in Weimeng for 1% of Weimeng’s enlarged registered capital. Such third party minority stake holder is entitled to customary economic rights in proportion to its equity ownership, and certain minority shareholder rights such as the right to appoint a director to Weimeng’s three-member board of directors, and veto rights over certain matters related to content decision, and certain future financings of Weimeng. The third party minority stake holder is not a party to the contractual arrangements mentioned above that are currently in effect among Weimeng, Weibo Technology and Weimeng’s other shareholders. As such, despite the fact that the Company is still able to enjoy economic benefits and exercise effective control over Weimeng and its subsidiaries, the Company is not able to purchase or have the third party minority stake holder pledge its 1% equity interests in Weimeng in the same manner as agreed under existing contractual arrangements, nor is it granted the authorization of voting rights over these 1% equity interests. The Company believes Weibo Technology, the wholly-owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. The Company believes that the contractual arrangements among the WFOE, VIEs and VIEs’ shareholders are in compliance with the current PRC laws and legally enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or other actions. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Basis of presentation The preparation of the Group’s consolidated financial statements is in conformity with U.S. GAAP. The consolidated financial statements include the accounts of Weibo, its wholly owned subsidiaries, VIEs, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated. Use of estimates Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the management makes about the carrying values of the assets and liabilities, which are not readily apparent from other sources. U.S. GAAP requires making estimates and judgments in several areas, including, but not limited to, the basis of consolidation, revenue recognition, fair value accounting, income taxes, long-term investments, goodwill and other long-lived assets, allowances for credit losses, stock-based compensation, the estimated useful lives of assets, convertible debt, business combination, and foreign currency. The management bases the estimates and judgments on historical information and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from such estimates. Revenue recognition ​ Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments. Certain customers may receive sales rebates, which are accounted for as variable consideration. The Group estimates annual expected revenue volume of each individual agent with reference to their historical results. The Group recognizes revenue for the amount of fees it receives from its customers, after deducting estimated sales rebates and net of value-added tax (“VAT”) under ASC 606. The Group believes that there will not be significant changes to its estimates of variable consideration. The Group considers the ultimate beneficiary of its online advertising services as an “advertiser,” meaning the party whose products, brand awareness or marketing activities benefited from the execution of advertisement. The Group considers a party that it enters into an advertisement service contract with as its “customer” from accounting perspective. As such, the Group treats an advertising agency who enters into an advertisement service contract with it as a customer, and such advertising agency may represent and serve multiple advertisers. If an advertiser directly enters into an advertisement service contract with the Group, it will treat such advertiser also as a customer. Revenue disaggregated by revenue source for the years ended December 31, 2020, 2021 and 2022 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Advertising and marketing revenues ​ ​ ​ ​ ​ ​ Revenues from advertisers signing contracts with the Group directly ​ $ 416,270 ​ $ 478,874 ​ $ 356,503 Revenues from advertising agencies ​ ​ 1,069,885 ​ ​ 1,501,921 ​ ​ 1,240,147 ​ ​ ​ 1,486,155 ​ ​ 1,980,795 ​ ​ 1,596,650 Value-added services revenues ​ ​ 203,776 ​ ​ 276,288 ​ ​ 239,682 Total revenues $ 1,689,931 $ 2,257,083 $ 1,836,332 ​ The Group enters into contracts with its customers, which may give rise to contract assets (unbilled revenue) or contract liabilities (deferred revenue). The payment terms and conditions within the Group’s contracts vary by the type and location of its customers and products or services purchased, the substantial majority of which are due in less than one year. Deferred revenues related to unsatisfied performance obligations at the end of the period are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, live streaming, and virtual currency or in-game virtual items sold for game related services. The deferred revenues are recognized based on customers’ consumption or amortized on a straight-line basis through the service period for different products/services. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized that was included in the deferred revenue balance at the beginning of the period was US$91.5 million, US$126.5 million and US$56.1 million for the years ended December 31, 2020, 2021 and 2022, respectively. ​ Practical Expedients and Exemptions The Group generally expenses sales commissions when incurred because the amortization period is generally one year or less. These costs are recorded within sales and marketing expenses. Advertising and marketing revenues Advertising and marketing revenues are derived principally from online advertising, including social display ads and promoted marketing. Social display ad arrangements allow customers to place advertisements on particular areas of the Group’s platform or website in particular formats and over particular periods of time, which is typically no more than three months. The Group enters into cost per mille (“CPM”), or cost per thousand impressions, advertising arrangements with the customers, under which the Group recognizes revenues based on the number of times that the advertisement has been displayed. The Group also enters into cost per day (“CPD”) advertising arrangements with customers, under which the Group recognizes revenues ratably over the contract periods. Promoted marketing arrangements are primarily priced based on CPM. Under the CPM model, customers are obligated to pay when the advertisement is displayed. The Group’s majority revenue transactions are based on standard business terms and conditions, which are recognized net of agency rebates. The agency rebates are accounted for as variable consideration and are estimated during interim periods based on estimated annual revenue volume of each individual agent with reference to their historical results, which involves accounting judgment. The Group believes its estimation approach in variable consideration results in revenue recognition in a manner consistent with the underlying economics of the transaction. The Group’s contracts with customers may include multiple performance obligations, which primarily consist of combinations of service to allow customers to place advertisements on different areas of its platform or website. For such arrangements, advertising arrangements involving multiple deliverables are broken down into single-element arrangements based on their stand-alone selling price for revenue recognition purposes. The estimation of stand-alone selling price involves significant judgment, especially for the deliverables that have not been sold separately. For those deliverables, the Group determines best estimate of the stand-alone selling price by taking into consideration of the pricing of advertising areas of the Group’s platform or website with similar popularities and advertisements with similar formats and quoted prices from competitors and other market conditions. The Group believes the estimation approach in stand-alone selling price and allocation of the transaction price on a relative stand-alone selling price to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. Revenues recognized with reference to best estimation of selling price were immaterial for all periods presented. Most of such contracts have all performance obligations completed within one year. Changes in judgments on these assumptions and estimates could materially impact the timing or amount of revenue recognition. Contracts with customers of online advertising may require cooperation from third parties. The Group pays a predetermined portion of revenues earned from advertising contracts to the third parties such as key opinion leaders who participate in advertising and promotion activities by monetizing their social assets. The Group has determined that it is the principal in these transactions, as it has primary responsibility for fulfilling all the obligations related to advertising contracts. The Group has discretion in establishing pricing of the contracts and controls the advertising inventory before the delivery to customers. The Group records revenues derived from such contracts on a gross basis and the portion paid to the third parties is recognized as cost of revenues. Revenues from barter transactions are recognized during the period in which the advertisements are displayed on the Group’s properties. Barter transactions in which physical goods or services are received in exchange for advertising services are recorded based on the fair values of the goods or services received. Value-added services revenues The Group generates value-added services revenues principally from fee-based services, mainly including membership, live streaming, and game-related services. Other value-added services revenues mainly include the revenues from the provision of traffic acquisition services to various customers. Revenues from these services are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. Membership. Live streaming. The Group designs, creates and offers various virtual items for sales to users with pre-determined selling prices. Each virtual item is considered as a distinctive performance obligation. Sales proceeds are recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. Users can purchase and present virtual items to broadcasters to show support for their favorite ones. Under the arrangements with broadcasters or broadcaster agencies, the Group shares with them a portion of the revenues derived from the consumption of virtual items. Revenues derived from the sale of virtual items are recorded on a gross basis as the Group has determined that it acts as the principal to fulfill all obligations related to the live streaming services. The portion paid to broadcasters and/or broadcaster agencies is recognized as cost of revenues. The Group does not have further obligations to the user after the virtual items are consumed. In June 2022, the Group adjusted its strategy for live streaming business and decided to transfer the operation of the Yizhibo business to a related party with the ownership of all the intellectual properties unchanged. The Group recognizes immaterial revenues from live streaming since the second quarter of 2022. Game-related services. Cost of revenues Cost of revenues consists mainly of costs associated with the maintenance of platform, which primarily include bandwidth and other infrastructure costs, revenue-share cost, advertisement production cost, labor cost and turnover taxes levied on the revenues, part of which were allocated from SINA. The Group is subject to 3% cultural business construction fees for its advertising and marketing revenues, which is included in cost of revenues. Starting from July 1 2019, the 3% cultural business construction fees was reduced to 1.5%, valid until December 31, 2024. Moreover, as part of the measures taken by the government to ease the negative impact from Covid-19 pandemic, the cultural business construction fees were exempted for the fiscal years of 2020 and 2021. An aggregate of US$24.6 million and US$28.7 million cultural business construction fees was exempted for the years ended December 31, 2020 and 2021, respectively. The cultural business construction fees for the advertising and marketing revenues was restored to 1.5% since the fiscal year of 2022. Sales and marketing expenses Sales and marketing expenses consist mainly of online and offline advertising and promotional expenses, salary, benefits and commission expenses, and facility expenses. Advertising and promotional expenses generally represent the expenses of promotions of corporate image and product marketing. The Group expenses all advertising and promotional expenses as incurred and classifies these expenses under sales and marketing expenses. Pursuant to the adoption of ASC 606, the recognition of revenues and expenses at fair value for advertising barter transactions has resulted in an increase of revenue and advertising expenses. For the years ended December 31, 2020, 2021 and 2022, the advertising and promotional expenses were US$330.9 million, US$418.0 million and US$310.4 million, respectively. Product development expenses Product development expenses consist mainly of payroll-related expenses and infrastructure costs incurred for enhancement to and maintenance of the Group’s platform, as well as costs associated with new product development and product enhancements, part of which were allocated from SINA. The Group expenses all costs incurred for the planning, post implementation phases of development and costs associated with repair or maintenance of the existing site or the development of platform content. Since inception, the amount of costs qualifying for capitalization has been immaterial and, as a result, all product development costs have been expensed as incurred. Stock-based compensation All stock-based awards to employees and directors, such as stock options and restricted share units (“RSUs”), are measured at the grant date based on the fair value of the awards. Stock-based compensation, net of forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. The Group uses the Black-Scholes option pricing model to estimate the fair value of stock options. The determination of estimated fair value of stock-based payment awards on the grant date using an option pricing model is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee stock option exercise behaviors, a risk-free interest rate and expected dividends, if any. Options granted generally vest over four years. The Group recognizes the estimated compensation cost of restricted share units based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term of generally four years for service-based restricted share units. The Group uses Monte Carlo simulation model to estimate the fair value of restricted share units with market conditions on the date of the grant and recognizes the estimated compensation cost, net of estimated forfeitures, over the estimated requisite service period. The Group also recognizes the compensation cost of performance-based restricted share units, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting option and records stock-based compensation expense only for those awards that are expected to vest. See Note 7 Stock-based Compensation Taxation Income taxes Uncertain tax positions. Short-term investments Short-term investments represent bank time deposits and wealth management products which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions. Their original maturities are of greater than three months but less than one year. In accordance with ASC 825, Financial Instruments Credit losses In 2016, the FASB issued ASC Topic 326, the guidance is applicable to accounts receivable and the Group adopted ASC Topic 326 on January 1, 2020. The Group makes estimates of expected credit and collectability trends for the allowance for credit losses based upon assessment of various factors, including historical experience, the age of the accounts receivable balances, credit-worthiness of the customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers. The Group also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. Expected credit losses for accounts receivable are recorded as general and administrative expenses on the consolidated statements of comprehensive income. ASC Topic 326 is also applicable to the loans to and interest receivable from other related parties included in the prepaid expenses and other current assets and other non-current assets on the consolidated balance sheets. Management estimates the allowance for credit losses on loans and interest receivable not sharing similar risk characteristics on an individual basis. The key factors considered when determining the above allowances for credit losses include estimated loan collection schedule, discount rate, and assets and financial performance of the borrowers. Fair value measurements Financial instruments All financial assets and liabilities are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures the equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. For those investments without readily determinable fair value, the Group measures them at fair value when observable price changes are identified or impairment charge was recognized. The fair values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The fair values of the Group’s long-term investments in the equity securities of publicly listed companies are measured using quoted market prices. The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they are determined to be impaired. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. ● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. ● Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying amount of cash and cash equivalents, short-term investments, accounts receivable due from third parties, accounts receivable due from Alibaba, accounts receivable due from other related parties, amount due from SINA, accounts payable, accrued and other liabilities approximates fair value because of their short-term nature. See Note 14 Fair Value Measurement Long-term investments Long-term investments are comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The Group uses the equity method to account for ordinary-share-equivalent equity investments on which it has significant influence but does not own a majority equity interest or otherwise control. The Group measures investments in equity securities, other than equity method investments, at fair value through earnings. For those investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative). Under this measurement alternative, changes in the carrying value of the investments will be recognized in consolidated statement of comprehensive income, whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value for which the Group has elected to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date, applying significant judgement in considering various factors and events including a) adverse performances and business prospects of the investees; b) adverse changes in the general market condition affecting investees; c) adverse changes in regulatory, economic or technological environment of the investees and d) adverse changes in cash flow forecasts of investees. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles ASC 820 - Fair Value Measurement. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Significant judgement is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgements include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used, which are related to selection of comparable companies, valuation mutiples, revenue growth rate of investees, scenario probability estimates and lack of marketability discounts. Investments in entities which the Group can exercise significant influence and holds an investment in voting common shares or in-substance common shares (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323 (“ASC 323”), Investment — Equity Method and Joint Ventures. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force). The amendments in this update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The Group adopted the ASU on January 1, 2021, which did not have a material impact on the consolidated financial statements. Business combination Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income. Leases The Group determines if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in operating lease right-of-use assets, operating lease liabilities, short-term, and operating lease liabilities, long-term on the Group’s consolidated balance sheets. The Group has chosen to not recognize lease assets and lease liabilities for leases with a term of twelve months or less on the consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease terms at the lease commencement dates. The Group uses its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what interest the Group would pay in order to obtain a borrowing with an amount equivalent to the lease payments in a similar economic environment over the lease term on a collateralized basis from banks in China. Certain lease agreements contain an option for the Group to renew a lease for a term agreed by the Group and the lessor or an option to terminate a lease earlier than the maturity dates. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a lease-by-lease basis. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Certain of the Group’s leases contain free or escalating rent payment terms. The Group’s lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group has chosen to combine payments for non-lease components with lease payments and accounted them together as a single lease component. Payments under the lease arrangements are primarily fixed. However, for arrangements accounted for as a single lease component, there may be variability in future lease payments as the amount of the non-lease components is typically revised from one period to the next. Long-lived assets Property and equipment Property and equipment are stated at cost less accumulated depreciation, amortization and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally from three Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions of interests in its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20 (“ASC 350-20”), Intangibles - Goodwill and Other: Goodwill Intangible assets other than goodwill Intangible assets arising from acquisitions are recognized at fair value upon acquisition and amortized on a straight-line basis over their estimated useful lives, generally from three Convertible debt and unsecured senior notes The Group determines the appropriate accounting treatment of its convertible debt in accordance with the terms in relation to the conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging Debt The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense over the contractual life. The Group presented the issuance costs of debt as a direct deduction from the related debt during the periods presented. The unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums, if any, issuance costs and other incidental fees, all of which are recorded as a direct deduction of the proceeds received from issuing the unsecured senior notes and the related accretion is recorded as interest expense in the consolidated statement of comprehensive income over the estimated term using the effective interest method. Deferred revenues Deferred revenues consist of contractual billings in excess of recognized revenue and payments received in advance of revenue recognition, which are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, live streaming, and virtual currency or in-game virtual items sold for game related services. Non-controlling interests For the Company’s majority-owned subsidiaries and VIE, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. To reflect the economic interest held by non-controlling shareholders, net income/loss attributable to the non-controlling ordinary shareholders is recorded as non-controlling interests in the Company’s consolidated statements of comprehensive income. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated financial statements to distinguish the interests from that of the Company. Foreign currency The Company’s reporting currency and fu

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-term Investments	12 Months Ended
	Dec. 31, 2022
Cash, Cash Equivalents and Short-term Investments
Cash, Cash Equivalents and Short-term Investments	3. Cash, Cash Equivalents and Short-term Investments Cash, cash equivalents and short-term investments consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ Cash ​ $ 2,423,703 ​ $ 2,690,768 Short-term investments: ​ ​ ​ ​ ​ ​ Bank time deposits ​ 603,838 ​ 268,233 Wealth management products ​ ​ 107,224 ​ ​ 212,195 Subtotal ​ ​ 711,062 ​ ​ 480,428 Total cash, cash equivalents and short-term investments ​ $ 3,134,765 ​ $ 3,171,196 ​ The carrying amounts of cash, cash equivalents and short-term investments approximate fair value. Interest income was US$85.8 million, US$77.3 million and US$105.4 million for the years ended December 31, 2020, 2021 and 2022, respectively, including US$52.3 million, US$46.1 million and US$87.2 million interest income from cash, cash equivalents and short-term investments for the periods presented. The maturity dates for the time deposits and wealth management products were within one year.

Long-term Investments

Long-term Investments	12 Months Ended
	Dec. 31, 2022
Long-term Investments
Long-term Investments	4. Long-term Investments Long-term investments comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The following sets forth the changes in the Group’s long-term investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Without Readily ​ ​ ​ ​ Equity Securities With ​ ​ ​ ​ ​ Determinable Fair ​ ​ ​ ​ Readily Determinable ​ ​ ​ ​ Values Equity Method Fair Values Total ​ ​ (In US$ thousands) Balance at December 31, 2019 ​ $ 558,602 ​ $ 199,379 ​ $ 269,478 ​ $ 1,027,459 Investments made/transferred from prepayments ​ ​ 134,925 ​ ​ 92,925 ​ ​ 30,500 ​ ​ 258,350 Income from equity method investment ​ ​ — ​ ​ 10,434 ​ ​ — ​ ​ 10,434 Dividend received from equity method investment ​ ​ — ​ ​ (320) ​ ​ — ​ ​ (320) Disposal of investments ​ ​ (2,067) ​ ​ — ​ ​ (48,334) ​ ​ (50,401) Impairment on investments ​ ​ (126,820) ​ ​ — ​ ​ — ​ ​ (126,820) Fair value change through earnings (including adjustment of subsequent price changes) ​ ​ (2,462) ​ ​ — ​ ​ 37,577 ​ ​ 35,115 Currency translation adjustment ​ ​ 16,906 ​ ​ 8,743 ​ ​ — ​ ​ 25,649 Balance at December 31, 2020 ​ ​ 579,084 ​ ​ 311,161 ​ ​ 289,221 ​ ​ 1,179,466 Investments made/transfers from prepayments ​ ​ 96,768 ​ ​ 182,200 ​ ​ — ​ ​ 278,968 Income from equity method investment, net ​ ​ — ​ ​ 14,217 ​ ​ — ​ ​ 14,217 Dividend received from equity method investments ​ ​ — ​ ​ (11,695) ​ ​ — ​ ​ (11,695) Disposal of investments ​ ​ (75,667) ​ ​ — ​ ​ (4,946) ​ ​ (80,613) Changes from measurement alternative to consolidation (Note 6) ​ ​ (66,415) ​ ​ — ​ ​ — ​ ​ (66,415) Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values ​ ​ (142,000) ​ ​ — ​ ​ 142,000 ​ ​ — Impairment on investments ​ ​ (106,800) ​ ​ — ​ ​ — ​ ​ (106,800) Fair value change through earnings ​ ​ (23,316) ​ ​ — ​ ​ 9,877 ​ ​ (13,439) Currency translation adjustment ​ ​ 7,062 ​ ​ 6,900 ​ ​ — ​ ​ 13,962 Balance at December 31, 2021 ​ ​ 268,716 ​ ​ 502,783 ​ ​ 436,152 ​ ​ 1,207,651 Investments made/transfers from prepayments ​ ​ 36,423 ​ ​ 114,909 ​ ​ — ​ ​ 151,332 Loss from equity method investment, net ​ ​ — ​ ​ (24,069) ​ ​ — ​ ​ (24,069) Dividend received from equity method investments ​ ​ — ​ ​ (5,772) ​ ​ — ​ ​ (5,772) Disposal of investments ​ ​ (29,974) ​ ​ (6,293) ​ ​ — ​ ​ (36,267) Impairment on investments ​ ​ (63,515) ​ ​ — ​ ​ — ​ ​ (63,515) Fair value change through earnings ​ ​ — ​ ​ — ​ ​ (196,602) ​ ​ (196,602) Currency translation adjustment ​ ​ (15,071) ​ ​ (24,057) ​ ​ — ​ ​ (39,128) Balance at December 31, 2022 ​ $ 196,579 ​ $ 557,501 ​ $ 239,550 ​ $ 993,630 ​ For the years ended December 31, 2020, 2021 and 2022, the Group invested in private companies totaling US$134.9 million, US$96.8 million and US$36.4 million, respectively, which were accounted for under investments without readily determinable fair values. These investments were primarily to further expand and strengthen the Group’s ecosystem and mainly included an investment of US$46.8 million in a financing guarantee company and an investment of US$30.6 million in a commercial search business in 2020, a further investment of US$39.5 million in the company operating Wuta application and a follow-on investment of US$20.0 million in a company providing online brokerage services during 2021. The Group obtained control of the company operating the Wuta application through the step acquisition and recorded US$27.6 million fair value change loss in 2021 for the equity interest previously held by the Group immediately prior to the step acquisition. The impact of the transaction was reflected in the changes from measurement alternative to consolidation. The Group also invested US$92.9 million, US$182.2 million and US$114.9 million in companies, which were accounted for under equity method, for the years ended December 31, 2020, 2021 and 2022, respectively. These investments mainly included several investment funds in 2020, 2021 and 2022, respectively. The Group used measurement alternative for recording equity investments without readily determinable fair values at cost, less impairment, adjusted for subsequent observable price changes. Based on ASU 2016-01, entities that elect the measurement alternative will report changes in the carrying value of the equity investments in current earnings. If the measurement alternative is used, changes in the carrying value of the equity investment will be recognized whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer, and impairment charges will be recorded when any impairment indicators are noted and the fair value is lower than the carrying value. The Group classifies the valuation techniques on investments that use similar identifiable transaction prices as Level 2 of fair value measurements. The following table summarizes the total carrying value of the equity investments accounted for under the measurement alternative as of December 31, 2021 and 2022, respectively, including cumulative upward and downward adjustments made to the initial cost basis of the securities. ​ ​ ​ ​ ​ Cumulative Results ​ ​ (In US$ thousands) Initial cost basis ​ $ 656,011 Upward adjustments ​ ​ 85,710 Downward adjustments ​ ​ (490,498) Foreign currency translation ​ ​ 17,493 Total carrying value at December 31, 2021 ​ $ 268,716 ​ ​ ​ ​ Initial cost basis ​ $ 662,460 Upward adjustments ​ 85,710 Downward adjustments ​ (554,013) Foreign currency translation ​ ​ 2,422 Total carrying value at December 31, 2022 ​ $ 196,579 ​ The Group assessed or engaged independent valuation firms to help the management assess the fair value of certain investments as of December 31, 2021 and 2022, using Level 3 of fair value measurement and concluded that impairment was warranted for those investments at the year-end. Thus, the Group recognized US$106.8 million and US$63.5 million impairment charges to investments without readily determinable fair value for the years ended December 31, 2021 and 2022, respectively. The impairment charges mainly included a full impairment of US$75.3 million on the investment in Yixia Tech in 2021, as well as a US$15.4 million write-off in a community software and a US$14.2 million impairment charge to a company running a business social platform in 2022, due to their unsatisfied financial performance with no obvious upturn or potential financing solutions in the foreseeable future. Investments in marketable equity securities are valued using the market approach based on the quoted prices in active markets at the reporting dates. The Group classified the valuation techniques that use these inputs as Level 1 of fair value measurements. The Group recorded a fair value change gain of US$1.0 million in 2021 and a loss of US$142.7 million in 2022 for INMYSHOW Digital Technology (Group) Co., Ltd., (“INMYSHOW”, formerly known as Beijing Showworld Technology Co., Ltd.), a Shanghai Stock Exchange listed company, providing social and new media marketing services. One of the Group’s investees, Didi Global Inc. (“Didi”), a company operating a mobility technology platform, completed its initial public offering and started trading on July 1, 2021, China time. Therefore, investment in Didi amounting to US$142.0 million was transferred from measurement alternative to equity securities with readily determinable fair value, and a fair value change gain of US$7.1 million and a loss of US$53.9 million was recorded in 2021 and 2022, respectively. Didi has officially delisted from NYSE in June 2022 and instead to trade under the “DIDIY” ticker on the OTC exchange. The Group continues to record the investment in Didi under equity securities with readily determinable fair values. The following table shows the carrying amount and fair value of the marketable securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Cost ​ Unrealized ​ Unrealized ​ Fair ​ Basis Gains Losses Value ​ (In US$ thousands) INMYSHOW ​ $ 81,385 ​ $ 205,659 ​ $ — ​ $ 287,044 Didi ​ ​ 142,000 ​ ​ 7,108 ​ ​ — ​ ​ 149,108 December 31, 2021 ​ $ 223,385 ​ $ 212,767 ​ $ — ​ $ 436,152 INMYSHOW ​ $ 81,385 ​ $ 62,952 ​ $ — ​ $ 144,337 Didi ​ ​ 142,000 ​ ​ — ​ ​ (46,787) ​ ​ 95,213 December 31, 2022 ​ $ 223,385 ​ $ 62,952 ​ $ (46,787) ​ $ 239,550 ​ For the year ended December 31, 2022, equity method investments held by the Group in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. The condensed financial information of the Group’s equity method investments are summarized as a group as follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Operating data: ​ ​ ​ Revenue ​ $ 114,938 ​ $ 225,356 ​ $ 158,110 Gross profit ​ $ 102,145 ​ $ 206,457 ​ $ 129,393 Income (loss) from operations ​ $ 26,679 ​ $ 243,516 ​ $ (195,636) Net income (loss) ​ $ 23,754 ​ $ 247,808 ​ $ (200,042) Net income (loss) attributable to the investees ​ $ 23,754 ​ $ 247,808 ​ $ (200,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Balance sheet data: ​ ​ Current assets ​ $ 884,765 ​ $ 904,956 Non-current assets ​ $ 2,341,307 ​ $ 2,417,452 Current liabilities ​ $ 602,275 ​ $ 683,626 Long-term liabilities ​ $ 9,789 ​ $ 119 ​ The Group recorded investment-related impairment and provision of US$212.0 million, US$106.8 million and US$71.1 million for the years ended December 31, 2020, 2021 and 2022, respectively, due to various adverse factors affecting the performance of the investees. The impairment charges in 2020 included a partial impairment of US$59.8 million on an investee in e-commerce business, a US$39.3 million write-off on a game company, and US$82.2 million impairment charge on loans to investees, as well as other impairments of US$30.7 million. The impairment charges in 2021 was mainly caused by a full impairment of US$75.3 million on the investment in Yixia Tech and the investment-related impairment in 2022 primarily resulted from a US$15.4 million write-off in a community software and a US$14.2 million impairment charge to a company running a business social platform.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	5. Leases The Group has operating leases primarily for land-use rights and office spaces in China. The determination of whether an arrangement is or contains a lease is made at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in operating lease right-of-use assets, operating lease liabilities, short-term, and operating lease liabilities, long-term on the Group’s consolidated balance sheets. The Group has chosen to not recognize lease assets and lease liabilities for leases with a term of twelve months or less on the consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease terms at the lease commencement dates. The Group uses its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what interest the Group would pay in order to obtain a borrowing with an amount equivalent to the lease payments in a similar economic environment over the lease term on a collateralized basis from banks in China. Certain lease agreements contain an option for the Group to renew a lease for a term agreed by the Group and the lessor or an option to terminate a lease earlier than the maturity dates. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a lease-by-lease basis. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Certain of the Group’s leases contain free or escalating rent payment terms. The Group’s lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group has chosen to combine payments for non-lease components with lease payments and accounted them together as a single lease component. Payments under the lease arrangements are primarily fixed. However, for arrangements accounted for as a single lease component, there may be variability in future lease payments as the amount of the non-lease components is typically revised from one period to the next. Additionally, certain lease agreements with SINA contain variable payments, which are determined based on actual SINA headquarters spaces occupied by the Group and are expensed as incurred and not included in the operating lease assets and liabilities. The components of lease cost for the years ended December 31, 2020,2021 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Operating lease cost ​ $ 4,902 ​ $ 7,625 ​ $ 13,949 Short-term lease cost ​ ​ 3,167 ​ 4,776 ​ ​ 2,631 Variable lease cost ​ ​ 4,479 ​ 5,287 ​ ​ 5,348 Total lease cost ​ $ 12,548 ​ $ 17,688 ​ $ 21,928 ​ Other information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Supplemental Cash Flows Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ $ (5,522) ​ $ (8,948) ​ $ (12,877) Operating lease assets obtained in exchange for operating lease liabilities ​ $ 1,675 ​ $ 65,459 ​ $ 19,728 ​ Maturities of lease liabilities under operating leases as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ Year Ended December 31, (In US$ thousands) 2023 ​ $ 13,013 2024 ​ ​ 13,476 2025 ​ ​ 12,903 2026 ​ 11,912 2027 ​ ​ 3,557 Thereafter ​ ​ 28,853 Total future payments for recognized leasing assets ​ 83,714 Less: leases not yet commenced ​ ​ — Less: imputed interest ​ ​ 18,310 Total lease liabilities ​ $ 65,404 ​ The increase of operating lease assets obtained in exchange for operating lease liabilities in 2021 was mainly due to the renewal of lease agreements expired and several new lease agreements signed by the Group in 2021. As of December 31, 2022, operating leases recognized in lease liabilities have average remaining lease terms of 10.5 years and weighted-average discount rate of 5%. As of December 31, 2022, the Group had no lease contract that has been entered into but not yet commenced.

Goodwill, Intangible Assets and

Goodwill, Intangible Assets and Acquisitions	12 Months Ended
	Dec. 31, 2022
Goodwill, Intangible Assets and Acquisitions
Goodwill, Intangible Assets and Acquisitions	6.Goodwill, Intangible Assets and Acquisitions On October 31, 2020, the Group entered into a series of share purchase agreements with then existing shareholders of Shanghai Jiamian Information Technology Co., Ltd. or JM Tech, which provides online interactive entertainment services, to acquire the majority of JM Tech’s equity interest, with a total consideration of US$218.6 million. The Group also entered into a contingent payment arrangement and a contingent allocation arrangement over the JM Tech’s earnings with the founder and CEO of the company, both of which are subject to a service period through December 31, 2022 and certain performance conditions. The Group accounts for these arrangements as compensation expenses over the required service period when it is probable that the performance conditions will be met. The transaction is reflected in the Group’s consolidated financial statements from November 1, 2020. (Refer to Note 17 for further information) An independent valuation firm was engaged by the Group to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on acquisition date included launched games and games in development stage of US$124.2 million with estimated lives ranging from four The consideration of the acquisition of JM Tech was allocated based on the fair value of the assets acquired and the liabilities assumed as follows: ​ ​ ​ ​ ​ ​ ​ As of October 31, 2020 ​ ​ (In US$ thousands) Consideration $ 218,590 Redeemable non-controlling interest (Note 17) ​ 55,192 Non-controlling interest ​ 16,133 Total ​ $ 289,915 ​ ​ ​ ​ Short-term investments acquired ​ $ 155,205 Other assets acquired ​ 26,087 Identifiable intangible assets acquired ​ 124,196 Goodwill ​ 30,075 Liabilities assumed ​ (45,648) Total ​ $ 289,915 ​ JM Tech contributed US$11.5 million of revenues and US$7.2 million of net income to the Group in 2020. Since it did not have a material impact on the Group’s consolidated financial statements, pro forma disclosures have not been presented. In the second quarter of 2021, the Group acquired another 51.2% equity interest of an investee operating a leading mobile photo and video application in China, Wuta application, in which the Group previously held 34.8% equity interest, with a cash consideration of US$39.5 million. The Group obtained the control and held 86% equity interest in the investee upon completion of the transaction on May 1, 2021. An independent valuation firm was engaged by the Group to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on the acquisition date included user base, domain names and operating system of US$16.5 million with estimated lives ranging from three The consideration of the acquisition of the company operating Wuta application was allocated based on the fair value of the assets acquired and the liabilities assumed as follows: ​ ​ ​ ​ ​ ​ As of May 1, 2021 ​ ​ (In US$ thousands) Consideration ​ $ 39,540 Fair value of previously held equity interest ​ 26,875 Non-controlling interest ​ 10,811 Total ​ $ 77,226 ​ ​ ​ ​ Cash and short-term investments acquired ​ $ 5,786 Other assets acquired ​ 6,801 Identifiable intangible assets acquired ​ 16,495 Goodwill ​ 51,034 Liabilities assumed ​ (2,890) Total ​ $ 77,226 ​ In August 2021, the Group acquired an E-sports team and the related assets. An independent valuation firm was engaged by the Group to help the management determine the fair value of assets and liabilities obtained from the transaction. The identifiable intangible assets acquired on acquisition date included game related assets of US$19.3 million with estimated lives of ten years. The intangible assets were measured at fair value upon acquisition primarily using royalty savings method and multi-periods excess earning method. Key assumptions and estimates used in determining the fair value of these intangible assets include discount rate, terminal growth rate and royalty rate. The consideration of the acquisition of the E-sports team and the related assets was allocated based on the fair value of the assets acquired and the liabilities assumed as follows: ​ ​ ​ ​ ​ ​ As of August 1, 2021 ​ ​ (In US$ thousands) Consideration ​ $ 30,953 ​ ​ ​ ​ Identifiable intangible assets acquired ​ $ 19,274 Goodwill ​ 14,745 Liabilities assumed ​ (3,066) Total ​ $ 30,953 ​ On December 23, 2022, Weibo Hong Kong Limited, the Company’s wholly owned subsidiary, entered into certain agreement for the sale and purchase of 100% of the equity interest of Sina.com Technology (China) Co., Ltd., with SINA Hong Kong Limited, a wholly owned subsidiary of Sina Corporation, pursuant to which Weibo Hong Kong Limited agrees to purchase all equity interests in Sina.com Technology (China) Co., Ltd., a wholly-owned subsidiary of SINA Hong Kong Limited and the owner of SINA Plaza in Beijing, China, for an aggregate consideration of approximately US$218.4 million (RMB1.5 billion). The acquisition date was December 31, 2022 and the Group settled the payment for the consideration in the first quarter of 2023. ​ The Group involved an independent appraiser to assess the fair value of assets acquired and liabilities assumed from the transaction. As more than 90% of the fair value of the gross assets acquired by the Group is concentrated in the office building, SINA Plaza, and the land-use right related to the building, the acquisition is considered an asset acquisition. Furthermore, as the Group and SINA Hong Kong Limited are under the common control of SINA, the transaction is considered an asset acquisition under common control. According to ASC 805-50, for a transfer of assets between entities under common control, the acquirer entity shall initially measures the assets and liabilities transferred at their carrying values in the accounts of the transferring entity. Therefore, the carrying values of assets of US$340.5 million and liabilities of US$281.1 million of STC was recorded in the Group’s consolidated balance sheets, and the difference between consideration paid by the Group and net assets (carrying value) of STC of US$159.0 million was recognized in additional paid-in capital as a distribution on the acquisition date. The assets recognized in the consolidated balance sheets mainly included office building and related facilities of US$170.6 million and land use right (recorded in operating lease assets) of US$125.8 million. ​ The two acquisitions completed in 2021 individually contributed immaterial amounts to revenues and net income for 2021. Since they did not have a material impact on the Group’s consolidated financial statements, pro forma disclosures have not been presented. Apart from what have been disclosed above, there was no other acquisitions during the years ended December 31, 2020, 2021 and 2022, respectively. The following sets forth the changes in the Group’s goodwill by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising & Value-added ​ ​ ​ ​ Marketing ​ services ​ Total ​ ​ (In US$ thousands) Balance as of December 31, 2019 ​ $ 28,989 ​ $ — ​ $ 28,989 Acquisition of JM Tech ​ ​ — ​ ​ 30,075 ​ ​ 30,075 Currency translation adjustment ​ ​ 1,910 ​ ​ 738 ​ ​ 2,648 Balance as of December 31, 2020 ​ ​ 30,899 ​ ​ 30,813 ​ ​ 61,712 Acquisition of the company operating Wuta application ​ ​ 51,034 ​ ​ — ​ ​ 51,034 Acquisition of an E-sports team ​ ​ — ​ ​ 14,745 ​ ​ 14,745 Currency translation adjustment ​ ​ 1,813 ​ ​ 1,101 ​ ​ 2,914 Balance as of December 31, 2021 ​ ​ 83,746 ​ ​ 46,659 ​ ​ 130,405 Currency translation adjustment ​ ​ (6,585) ​ ​ (3,669) ​ ​ (10,254) Balance as of December 31, 2022 ​ $ 77,161 ​ $ 42,990 ​ $ 120,151 ​ The Group performs at least annually a qualitative analysis on the goodwill arising from acquisitions taking into consideration the events and circumstances listed in ASC350 Intangibles — Goodwill and Other, including consideration of macroeconomic factors, industry and market conditions, share price of the Group, and overall financial performance, in addition to other entity-specific factors. For the years ended December 31, 2020, 2021 and 2022, no impairment indicator was noted by performing qualitative analysis, therefore, no provision was recorded. For the year ended December 31, 2022, the Group recognized an impairment charge of US$10.2 million for the intangible assets The following table summarizes the Group’s intangible assets arising from acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Cost Amortization Net ​ ​ (In US$ thousands) ​ (In US$ thousands) Game related ​ $ 150,371 ​ $ (16,649) ​ $ 133,722 ​ $ 140,328 ​ $ (30,029) ​ $ 110,299 Technology ​ ​ 10,172 ​ ​ (5,494) ​ ​ 4,678 ​ ​ 2,808 ​ ​ (2,596) ​ ​ 212 Trademark and Domain name ​ ​ 20,078 ​ ​ (4,458) ​ ​ 15,620 ​ ​ 12,892 ​ ​ (4,280) ​ ​ 8,612 Supplier-relationship ​ ​ 10,538 ​ ​ (6,961) ​ ​ 3,577 ​ ​ — ​ ​ — ​ ​ — Others ​ ​ 13,924 ​ ​ (4,591) ​ ​ 9,333 ​ ​ 13,045 ​ ​ (7,096) ​ ​ 5,949 Total ​ $ 205,083 ​ $ (38,153) ​ $ 166,930 ​ $ 169,073 ​ $ (44,001) ​ $ 125,072 ​ The amortization expense for the years ended December 31, 2020, 2021 and 2022 was US$5.7 million, US$22.2 million and US$21.5 million, respectively. As of December 31, 2022, estimated amortization expenses for future periods are expected as follows: ​ ​ ​ ​ ​ Year Ended December 31, (In US$ thousands) 2023 ​ $ 19,026 2024 ​ ​ 18,914 2025 ​ ​ 15,049 2026 ​ ​ 15,137 2027 ​ ​ 14,852 Thereafter ​ ​ 41,878 Total expected amortization expense * ​ $ 124,856 * The table above excludes US$0.2 million of indefinite-lived intangible assets which was included in the category of others.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	7. Stock-Based Compensation In March 2014, the Company adopted the 2014 Share Incentive Plan (the “2014 Plan”), which included the remaining 4.6 million shares from the terminated 2010 Share Incentive Plan, plus an additional 1.0 million shares. On January 1, 2015, shares in the 2014 Plan, which has a term life of ten years, were allowed a one-time increase in the amount equal to 10% of the total number of Weibo shares issued and outstanding on a fully-diluted basis as of December 31, 2014. Each share in the 2014 Plan pool allows for a grant of a restricted share unit or option share. The Company intends to use such share incentive plan to attract and retain employee talents. Stock-based compensation related to the grants is amortized generally over four years on a straight-line basis (generally one year for performance-based restricted shares). The following table sets forth the stock-based compensation included in each of the relevant accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021* 2022* ​ ​ (In US$ thousands) Cost of revenues ​ $ 5,384 $ 8,112 $ 9,417 Sales and marketing ​ ​ 9,983 ​ 15,292 ​ 18,910 Product development ​ ​ 33,093 ​ 43,622 ​ 55,294 General and administrative ​ ​ 18,645 ​ 20,970 ​ 28,092 ​ ​ $ 67,105 $ 87,996 $ 111,713 * Excluded non-cash stock-based compensation of US$7.9 million and US$9.3 million to SINA employees charged through Amount due from SINA in 2021 and 2022, respectively. The following table sets forth a summary of the number of shares available for issuance: ​ ​ ​ ​ ​ Shares Available ​ ​ (In thousands) December 31, 2019 15,104 Addition ​ — Granted* ​ (3,040) Cancelled/expired/forfeited ​ 431 December 31, 2020 12,495 Addition ​ — Granted* ​ (5,752) Cancelled/expired/forfeited ​ 692 December 31, 2021 7,435 Addition ​ — Granted* (4,642) Cancelled/expired/forfeited 770 December 31, 2022 3,563 * For the years ended December 31, 2020, 2021 and 2022, 2.5 million, 5.8 million and 1.8 million restricted share units were granted under the 2014 Plan, respectively. Options of 0.5 million, nil and 2.8 million were granted during 2020, 2021 and 2022, respectively . Stock Options The following table sets forth a summary of option activities under the Company’s stock option program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Options ​ Weighted Average ​ Remaining ​ Aggregate ​ ​ Outstanding ​ Exercise Price ​ Contractual Life ​ Intrinsic Value ​ ​ (In thousands) ​ (In US$) ​ (In years) ​ (In US$ thousands) December 31, 2019 89 ​ $ 3.49 0.7 ​ $ 3,799 Granted 482 ​ $ 32.68 ​ ​ ​ ​ ​ Exercised (16) ​ $ 3.47 ​ ​ ​ ​ ​ Cancelled/expired/forfeited (4) ​ $ 30.96 ​ ​ ​ ​ ​ December 31, 2020 551 ​ $ 28.85 ​ 5.8 ​ $ 6,683 Granted — ​ $ — ​ ​ ​ ​ ​ Exercised (105) ​ $ 12.70 ​ ​ ​ ​ ​ Cancelled/expired/forfeited (59) ​ $ 32.68 ​ ​ ​ ​ ​ December 31, 2021 387 ​ $ 32.68 ​ 5.6 ​ ​ — Granted 2,750 ​ $ 21.15 ​ ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ Cancelled/expired/forfeited (118) ​ $ 24.12 ​ ​ ​ ​ ​ December 31, 2022 3,019 ​ $ 22.51 ​ 6.0 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest as of December 31, 2021 351 ​ $ 32.68 5.6 ​ ​ — Exercisable as of December 31, 2021 82 ​ $ 32.68 5.6 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest as of December 31, 2022 2,752 ​ $ 22.54 6.0 ​ ​ — Exercisable as of December 31, 2022 172 ​ $ 32.68 4.6 ​ ​ — ​ The total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 was US$0.5 million, US$4.0 million and nil, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. As reported by the NASDAQ Global Selected Market, the Company’s ending stock price as of December 31, 2021 and 2022 was US$30.98 and US$19.12, respectively. Cash received from the exercise of stock options during the years ended December 31, 2020, 2021 and 2022 was US$0.1 million, US$1.3 million and nil, respectively. As of December 31, 2021 and 2022, unrecognized compensation cost (adjusted for estimated forfeitures), related to non-vested stock options granted to the Company’s employees and directors was US$3.2 million and US$20.5 million, respectively. As of December 31, 2022, total unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.1 years and may be adjusted for future changes in estimated forfeitures. Information regarding stock options outstanding is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ Weighted Average ​ ​ Options ​ Average ​ Options ​ Average ​ Remaining Range of Exercise Prices Outstanding Exercise Price Exercisable Exercise Price Contractual Life ​ ​ (In thousands) ​ ​ (In US$) ​ (In thousands) ​ ​ (In US$) ​ (In years) As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ 32.68 387 ​ $ 32.68 82 ​ $ 32.68 5.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ 32.68 356 ​ $ 32.68 ​ 172 ​ $ 32.68 4.6 US$ 21.15 ​ 2,663 ​ $ 21.15 ​ — ​ $ — ​ 6.2 ​ ​ 3,019 ​ $ 22.51 ​ 172 ​ $ 32.68 ​ 6.0 ​ Restricted Share Units ​ Summary of Performance-Based Restricted Share Units without Market Condition The following table sets forth a summary of performance-based restricted share unit activities without market condition: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2019 ​ 59 ​ $ 61.17 Awarded ​ 46 ​ $ 36.49 Vested ​ (54) ​ $ 60.16 Cancelled ​ (34) ​ $ 36.49 December 31, 2020 17 ​ $ 36.49 Awarded ​ 15 ​ $ 54.08 Vested ​ (2) ​ $ 38.78 Cancelled ​ (19) ​ $ 40.63 December 31, 2021 ​ 11 ​ $ 54.17 Awarded ​ — ​ $ — Vested ​ (9) ​ $ 54.17 Cancelled ​ (2) ​ $ 54.17 December 31, 2022 — ​ $ — ​ As of December 31, 2021 and 2022, there was no material unrecognized compensation cost (adjusted for estimated forfeitures), related to performance-based restricted share units without market condition granted to the Company’s employees, respectively. ​ Summary of Performance-Based Restricted Share Units with Market Condition ​ The following table sets forth a summary of performance-based restricted share unit activities with market condition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2021 — $ — Awarded 1,640 ​ $ 8.43 Vested — ​ $ — Cancelled — ​ $ — December 31, 2022 1,640 ​ $ 8.43 ​ As of December 31, 2022, unrecognized compensation cost (adjusted for estimated forfeitures) was US$4.7 million, which was related to non-vested performance-based restricted share units with market condition granted to the Company’s management. As of December 31, 2022, the cost is expected to be recognized over a weighted-average period of 0.4 years. No share was vested during the year ended December 31, 2022. ​ Summary of Service-Based Restricted Share Units The following table sets forth a summary of service-based restricted share unit activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Shares ​ Grant Date ​ ​ Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2019 ​ 3,512 ​ $ 50.89 Awarded 2,512 ​ $ 33.50 Vested ​ (1,307) ​ $ 49.12 Cancelled ​ (393) ​ $ 44.96 December 31, 2020 4,324 ​ $ 41.86 Awarded 5,737 ​ $ 47.95 Vested ​ (1,608) ​ $ 45.66 Cancelled ​ (614) ​ $ 44.02 December 31, 2021 7,839 ​ $ 45.37 Awarded 252 ​ $ 20.59 Vested ​ (2,330) ​ $ 47.09 Cancelled ​ (651) ​ $ 42.69 December 31, 2022 5,110 ​ $ 43.71 ​ As of December 31, 2021 and 2022, unrecognized compensation cost (adjusted for estimated forfeitures) was US$275.7 million and US$162.0 million, respectively, which was related to non-vested service-based restricted share units granted to the Company’s employees and directors. As of December 31, 2022, this cost is expected to be recognized over a weighted-average period of 2.5 years. The total fair value based on the vesting date of the restricted share units vested was US$64.2 million, US$73.4 million and US$109.7 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Other Balance Sheets Components

Other Balance Sheets Components	12 Months Ended
	Dec. 31, 2022
Other Balance Sheets Components
Other Balance Sheets Components	8. Other Balance Sheets Components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 ​ ​ ​ (In US$ thousands) Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from third parties ​ ​ ​ ​ $ 620,632 ​ $ 416,125 Due from Alibaba ​ ​ ​ ​ ​ 89,344 ​ ​ 75,347 Due from other related parties ​ ​ ​ ​ ​ 55,763 ​ ​ 49,151 Total gross amount ​ ​ ​ ​ ​ 765,739 ​ ​ 540,623 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year ​ $ (36,594) ​ ​ (35,156) ​ ​ (42,650) Additional provision charged to expenses, net ​ (53,124) ​ ​ (19,702) ​ ​ (4,440) Write-off ​ ​ 54,562 ​ ​ 12,208 ​ ​ 8,910 Balance at the end of the year ​ $ (35,156) ​ ​ (42,650) ​ ​ (38,180) ​ ​ ​ ​ ​ $ 723,089 ​ $ 502,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental and other deposits ​ ​ ​ ​ $ 1,949 ​ $ 1,583 Deductible value-added taxes ​ ​ ​ ​ ​ 3,063 ​ ​ 3,865 Investment prepayment ​ ​ ​ ​ ​ — ​ ​ 30,938 Proceeds receivable from disposal of investments ​ ​ ​ ​ ​ — ​ ​ 13,371 Loans to and interest receivable from other related parties (1) ​ ​ ​ ​ ​ 219,679 ​ ​ 110,000 Loans to and interest receivable from third parties (1) ​ ​ ​ ​ ​ 137,024 ​ ​ 136,683 Advertising prepayment ​ ​ ​ ​ ​ 12,011 ​ ​ 9,126 Prepayment to outsourced service providers ​ ​ ​ ​ ​ 3,776 ​ ​ 3,479 Amounts deposited by users (2) ​ ​ ​ ​ ​ 53,997 ​ ​ 52,216 Content fees ​ ​ ​ ​ ​ 1,695 ​ ​ 15,859 Others ​ ​ ​ ​ ​ 17,532 ​ ​ 14,382 ​ ​ ​ ​ ​ $ 450,726 ​ $ 391,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Office building (3) ​ ​ ​ ​ $ — ​ $ 196,223 Office building related facilities (3) ​ ​ ​ ​ ​ — ​ ​ 3,298 Computers and equipment ​ ​ ​ ​ ​ 188,476 ​ ​ 228,599 Leasehold improvements ​ ​ ​ ​ ​ 7,331 ​ ​ 13,064 Furniture and fixtures ​ ​ ​ ​ ​ 2,554 ​ ​ 8,139 Others ​ ​ ​ ​ ​ 7,233 ​ ​ 17,733 Property and equipment, gross ​ ​ ​ ​ ​ 205,594 ​ ​ 467,056 Accumulated depreciation ​ ​ ​ ​ ​ (137,198) ​ ​ (217,503) ​ ​ ​ ​ ​ $ 68,396 ​ $ 249,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other non-current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment-related deposits (4) ​ ​ ​ ​ $ 366,067 ​ $ 373,252 Loans to and interest receivable from related parties (1) ​ ​ ​ ​ ​ 480,786 ​ ​ 454,912 Prepayment for purchase of SINA Plaza (5) ​ ​ ​ ​ ​ 133,734 ​ ​ — Wealth management products, long-term (6) ​ ​ ​ ​ ​ 50,159 ​ ​ — Deferred tax assets ​ ​ ​ ​ ​ 40,537 ​ ​ 39,989 Others ​ ​ ​ ​ ​ 11,558 ​ ​ 30,269 ​ ​ ​ ​ ​ $ 1,082,841 ​ $ 898,422 Accrued and other liabilities (7) : ​ ​ ​ ​ ​ ​ ​ ​ ​ Payroll and welfare ​ ​ ​ ​ $ 170,534 ​ $ 156,274 Marketing expenses ​ ​ ​ ​ ​ 82,471 ​ ​ 74,093 Sales rebates ​ ​ ​ ​ ​ 359,813 ​ ​ 266,455 Professional fees ​ ​ ​ ​ ​ 7,791 ​ ​ 8,836 VAT and other tax payable ​ ​ ​ ​ ​ 53,589 ​ ​ 51,037 Amounts due to users (2) ​ ​ ​ ​ ​ 53,997 ​ ​ 52,216 Payable to SINA for the acquisition of the equity of STC (Note 6) ​ ​ ​ ​ ​ — ​ ​ 218,402 Unpaid consideration for acquisitions ​ ​ ​ ​ ​ 6,293 ​ ​ 687 Unpaid consideration for investment ​ ​ ​ ​ ​ 441 ​ ​ 4,320 Proceeds received in advance from disposal of investment ​ ​ ​ ​ ​ — ​ ​ 14,496 Interest payable for convertible debt, unsecured senior notes and long-term loans ​ ​ ​ ​ ​ 27,579 ​ ​ 28,257 Listing expenses payable ​ ​ ​ ​ ​ 9,347 ​ ​ 933 Others ​ ​ ​ ​ ​ 49,178 ​ ​ 37,978 ​ ​ ​ ​ ​ $ 821,033 ​ $ 913,984 (1) Loans to related parties and third parties incurred for the years ended December 31, 2020, 2021 and 2022 were non-trade in nature. (2) Weibo wallet enables users to conduct interest-generation activities on Weibo, such as handing out “red envelopes” and coupons to users and purchase different types of products and services on Weibo, including those offered by the Group, such as marketing services and membership, and those offered by Weibo’s platform partners, such as e-commerce merchandises, financial products and virtual gifts. Amounts deposited by users primarily represent the receivable temporarily held in Weibo’s account on a third party online payment platform for Weibo wallet users. Amounts due to users represent the balances that are payable on demand to Weibo wallet users and therefore are reflected as current liability on the consolidated balance sheets. (3) The increase in balance in office building and office building related facilities was due to the acquisition of STC in December 2022. (4) Investment-related deposits primarily included a micro loan company amounted to US $77.9 million and US $71.8 million as of December 31, 2021 and 2022, respectively, as well as a game company amounted to US $269.1 million and US $249.4 million in December 31, 2021 and 2022, respectively. These non-current assets will be transferred to long-term investment when the legal procedures are completed. (5) Weibo entered into a letter of intent to purchase the office building (SINA Plaza) from SINA and made a prepayment. As of December 31, 2021, the balance of prepayment for SINA Plaza was US$ 133.7 million. Weibo made another prepayment of US$ 153.6 million in 2022. The Group and SINA terminated the letter of intent after the Company’s subsidiary, Weibo Hong Kong, purchased the 100% equity of STC, the owner of SINA Plaza. The prepayment balance was eliminated as the Group consolidated the financial statements of STC on December 31, 2022. (6) The Group measures wealth management products at fair value. It engaged an independent valuation firm to help the management to determine the fair value of certain wealth management products which were overdue in 2021. US $59.3 million loss for those products was recognized in fair value changes through earnings on investments, net, on the consolidated statements of comprehensive income in 2021. The remaining fair value of those products amounting to US $50.2 million was recorded in other non-current assets as of December 31, 2021 and was fully impaired in the year ended December 31, 2022. (7) Include amounts due to third parties, employees, related parties (Note 10) and Weibo wallet users.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	9. Income Taxes The Company is registered in the Cayman Islands and mainly operates in two taxable jurisdictions—the PRC and Hong Kong. The Group’s income before income taxes is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands, except percentage) Loss from non-China operations ​ $ (57,031) ​ $ (232,830) ​ $ (422,860) ​ Income from China operations ​ ​ 432,944 ​ ​ 783,548 ​ ​ 550,946 ​ Total income before income tax expenses ​ $ 375,913 ​ $ 550,718 ​ $ 128,086 ​ Income tax expense (benefits) applicable to non-China operations ​ $ 2,852 ​ $ 1,355 ​ $ (14,176) ​ Income tax expense applicable to China operations ​ ​ 58,464 ​ ​ 137,486 ​ ​ 44,453 ​ Total income tax expenses ​ $ 61,316 ​ $ 138,841 ​ $ 30,277 ​ Effective tax rate for China operations ​ 13.5 % ​ 17.5 % ​ 8.1 % Effective tax rate for the Group ​ 16.3 % ​ 25.2 % ​ 23.6 % ​ The Group generated the majority of its operating income from PRC operations and has recorded income tax provision for the periods presented. The Group’s loss from non-China operations primarily included stock-based compensation, fair value changes through earnings on investments, investment-related impairment and interest expenses recorded by the Group’s non-China entities. The substantial majority of these items were recognized by the Group’s non-China entities in the Cayman Islands. The Group’s non-China operations have reversed US$14.2 million deferred tax charges which were previously recognized from fair value change of investments in 2022. Cayman Islands Under the current tax laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is required. Hong Kong Weibo HK is subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Commencing from the year of assessment 2018/2019, the first HK$2 million of profits earned by entities incorporated in Hong Kong will be taxed at half the current tax rate (i.e., 8.25)% while the remaining profits will continue to be taxed at the existing 16.5% tax rate. Hong Kong does not impose a withholding tax on dividends. As of December 31, 2020 and 2021, the Company’s Hong Kong subsidiary had a net operating loss of US$10.4 million and US$0.8 million, which can be carried forward indefinitely to offset future taxable income. For the year ended December 31, 2022, Weibo HK earned a profit and utilized the net operating loss carried forward from previous years. China Effective January 1, 2008, the Enterprise Income Tax Law (the “EIT Law”) in China unifies the enterprise income tax rate for the entities incorporated in China at 25%, unless they are eligible for preferential tax treatment. Preferential tax treatments will be granted to companies conducting businesses in certain encouraged sectors and to entities qualified as “software enterprise”, “key software enterprise” (“KSE”) and/or “high and new technology enterprise” (“HNTE”). Weibo Technology, the Group’s WFOE, was qualified as a “software enterprise” in 2020, it will not enjoy a reduced tax rate for its “software enterprise” status as it has been five years since its first profitable year of 2015 and it has already benefited from the preferential tax treatment of “software enterprise” status from 2015 to 2019. Weibo Technology was also granted the HNTE status for the fiscal years from 2017 to 2022, which entitled the qualified entity a preferential tax rate of 15% in 2020, 2021 and 2022. Its qualification as a HNTE is subject to self-evaluation, and the relevant documents should be retained for future examination purpose. Upon the expiration of qualification, re-accreditation of certification from the relevant authorities is necessary for Weibo Technology to continue enjoying the preferential tax treatment. In addition, certain of the Group’s other PRC entities are also qualified as a “software enterprise”, and/or HNTE, and currently enjoy the respective preferential tax treatments. According to the relevant laws and regulations in the PRC, enterprises engaging in research and development activities were entitled to claim 150% of their research and development expenses incurred as tax deductible expenses when determining their assessable profits for that year (the “R&D Deduction”). The State Taxation Administration of the PRC (“STA”) announced in September 2018 that enterprises engaging in research and development activities would be entitled to claim 175% of their research and development expenses as R&D Deduction from January 1, 2018 to December 31, 2020. The deadline for enjoying this preferential R&D deduction policy was extended to December 31, 2023 as announced in March 2021 by STA. The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, should Weibo be treated as a resident enterprise for PRC tax purposes, the Company will be subject to PRC tax on worldwide income at a uniform tax rate of 25%. The EIT Law also imposes a withholding income tax rate of 10% on dividends distributed by a WFOE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006 and subsequent amendments, dividends paid by a WFOE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the WFOE). The operations of the Group’s WFOE in China are invested and held by Weibo HK. If the Company is regarded as a PRC non-resident enterprise and Weibo HK is regarded as a PRC resident enterprise, Weibo HK may be required to pay a 10% withholding tax on any dividends payable to the Company and the dividends distributed from Weibo Technology to Weibo HK is not subject to dividend withholding tax. Furthermore, Weibo HK would be subject to PRC enterprise income tax at a rate of 25%. If the Company and Weibo HK are regarded as a PRC non-resident enterprise, Weibo Technology may be required to pay a 5% withholding tax for any dividends payable to Weibo HK. The current policy approved by the Company’s board of directors allows the Group to distribute PRC earnings offshore only if the Group does not have to pay a dividend tax. As of December 31, 2022, the Group had a total undistributed PRC earnings of RMB 22.4 billion, which are expected to be indefinitely reinvested in the Group’s business for the foreseeable future. The Group did not record any withholding tax for its PRC earnings and considered determination of such withholding tax amount not practicable. Composition of income tax expenses The following table sets forth current and deferred portion of income tax expenses of the Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ ​ (In US$ thousands) Current income tax expenses ​ $ 77,043 $ 151,319 $ 55,098 Deferred tax benefits ​ ​ (15,727) ​ ​ (12,478) ​ ​ (24,821) Income tax expenses ​ $ 61,316 $ 138,841 $ 30,277 ​ Reconciliation of the statutory tax rate to the effective tax rate The following table sets forth reconciliation between the PRC statutory EIT rate of 25% and the effective tax rate for the Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 PRC Statutory EIT rate (1) 25.0 % 25.0 % 25.0 % Effect on tax holiday and preferential tax treatment ​ (24.1) % (13.1) % (29.7) % Research and development super-deduction ​ (3.5) % (7.5) % (21.1) % Non-deductible expenses and non-taxable income and others (2) ​ (0.6) % 9.2 % (30.1) % Change in valuation allowance 14.9 % 0.7 % 8.2 % Tax rate difference from statutory rate in other jurisdictions ​ 4.6 % 10.9 % 71.3 % Effective tax rate for the Group 16.3 % 25.2 % 23.6 % (1) The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC. (2) Included the impact of uncertain tax positions recognized in 2021 and the reversal of uncertain tax positions in 2022. ​ The provision for income taxes for China operations for the years ended December 31, 2020, 2021 and 2022 differs from the amounts computed by applying the statutory EIT rate primarily due to the preferential tax treatments described above enjoyed by the WFOE, Weibo Technology, during the periods presented. Weibo Technology enjoyed a tax reduction of US$55.1 million, US$55.1 million and US$26.9 million for the HNTE status in 2020, 2021 and 2022. The WFOE further recognized preferential tax treatment of “key software enterprise” status and tax benefit of research and development super deduction of US$26.6 million for 2019 in 2020. It also recognized tax benefit of research and development super deduction of US$41.4 million and US$26.9 million in 2021 and 2022. The preferential tax treatment of “Key software enterprise” status lapsed in 2021. The Group did not recognize these tax benefits in the corresponding year as they were uncertain, and only recorded them on a lag basis when the tax benefits become more-likely-than-not to be sustained in the next year. If the Group assessed that the benefits were more-likely-than-not to be sustained in the corresponding year, they would accordingly recognize the tax benefits.The preferential tax treatments benefited by the Group during the three-year period ended December 31, 2022 amounting to US$90.3 million, US$72.3 million and US$37.9 million, resulted in an effect of US$0.40, US$0.32 and US$0.16 on basic net income per share in 2020, 2021 and 2022, respectively. Deferred tax assets and liabilities The following table sets forth the significant components of deferred tax assets and liabilities for the Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry forwards ​ $ 7,875 ​ $ 18,289 Valuation allowance ​ ​ (7,875) ​ ​ (18,289) Investment-related impairment ​ ​ 51,226 ​ ​ 52,363 Depreciation, accounts receivable, accrued and other liabilities ​ ​ 75,527 ​ ​ 73,557 Valuation allowance ​ ​ (86,216) ​ ​ (85,931) Net deferred tax assets ​ $ 40,537 ​ $ 39,989 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Acquired intangible assets ​ $ 36,471 ​ $ 27,435 Depreciation ​ ​ 1,662 ​ ​ 1,731 Unrealized investment-related gain ​ ​ 28,454 ​ ​ 12,414 Others ​ ​ 316 ​ ​ 114 Total deferred tax liabilities ​ $ 66,903 ​ $ 41,694 ​ Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary differences and carry forwards; and (iii) tax planning strategies. The valuation allowance on deferred tax assets as of December 31, 2021 and 2022 was US$94.1 million and US$104.2 million, respectively. The valuation allowance primarily consists of credit loss allowances and investment impairment charges. Historically, deferred tax assets were valued using the tax rate applicable to each entity for China operations. Net operating loss carry forwards for China operations as of December 31, 2022 will expire, if unused, in the years ending December 31, 2023 through December 31, 2027. ​ Uncertain tax position Except for the lag recognition of preferential tax treatment of research and development super deduction and stock based related deduction, the Group did not record any liability or decrease in deferred tax asset related to uncertain tax positions as of December 31, 2021 and 2022, and thus, no interest and penalties related to uncertain tax positions were recorded. For the year ended December 31, 2021, based on interactions with the tax authorities, the Group received additional guidance regarding certain areas with heightened requirements, and updated its estimate of related tax benefit amount that is expected to be sustained upon settlement with tax authorities. Additional US$27.9 million tax liability related to the uncertain tax positions was recognized for 2021, which is based on the updated estimate of the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the tax authorities. For the year ended December 31, 2022, the Group reversed US$21.4 million tax liability related to the uncertain tax positions based on further interactions with the tax authorities. In general, the PRC tax authorities have up to five years to review a company’s tax filings. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2018 through 2022 remain subject to the review by the relevant PRC tax authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	10. Related Party Transactions The following sets forth significant related parties and their relationships with the Company: ​ ​ ​ ​ Company Name Relationship with the Company SINA Parent and affiliates under common control. ​ ​ ​ Alibaba Strategic partner and significant shareholder of the Company. ​ During the years ended December 31, 2020, 2021 and 2022, the Group entered in to a series of one-year loan agreements with SINA pursuant to which SINA is entitled to borrow from the Group to facilitate SINA’s business operations. SINA has withdrawn a total of US$473.8 million, US$978.2 million and US$1,261.9 million from the Group and repaid US$181.7 million, US$1,058.6 million and US$1,249.5 million to the Group during the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the loans to and interest receivable from SINA were US$479.6 million and US$420.4 million, respectively. The following sets forth significant related party transactions with the Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Transactions with SINA ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue billed through SINA ​ $ 41,754 ​ $ 68,351 ​ $ 44,962 Revenue from services provided to SINA ​ ​ 20,348 ​ ​ 43,170 ​ ​ 31,984 Total ​ $ 62,102 ​ $ 111,521 ​ $ 76,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses allocated from SINA (1) ​ $ 43,011 ​ $ 38,270 ​ $ 47,178 Interest income on loans to SINA ​ $ 13,458 ​ $ 17,943 ​ $ 14,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transactions with Alibaba ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising and marketing revenues from Alibaba – as an advertiser ​ $ 152,000 ​ $ 139,561 ​ $ 106,974 Advertising and marketing revenues from Alibaba – as an agent ​ $ 36,597 ​ $ 41,680 ​ $ 223 Services provided by Alibaba ​ $ 52,338 ​ $ 44,006 ​ $ 33,745 (1) Costs and expenses allocated from SINA represented the charges for certain services provided by SINA or SINA’s affiliates and charged to the Group using actual cost allocation based on proportional utilization (Note 1). In addition to the allocated costs and expenses, SINA also billed US $48.3 million,US $48.0 million and US $37.7 million for other costs and expenses incurred by Weibo but paid by SINA for the years ended December 31, 2020, 2021 and 2022, respectively. During the years ended December 31, 2021 and 2022, Weibo allocated US $0.8 million and US $0.6 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments, respectively. The following table sets forth the details of the revenues from SINA by advertising and marketing revenues and value-added services revenues for the periods specified. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Transactions with SINA ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising and marketing revenues ​ $ 48,353 ​ $ 96,359 ​ $ 56,206 Value-added services revenues ​ ​ 13,749 ​ ​ 15,162 ​ ​ 20,740 Total ​ $ 62,102 ​ $ 111,521 ​ $ 76,946 ​ The following sets forth related party outstanding balance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ ​ (In US$ thousands) Amount due from SINA (2) $ 494,200 $ 487,117 Payable to SINA for the acquisition of the equity of STC (Note 6) ​ ​ — ​ ​ 218,402 Accounts receivable due from Alibaba $ 89,344 $ 75,347 ​ ​ ​ ​ ​ ​ ​ Loans to and interest receivable from other related parties (3) (4) ​ ​ ​ ​ ​ ​ -Company A (an investee providing social and new media marketing services) ​ ​ 2,789 ​ ​ — -Company B (an investee providing online brokerage services) ​ ​ 211,583 ​ ​ 110,000 -Others ​ ​ 5,307 ​ ​ — Subtotal (included in prepaid expenses and other current assets) ​ ​ 219,679 ​ ​ 110,000 -Company C (an investee in real estate business) ​ ​ 480,786 ​ ​ 454,912 Subtotal (included in other non-current assets) ​ ​ 480,786 ​ ​ 454,912 Total ​ $ 700,465 ​ $ 564,912 (2) The Group uses amount due from/to SINA to settle balances arising from costs and expenses allocated from SINA based on proportional utilization, other expenditures incurred by Weibo business but paid by SINA, transactions with third-party customers and suppliers settled through SINA, as well as business transactions between Weibo and SINA. As of December 31, 2021 and 2022, the amount due from SINA also included loans to and interest receivable from SINA of US $479.6 million and US $420.4 million at an annual interest rate ranging from 1.0% to 4.5% of maturity within one year, respectively, which are non-trade in nature. (3) The annual interest rates of the loans were ranging from 4.0% to 5.5% (interest free for Company A and partial loans to Company C) at both dates. These balances are non-trade in nature. The contractual terms of the loans are within one year while subject to extension and the Group will determine the liquidity (current versus non-current) of the loans pursuant to the expected cash collection. In 2022, several loans were extended and the Group accounted for such extension as loan modification. (4) The Group estimates the allowance for credit losses on loans and interest receivables not sharing similar risk characteristic on an individual basis. The key factors considered when determining the above allowances for credit losses include the estimated loan collection schedule, discount rate, and assets and financial performance of the borrowers. For the years ended December 31, 2021 and 2022, the Group recognized nil and US $7.6 million credit losses on loans to and interest receivable from other related parties based on the expected collection schedule of these loans. Other related parties mainly include investee companies on which SINA or Weibo has significant influence. These investees are generally high-tech companies operating in different internet-related business. For the years ended December 31, 2020, 2021 and 2022, the Group recognized US$46.5 million, US$70.0 million and US$40.5 million of advertising and marketing revenues, US$3.4 million, US$3.3 million and US$8.1 million of value-added services revenues, and US$48.1 million, US$62.6 million and US$32.3 million of costs and expenses from other related parties, respectively. As of December 31, 2021 and 2022, other related parties accounted for outstanding balances of net accounts receivable of US$55.8 million and US$48.6 million, accounts payable of US$44.3 million and US$21.7 million, and accrued and other liabilities of US$8.3 million and US$6.6 million, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plans
Employee Benefit Plans	11. Employee Benefit Plans China Contribution Plan The Company’s subsidiaries, VIEs and VIEs’ subsidiaries in China participate in a government-mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. Chinese labor laws require the entities incorporated in China to pay to the local labor and welfare authorities a monthly contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The local labor bureau is responsible for meeting all retirement benefit obligations. The Group has no further commitments beyond its monthly contribution. For the years ended December 31, 2020, 2021 and 2022, the Group’s total contribution was US$51.1 million, US$83.2 million and US$91.2 million, respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2022
Net Income Per Share
Net Income Per Share	12. Net Income per Share Basic net income per share is computed using the weighted average number of the ordinary shares outstanding during the period. Options and RSUs are not considered outstanding in the computation of basic earnings per share (“EPS”). Diluted EPS is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period under the treasury stock method. For the years ended December 31, 2020, 2021 and 2022, options to purchase ordinary shares and RSUs of 0.7 million, 1.4 million and 1.2 million were recognized as dilutive factors and included in the calculation of diluted net income per share, respectively. For the years ended December 31, 2020, 2021 and 2022, options and RSUs which were anti-dilutive and excluded from the calculation of diluted net income per share were 0.9 million, 0.4 million and 6.5 million, respectively. For the years ended December 31, 2020, 2021 and 2022, 6.8 million, 6.8 million and 5.9 million shares convertible from the convertible debt were anti-dilutive and excluded from the calculation of diluted net income per share, respectively. The following table sets forth the computation of basic and diluted net income per share for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands, except share data and per share data) Basic net income per share calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Weibo’s shareholders ​ $ 313,364 ​ $ 428,319 ​ $ 85,555 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding ​ ​ 226,921 ​ ​ 228,814 ​ ​ 235,164 Basic net income per share attributable to Weibo’s shareholders ​ $ 1.38 ​ $ 1.87 ​ $ 0.36 Diluted net income per share calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Weibo’s shareholders for calculating diluted net income per share ​ $ 313,364 ​ $ 428,319 ​ $ 85,555 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding ​ ​ 226,921 ​ ​ 228,814 ​ ​ 235,164 Effects of dilutive securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 71 ​ ​ 68 ​ ​ — Unvested restricted share units ​ ​ 645 ​ ​ 1,324 ​ ​ 1,243 Shares used in computing diluted net income per share attributable to Weibo’s shareholders ​ ​ 227,637 ​ ​ 230,206 ​ ​ 236,407 Diluted net income per share attributable to Weibo’s shareholders ​ $ 1.38 ​ $ 1.86 ​ $ 0.36 ​

Profit Appropriation and Restri

Profit Appropriation and Restricted Net Assets	12 Months Ended
	Dec. 31, 2022
Profit Appropriation And Restricted Net Assets
Profit Appropriation and Restricted Net Assets	13. Profit Appropriation and Restricted Net Assets The Company’s subsidiaries, VIEs and VIEs’ subsidiaries in China are required to make appropriations to certain non-distributable reserve funds, in accordance with the China Company Laws. They have to make appropriations from their after-tax profit (as determined under Generally Accepted Accounting Principles in the PRC (“PRC GAAP”)) to non-distributable reserve funds including (i) statutory surplus fund, and (ii) discretionary surplus fund. Statutory surplus fund is at least 10% of the after-tax profits calculated in accordance with the PRC GAAP. Appropriation is not required if the reserve fund has reached 50% of the registered capital of the respective company. Statutory surplus fund is restricted for set off against losses, expansion of production and operation or increase in registered capital of the respective companies. These reserves are not transferable to the Company in the form of cash dividends, loans or advances. These reserves are therefore not available for distribution except in liquidation. As of December 31, 2021 and 2022 the Group’s PRC subsidiaries accrued approximately US$139.6 million and US$133.6 million in the general reserve/statutory surplus funds, respectively. Under the PRC laws and regulations, the subsidiaries, VIEs and VIEs’ subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Group either in the form of dividends, loans or advances of the consolidated net assets. Even though the Group currently does not require any such dividends, loans or advances from the PRC subsidiaries, VIEs and VIEs’ subsidiaries for working capital and other funding purposes, the Group may in the future require additional cash resources from the PRC subsidiaries, VIEs and VIEs’ subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare and pay dividends to or distribution to its shareholders. The amounts restricted for the Group amounted to US$566.9 million, or 16.7% of the Group’s total consolidated net assets as of December 31, 2022.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2022
Fair Value Measurement
Fair Value Measurement	14. Fair Value Measurement The following table summarizes, for assets measured at fair value on a recurring basis, the respective fair value and the classification by level of input within the fair value hierarchy as of December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Market ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical Assets ​ Observable Inputs ​ Unobservable Inputs ​ ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ (In US$ thousands) As of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wealth management products, short-term (1) ​ $ 107,224 ​ $ — ​ $ 107,224 ​ $ — Wealth management products, long-term (2) ​ ​ 50,159 ​ ​ — ​ ​ — ​ ​ 50,159 Equity securities with readily determinable market value (3) ​ ​ 436,152 ​ ​ 436,152 ​ ​ — ​ ​ — Total ​ $ 593,535 ​ $ 436,152 ​ $ 107,224 ​ $ 50,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wealth management products, short-term (1) ​ $ 212,195 ​ $ — ​ $ 212,195 ​ $ — Equity securities with readily determinable market value (3) ​ ​ 239,550 ​ ​ 239,550 ​ ​ — ​ ​ — Total ​ $ 451,745 ​ $ 239,550 ​ $ 212,195 ​ $ — (1) Included in short-term investments on the Group’s consolidated balance sheets. (2) Included in other non-current assets on the Group’s consolidated balance sheets. (3) Included in long-term investments on the Group’s consolidated balance sheets. Recurring The Group measures short-term investments and equity securities with readily determinable fair values at fair value on a recurring basis. The fair value of the Group’s equity securities with readily determinable fair values are determined based on the quoted market price (Level 1). The fair value of the Group’s short-term investments are determined based on the quoted market price for similar products (Level 2). For the year ended December 31, 2021, US$109.5 million investment in certain wealth management products was transferred from Level 2 to Level 3 as market approach was applied with significant unobservable inputs, such as lack of marketability discount and price-to-book ratio. US$59.3 million fair value change loss was recognized since the transfer and the balance as of December 31, 2021 was US$50.2 million. The fair value of these wealth management products was nil as of December 31, 2022, which was determined based on market approach using unobservable inputs including selection of comparable debt securities and lack of marketability discounts. The Group recognized US$47.0 million fair value change loss for these wealth management products for the year ended December 31, 2022. The Group recorded another US$196.6 million fair value change loss for equity securities with readily determinable fair values for the year ended December 31, 2022. Non-recurring For those equity investments without readily determinable fair value, the Group measures them at market value when observable price changes are identified or impairment charges are recognized. The market values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The Group classifies the valuation techniques on those investments that use similar identifiable transaction prices as Level 2 of fair value measurements. The Group measures equity method investments at fair value on a non-recurring basis only if an impairment charge is recognized. Certain privately held investments were measured using significant unobservable inputs (Level 3) and written down from their respective carrying values to fair values, considering the investees’ financial performance, assumptions about future growth, and future financing plan, with impairment charges incurred and recorded in earnings for the period then ended. For the years ended December 31, 2020, 2021 and 2022, US$126.8 million, US$106.8 million and US$63.5 million impairment charges were recorded for those equity investments without readily determinable fair values. As of December 31, 2021 and 2022, the carrying value of these impaired investments measured at Level 3 inputs were US$14.5 million and US$17.8 million, respectively. The fair value of the privately held investments was measured either based on discounted cash flow market interest rates The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they were determined to be impaired. In accordance with the Group’s policy to perform an impairment assessment of its goodwill on an annual basis as of the balance sheets date or when facts and circumstances warrant a review, the Group performed an impairment assessment on its goodwill by reporting unit annually. The Group recognized no impairment charge of goodwill arising from previous acquisitions for the years ended December 31, 2020, 2021 and 2022, respectively. The carrying amount of cash and cash equivalents, short-term investments, accounts receivable due from third parties, accounts receivable due from Alibaba, accounts receivable due from other related parties, amount due from SINA, accounts payable, accrued and other liabilities approximates fair values because of their short-term nature.

Convertible Debt, Unsecured Sen

Convertible Debt, Unsecured Senior Notes and Long-term Loans	12 Months Ended
	Dec. 31, 2022
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Convertible Debt, Unsecured Senior Notes and Long-term Loans	15. Convertible Debt, Unsecured Senior Notes and Long-term Loans In October 2017, the Company issued US$900 million in aggregate principal amount of 1.25% coupon interest convertible senior notes due on November 15, 2022 (“2022 Notes”) at par.The net proceeds received by the Company from the issuance of the 2022 Notes were US$879.3 million, net of issuance cost of US$20.7 million. The Company pays cash interest at an annual rate of 1.25%, payable semiannually in arrears on May 15 and November 15 of each year, beginning May 15, 2018. The issuance costs of the 2022 Notes are being amortized to interest expenses over the contractual life. The 2022 Notes related interest expenses were US$15.4 million, US$15.4 million and US$13.2 million for each of the years ended December 31, 2020, 2021 and 2022, respectively. The Company has repaid all outstanding principal amount and accrued interest expenses of 2022 Notes in November 2022. In July 2019, the Company issued US$800 million in aggregate principal amount of unsecured senior notes due on July 5, 2024 (“2024 Notes”), unless previously repurchased or redeemed in accordance with the terms prior to maturity. The 2024 Notes were issued at par value and bear an annual interest rate of 3.50%, payable semiannually in arrears on January 5 and July 5 of each year, beginning on January 5, 2020. The net proceeds to the Company from the issuance of the 2024 Notes were US$793.3 million, net of issuance cost of US$6.7 million. The issuance costs of the 2024 Notes are being amortized to interest expenses over the contractual life. The 2024 Notes related interest expenses were US$29.3 million for each of the three years ended December 31, 2022. ​ In July 2020, the Company issued US$750 million in aggregate principal amount of unsecured senior notes due on July 8, 2030 (“2030 Notes”), unless previously repurchased or redeemed in accordance with the terms prior to maturity. The 2030 Notes bear an annual interest rate of 3.375%, payable semiannually in arrears on January 8 and July 8 of each year, beginning on January 8, 2021. The net proceeds to the Company from the issuance of the 2030 Notes were US$740.3 million, net of issuance cost of US$9.7 million. The issuance costs of the 2030 Notes are being amortized to interest expenses over the contractual life. For the years ended December 31, 2020, 2021 and 2022, the Group recognized US$12.7 million, US$26.3 million and US$26.3 million interest expenses from the 2030 Notes, respectively. ​ On August 22, 2022, the Company signed a five-year five-year five-year 128

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies Operating lease commitments include the commitments under the lease agreements for the Group’s office premises. The Group leases its office facilities under non-cancelable operating leases with various expiration dates. For the years ended December 31, 2020, 2021 and 2022, the Group recorded US$12.5 million, US$17.7 million and US$21.9 million lease expenses, respectively. Based on the current rental lease agreements, future minimum lease payments commitments as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Operating lease commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) As of December 31, 2022 ​ $ 83,714 ​ $ 13,013 ​ $ 26,379 ​ $ 15,469 ​ $ 28,853 ​ Purchase commitments mainly include minimum commitments for marketing activities and internet connection. Purchase commitments as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Purchase commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) As of December 31, 2022 ​ $ 686,776 ​ $ 636,474 ​ $ 48,729 ​ $ 1,361 ​ $ 212 ​ 2024 Notes represent future maximum commitment relating to the principal amount and interests in connection with the issuance of US $800 million in aggregate principal amount of unsecured senior notes bearing an annual interest rate of 3.50%, which will mature on July 5, 2024. 2030 Notes represent future maximum commitment relating to the principal amount and interests in connection with the issuance of US$750 million in aggregate principal amount of unsecured senior notes bearing an annual interest rate of 3.375%, which will mature on July 8, 2030. 2027 loans represent future estimated commitment relating to the principal amount and interests in connection with the issuance of US$900 million term loan bearing annual rate at 128 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Other commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) 2024 Notes ​ $ 856,000 ​ $ 28,000 ​ $ 828,000 ​ $ — ​ $ — 2030 Notes ​ ​ 952,500 ​ ​ 25,313 ​ ​ 50,625 ​ ​ 50,625 ​ ​ 825,937 2027 Loans ​ ​ 1,099,745 ​ ​ 2,199 ​ ​ 106,042 ​ ​ 991,504 ​ ​ — Total ​ $ 2,908,245 ​ $ 55,512 ​ $ 984,667 ​ $ 1,042,129 ​ $ 825,937 ​ ​ There are uncertainties regarding the legal basis of the Group’s ability to operate an Internet business in China. Although China has implemented a wide range of market-oriented economic reforms, the telecommunication, information and media industries remain highly regulated. Not only are such restrictions currently in place, the existing regulations are unclear as to which specific segments of these industries companies with foreign investors, including the Company, may operate. Therefore, the Group may be required to limit the scope of its operations in China, and this could have a material adverse effect on its financial position, results of operations and cash flows. There are no claims, lawsuits, investigations or proceedings, including unasserted claims that are probable to be assessed, that have in the recent past had, or to the Group’s knowledge, are reasonably possible to have, a material impact on the Group’s financial statements.

Redeemable Non-controlling Inte

Redeemable Non-controlling Interests	12 Months Ended
	Dec. 31, 2022
Redeemable Non-controlling Interests
Redeemable Non-controlling Interests	17. Redeemable Non-controlling Interests ​ In the fourth quarter of 2020, the Group entered into a series of share purchase agreements with then existing shareholders of Shanghai Jiamian Information Technology Co., Ltd. to acquire the majority of the company’s equity interest. The Group agreed to redeem the non-controlling interests held by founders and CEO of the company under certain circumstances during the following years subsequent to the acquisition. The Group determined that the non-controlling interest with redemption rights should be classified as redeemable non-controlling interest since they are contingently redeemable upon the occurrence of certain conditional events, which are not solely within the control of the Group. ​ The redeemable non-controlling interests is recognized at fair value on the acquisition date. The Group records accretion on the redeemable non-controlling interest to the redemption value over the period from the date of the acquisition to the date of earliest redemption. The accretion using the effective interest method, is recorded as deemed dividends to preferred shareholders, which reduce retained earnings and equity classified non-controlling interests, and earnings available to common shareholders in calculating basic and diluted earnings per share. ​ The process of adjusting redeemable non-controlling interests to its redemption value (the “Mezzanine Adjustment”) should be performed after attribution of the subsidiary’s net income or loss pursuant to ASC 810, Consolidation. The carrying amount of redeemable non-controlling interests will equal the higher of the amount resulting from application of ASC 810 or the amount resulting from the Mezzanine Adjustment. As the expected redemption value is less than the carrying value of redeemable non-controlling interests, there is nil mezzanine adjustment recognized for the years ended December 31, 2021 and 2022. ​ Pursuant to the agreements between the Group and the founders who are also employees of JM Tech, the founders are required to be incumbent and JM Tech should meet certain performance conditions during the following two years till December 31, 2022 for the founders to be entitled to their proportionate share in JM Tech’s existing and future retained earnings during the period. Such entitlement will automatically be forfeited upon the termination of their employment during the period. The Company considered this arrangement as certain economic interests associated with the founders’ non-controlling interest in JM Tech till December 31, 2022. Therefore, the Company recognized compensation costs for the founders’ share of JM Tech’s retained earnings with the credit increasing non-controlling interest and redeemable non-controlling interest. During the year ended December 31, 2021, US$23.2 million compensation costs were recognized, of which US$20.0 million was recorded to increase redeemable non-controlling interest. As of December 31, 2022, the management of the Company had assessed the performance of JM Tech since the acquisition date and concluded that JM Tech did not meet the performance conditions defined in the share purchase agreements, which entitles the founders and CEO of JM Tech their proportionate share in the retained earnings during the period. Thus, the Group has reversed the accumulated US$36.2 million compensation costs related to JM Tech’s retained earnings recognized during the period, of which US$31.9 million was recorded to reduce redeemable non-controlling interest and US$4.3 million was recorded to reduce non-controlling interest.

Secondary Listing in Hong Kong

Secondary Listing in Hong Kong	12 Months Ended
	Dec. 31, 2022
Secondary Listing in Hong Kong
Secondary Listing in Hong Kong	18. Secondary Listing in Hong Kong ​ On December 8, 2021, the Company completed its global offering and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”). Weibo offered 5,500,000 Class A ordinary shares of the Company and Sina Corporation (the “Selling Shareholder”) offered 5,500,000 Class A ordinary shares of the Company, which were converted from the same number of Class B ordinary shares of the Company prior to the listing of Weibo’s Class A ordinary shares on the HKEX. Net proceeds from the global offering, after deducting estimated underwriting fees and other offering expenses, were US$178.4 million. The Company did not receive any proceeds from the sale of the Class A ordinary shares offered by the Selling Shareholder. ​ In addition, the Selling Shareholder granted an over-allotment option to the underwriters, to require the Selling Shareholder to sell up to an aggregate of 1,650,000 additional Class A ordinary shares of the Company (converted from the same number of Class B ordinary shares). The Selling Shareholder sold 1,453,620 shares to the underwriters for the option granted. The underwriters borrowed 1,650,000 shares, which were included in the Company’s total outstanding shares as of December 31, 2021, from WB HZGS Estate (Hong Kong) Limited (a wholly-owned subsidiary of Weibo) to facilitate the settlement of over-allocations. The borrowed shares were returned to WB HZGS Estate (Hong Kong) Limited in the first quarter of 2022.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2022
Subsequent events
Subsequent events	19. Subsequent events ​ On March 1, 2023, Weibo Holding (Singapore) Pte. Ltd., the Company’s wholly owned subsidiary, entered into certain share purchase agreement with ShowWorld Holding Limited, an indirect subsidiary of Sina Corporation, pursuant to which Weibo Holding (Singapore) Pte. Ltd. agreed to purchase all equity interests in ShowWorld HongKong Limited, a wholly-owned subsidiary of ShowWorld Holding Limited and an entity holding 332,615,750 shares of INMYSHOW Digital Technology (Group) Co., Ltd. for an aggregate consideration of approximately RMB2.16 billion in cash, payable in U.S. dollar. INMYSHOW is a Shanghai Stock Exchange-listed company (SSE: 600556). Immediately following the consummation of the transaction and together with the Group’s existing shareholding in INMYSHOW, the Group will in the aggregate beneficially own 480,342,364 shares of INMYSHOW, representing approximately 26.57% of its total issued shares.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Basis of presentation	Basis of presentation The preparation of the Group’s consolidated financial statements is in conformity with U.S. GAAP. The consolidated financial statements include the accounts of Weibo, its wholly owned subsidiaries, VIEs, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated.
Use of estimates	Use of estimates Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates form the basis for judgments the management makes about the carrying values of the assets and liabilities, which are not readily apparent from other sources. U.S. GAAP requires making estimates and judgments in several areas, including, but not limited to, the basis of consolidation, revenue recognition, fair value accounting, income taxes, long-term investments, goodwill and other long-lived assets, allowances for credit losses, stock-based compensation, the estimated useful lives of assets, convertible debt, business combination, and foreign currency. The management bases the estimates and judgments on historical information and on various other assumptions that management believes are reasonable under the circumstances. Actual results could differ materially from such estimates.
Revenue recognition	Revenue recognition ​ Under ASC 606, revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group identifies its contracts with customers and all performance obligations within those contracts. The Group then determines the transaction price and allocates the transaction price to the performance obligations within the Group’s contracts with customers, recognizing revenue when, or as, the Group satisfies its performance obligations. The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments. Certain customers may receive sales rebates, which are accounted for as variable consideration. The Group estimates annual expected revenue volume of each individual agent with reference to their historical results. The Group recognizes revenue for the amount of fees it receives from its customers, after deducting estimated sales rebates and net of value-added tax (“VAT”) under ASC 606. The Group believes that there will not be significant changes to its estimates of variable consideration. The Group considers the ultimate beneficiary of its online advertising services as an “advertiser,” meaning the party whose products, brand awareness or marketing activities benefited from the execution of advertisement. The Group considers a party that it enters into an advertisement service contract with as its “customer” from accounting perspective. As such, the Group treats an advertising agency who enters into an advertisement service contract with it as a customer, and such advertising agency may represent and serve multiple advertisers. If an advertiser directly enters into an advertisement service contract with the Group, it will treat such advertiser also as a customer. Revenue disaggregated by revenue source for the years ended December 31, 2020, 2021 and 2022 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Advertising and marketing revenues ​ ​ ​ ​ ​ ​ Revenues from advertisers signing contracts with the Group directly ​ $ 416,270 ​ $ 478,874 ​ $ 356,503 Revenues from advertising agencies ​ ​ 1,069,885 ​ ​ 1,501,921 ​ ​ 1,240,147 ​ ​ ​ 1,486,155 ​ ​ 1,980,795 ​ ​ 1,596,650 Value-added services revenues ​ ​ 203,776 ​ ​ 276,288 ​ ​ 239,682 Total revenues $ 1,689,931 $ 2,257,083 $ 1,836,332 ​ The Group enters into contracts with its customers, which may give rise to contract assets (unbilled revenue) or contract liabilities (deferred revenue). The payment terms and conditions within the Group’s contracts vary by the type and location of its customers and products or services purchased, the substantial majority of which are due in less than one year. Deferred revenues related to unsatisfied performance obligations at the end of the period are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, live streaming, and virtual currency or in-game virtual items sold for game related services. The deferred revenues are recognized based on customers’ consumption or amortized on a straight-line basis through the service period for different products/services. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. The amount of revenue recognized that was included in the deferred revenue balance at the beginning of the period was US$91.5 million, US$126.5 million and US$56.1 million for the years ended December 31, 2020, 2021 and 2022, respectively. ​ Practical Expedients and Exemptions The Group generally expenses sales commissions when incurred because the amortization period is generally one year or less. These costs are recorded within sales and marketing expenses. Advertising and marketing revenues Advertising and marketing revenues are derived principally from online advertising, including social display ads and promoted marketing. Social display ad arrangements allow customers to place advertisements on particular areas of the Group’s platform or website in particular formats and over particular periods of time, which is typically no more than three months. The Group enters into cost per mille (“CPM”), or cost per thousand impressions, advertising arrangements with the customers, under which the Group recognizes revenues based on the number of times that the advertisement has been displayed. The Group also enters into cost per day (“CPD”) advertising arrangements with customers, under which the Group recognizes revenues ratably over the contract periods. Promoted marketing arrangements are primarily priced based on CPM. Under the CPM model, customers are obligated to pay when the advertisement is displayed. The Group’s majority revenue transactions are based on standard business terms and conditions, which are recognized net of agency rebates. The agency rebates are accounted for as variable consideration and are estimated during interim periods based on estimated annual revenue volume of each individual agent with reference to their historical results, which involves accounting judgment. The Group believes its estimation approach in variable consideration results in revenue recognition in a manner consistent with the underlying economics of the transaction. The Group’s contracts with customers may include multiple performance obligations, which primarily consist of combinations of service to allow customers to place advertisements on different areas of its platform or website. For such arrangements, advertising arrangements involving multiple deliverables are broken down into single-element arrangements based on their stand-alone selling price for revenue recognition purposes. The estimation of stand-alone selling price involves significant judgment, especially for the deliverables that have not been sold separately. For those deliverables, the Group determines best estimate of the stand-alone selling price by taking into consideration of the pricing of advertising areas of the Group’s platform or website with similar popularities and advertisements with similar formats and quoted prices from competitors and other market conditions. The Group believes the estimation approach in stand-alone selling price and allocation of the transaction price on a relative stand-alone selling price to each performance obligation results in revenue recognition in a manner consistent with the underlying economics of the transaction and the allocation principle included in ASC 606. Revenues recognized with reference to best estimation of selling price were immaterial for all periods presented. Most of such contracts have all performance obligations completed within one year. Changes in judgments on these assumptions and estimates could materially impact the timing or amount of revenue recognition. Contracts with customers of online advertising may require cooperation from third parties. The Group pays a predetermined portion of revenues earned from advertising contracts to the third parties such as key opinion leaders who participate in advertising and promotion activities by monetizing their social assets. The Group has determined that it is the principal in these transactions, as it has primary responsibility for fulfilling all the obligations related to advertising contracts. The Group has discretion in establishing pricing of the contracts and controls the advertising inventory before the delivery to customers. The Group records revenues derived from such contracts on a gross basis and the portion paid to the third parties is recognized as cost of revenues. Revenues from barter transactions are recognized during the period in which the advertisements are displayed on the Group’s properties. Barter transactions in which physical goods or services are received in exchange for advertising services are recorded based on the fair values of the goods or services received. Value-added services revenues The Group generates value-added services revenues principally from fee-based services, mainly including membership, live streaming, and game-related services. Other value-added services revenues mainly include the revenues from the provision of traffic acquisition services to various customers. Revenues from these services are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. Membership. Live streaming. The Group designs, creates and offers various virtual items for sales to users with pre-determined selling prices. Each virtual item is considered as a distinctive performance obligation. Sales proceeds are recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. Users can purchase and present virtual items to broadcasters to show support for their favorite ones. Under the arrangements with broadcasters or broadcaster agencies, the Group shares with them a portion of the revenues derived from the consumption of virtual items. Revenues derived from the sale of virtual items are recorded on a gross basis as the Group has determined that it acts as the principal to fulfill all obligations related to the live streaming services. The portion paid to broadcasters and/or broadcaster agencies is recognized as cost of revenues. The Group does not have further obligations to the user after the virtual items are consumed. In June 2022, the Group adjusted its strategy for live streaming business and decided to transfer the operation of the Yizhibo business to a related party with the ownership of all the intellectual properties unchanged. The Group recognizes immaterial revenues from live streaming since the second quarter of 2022. Game-related services.
Cost of revenues	Cost of revenues Cost of revenues consists mainly of costs associated with the maintenance of platform, which primarily include bandwidth and other infrastructure costs, revenue-share cost, advertisement production cost, labor cost and turnover taxes levied on the revenues, part of which were allocated from SINA. The Group is subject to 3% cultural business construction fees for its advertising and marketing revenues, which is included in cost of revenues. Starting from July 1 2019, the 3% cultural business construction fees was reduced to 1.5%, valid until December 31, 2024. Moreover, as part of the measures taken by the government to ease the negative impact from Covid-19 pandemic, the cultural business construction fees were exempted for the fiscal years of 2020 and 2021. An aggregate of US$24.6 million and US$28.7 million cultural business construction fees was exempted for the years ended December 31, 2020 and 2021, respectively. The cultural business construction fees for the advertising and marketing revenues was restored to 1.5% since the fiscal year of 2022.
Sales and marketing expenses	Sales and marketing expenses Sales and marketing expenses consist mainly of online and offline advertising and promotional expenses, salary, benefits and commission expenses, and facility expenses. Advertising and promotional expenses generally represent the expenses of promotions of corporate image and product marketing. The Group expenses all advertising and promotional expenses as incurred and classifies these expenses under sales and marketing expenses. Pursuant to the adoption of ASC 606, the recognition of revenues and expenses at fair value for advertising barter transactions has resulted in an increase of revenue and advertising expenses. For the years ended December 31, 2020, 2021 and 2022, the advertising and promotional expenses were US$330.9 million, US$418.0 million and US$310.4 million, respectively.
Product development expenses	Product development expenses Product development expenses consist mainly of payroll-related expenses and infrastructure costs incurred for enhancement to and maintenance of the Group’s platform, as well as costs associated with new product development and product enhancements, part of which were allocated from SINA. The Group expenses all costs incurred for the planning, post implementation phases of development and costs associated with repair or maintenance of the existing site or the development of platform content. Since inception, the amount of costs qualifying for capitalization has been immaterial and, as a result, all product development costs have been expensed as incurred.
Stock-based compensation	Stock-based compensation All stock-based awards to employees and directors, such as stock options and restricted share units (“RSUs”), are measured at the grant date based on the fair value of the awards. Stock-based compensation, net of forfeitures, is recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. The Group uses the Black-Scholes option pricing model to estimate the fair value of stock options. The determination of estimated fair value of stock-based payment awards on the grant date using an option pricing model is affected by the fair value of the Company’s ordinary shares as well as assumptions regarding a number of complex and subjective variables. These variables include the expected value volatility of the Company over the expected term of the awards, actual and projected employee stock option exercise behaviors, a risk-free interest rate and expected dividends, if any. Options granted generally vest over four years. The Group recognizes the estimated compensation cost of restricted share units based on the fair value of its ordinary shares on the date of the grant. The Group recognizes the compensation cost, net of estimated forfeitures, over a vesting term of generally four years for service-based restricted share units. The Group uses Monte Carlo simulation model to estimate the fair value of restricted share units with market conditions on the date of the grant and recognizes the estimated compensation cost, net of estimated forfeitures, over the estimated requisite service period. The Group also recognizes the compensation cost of performance-based restricted share units, net of estimated forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. Forfeitures are estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from those estimates. The Group uses historical data to estimate pre-vesting option and records stock-based compensation expense only for those awards that are expected to vest. See Note 7 Stock-based Compensation
Taxation	Taxation Income taxes Uncertain tax positions.
Short-term investments	Short-term investments Short-term investments represent bank time deposits and wealth management products which are certain deposits with variable interest rates or principal not-guaranteed with certain financial institutions. Their original maturities are of greater than three months but less than one year. In accordance with ASC 825, Financial Instruments
Credit losses	Credit losses In 2016, the FASB issued ASC Topic 326, the guidance is applicable to accounts receivable and the Group adopted ASC Topic 326 on January 1, 2020. The Group makes estimates of expected credit and collectability trends for the allowance for credit losses based upon assessment of various factors, including historical experience, the age of the accounts receivable balances, credit-worthiness of the customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers. The Group also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected. Expected credit losses for accounts receivable are recorded as general and administrative expenses on the consolidated statements of comprehensive income. ASC Topic 326 is also applicable to the loans to and interest receivable from other related parties included in the prepaid expenses and other current assets and other non-current assets on the consolidated balance sheets. Management estimates the allowance for credit losses on loans and interest receivable not sharing similar risk characteristics on an individual basis. The key factors considered when determining the above allowances for credit losses include estimated loan collection schedule, discount rate, and assets and financial performance of the borrowers.
Fair value measurements	Fair value measurements Financial instruments All financial assets and liabilities are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Group measures the equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. For those investments without readily determinable fair value, the Group measures them at fair value when observable price changes are identified or impairment charge was recognized. The fair values of the Group’s privately held investments as disclosed are determined based on the discounted cash flow model using the discount curve of market interest rates or based on the similar transaction price in the market directly. The fair values of the Group’s long-term investments in the equity securities of publicly listed companies are measured using quoted market prices. The Group’s non-financial assets, such as intangible assets, goodwill, fixed assets and operating lease assets, are measured at fair value only if they are determined to be impaired. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value: ● Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. ● Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. ● Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying amount of cash and cash equivalents, short-term investments, accounts receivable due from third parties, accounts receivable due from Alibaba, accounts receivable due from other related parties, amount due from SINA, accounts payable, accrued and other liabilities approximates fair value because of their short-term nature. See Note 14 Fair Value Measurement
Long-term investments	Long-term investments Long-term investments are comprised of investments in publicly traded companies, privately held companies, and limited partnerships. The Group uses the equity method to account for ordinary-share-equivalent equity investments on which it has significant influence but does not own a majority equity interest or otherwise control. The Group measures investments in equity securities, other than equity method investments, at fair value through earnings. For those investments without readily determinable fair values, the Group elects to record these investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative). Under this measurement alternative, changes in the carrying value of the investments will be recognized in consolidated statement of comprehensive income, whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For equity investments without readily determinable fair value for which the Group has elected to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date, applying significant judgement in considering various factors and events including a) adverse performances and business prospects of the investees; b) adverse changes in the general market condition affecting investees; c) adverse changes in regulatory, economic or technological environment of the investees and d) adverse changes in cash flow forecasts of investees. If a qualitative assessment indicates that the investment is impaired, the Group estimates the investment’s fair value in accordance with the principles ASC 820 - Fair Value Measurement. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net income equal to the difference between the carrying value and fair value. Significant judgement is applied by the Group in estimating the fair value to determine if an impairment exists, and if so, to measure the impairment losses for these equity security investments. These judgements include the selection of valuation methods in estimating fair value and the determination of key valuation assumptions used, which are related to selection of comparable companies, valuation mutiples, revenue growth rate of investees, scenario probability estimates and lack of marketability discounts. Investments in entities which the Group can exercise significant influence and holds an investment in voting common shares or in-substance common shares (or both) of the investee but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323 (“ASC 323”), Investment — Equity Method and Joint Ventures. Under the equity method, the Group initially records its investments at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in the equity method investment on the consolidated balance sheets. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force). The amendments in this update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The Group adopted the ASU on January 1, 2021, which did not have a material impact on the consolidated financial statements.
Business combination	Business combination Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income.
Leases	Leases The Group determines if an arrangement is a lease at inception by evaluating whether the arrangement conveys the right to use an identified asset and whether the Group obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. Operating lease assets and liabilities are included in operating lease right-of-use assets, operating lease liabilities, short-term, and operating lease liabilities, long-term on the Group’s consolidated balance sheets. The Group has chosen to not recognize lease assets and lease liabilities for leases with a term of twelve months or less on the consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease terms at the lease commencement dates. The Group uses its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate is a hypothetical rate based on the Group’s understanding of what interest the Group would pay in order to obtain a borrowing with an amount equivalent to the lease payments in a similar economic environment over the lease term on a collateralized basis from banks in China. Certain lease agreements contain an option for the Group to renew a lease for a term agreed by the Group and the lessor or an option to terminate a lease earlier than the maturity dates. The Group considers these options, which may be elected at the Group’s sole discretion, in determining the lease term on a lease-by-lease basis. The Group’s lease agreements generally do not contain any residual value guarantees or material restrictive covenants. Certain of the Group’s leases contain free or escalating rent payment terms. The Group’s lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group has chosen to combine payments for non-lease components with lease payments and accounted them together as a single lease component. Payments under the lease arrangements are primarily fixed. However, for arrangements accounted for as a single lease component, there may be variability in future lease payments as the amount of the non-lease components is typically revised from one period to the next.
Long-lived assets	Long-lived assets Property and equipment Property and equipment are stated at cost less accumulated depreciation, amortization and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally from three Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions of interests in its subsidiaries, consolidated VIEs and VIEs’ subsidiaries. The Group assesses goodwill for impairment in accordance with ASC Subtopic 350-20 (“ASC 350-20”), Intangibles - Goodwill and Other: Goodwill Intangible assets other than goodwill Intangible assets arising from acquisitions are recognized at fair value upon acquisition and amortized on a straight-line basis over their estimated useful lives, generally from three
Convertible debt and unsecured senior notes	Convertible debt and unsecured senior notes The Group determines the appropriate accounting treatment of its convertible debt in accordance with the terms in relation to the conversion feature. After considering the impact of such features, the Group may account for such instrument as a liability in its entirety, or separate the instrument into debt and equity components following the respective guidance described under ASC 815 Derivatives and Hedging Debt The debt discount, if any, together with related issuance cost are subsequently amortized as interest expense over the contractual life. The Group presented the issuance costs of debt as a direct deduction from the related debt during the periods presented. The unsecured senior notes are recognized initially at fair value, net of debt discounts or premiums, if any, issuance costs and other incidental fees, all of which are recorded as a direct deduction of the proceeds received from issuing the unsecured senior notes and the related accretion is recorded as interest expense in the consolidated statement of comprehensive income over the estimated term using the effective interest method.
Deferred revenues	Deferred revenues Deferred revenues consist of contractual billings in excess of recognized revenue and payments received in advance of revenue recognition, which are mainly from the customer advance of the advertising and marketing services and the sales of the fee-based services, such as membership, live streaming, and virtual currency or in-game virtual items sold for game related services.
Non-controlling interests	Non-controlling interests For the Company’s majority-owned subsidiaries and VIE, non-controlling interests are recognized to reflect the portion of their equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. To reflect the economic interest held by non-controlling shareholders, net income/loss attributable to the non-controlling ordinary shareholders is recorded as non-controlling interests in the Company’s consolidated statements of comprehensive income. Non-controlling interests are classified as a separate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the Company’s consolidated financial statements to distinguish the interests from that of the Company.
Foreign currency	Foreign currency The Company’s reporting currency and functional currency is the U.S. dollar. The Group’s operations in China and in international regions use their respective currencies as their functional currencies. The financial statements of these subsidiaries are translated into U.S. dollars using period-end rates of exchange for assets and liabilities and average rates of exchange in the period for revenues, costs and expenses. Translation gains and losses are recorded in accumulated other comprehensive income (loss) as a component of shareholders’ equity. Translation gains or losses are not released to net income unless the associated net investment has been sold, liquidated, or substantially liquidated. Foreign currency transactions denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate prevailing on the transactions dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rates at the balance sheets dates. Net gains and losses resulting from foreign exchange transactions are included in other income, net. Foreign currency translation adjustments included in the Group’s consolidated statements of comprehensive income for the years ended December 31, 2020, 2021 and 2022 were a gain of US$148.5 million, a gain of US$78.2 million and a loss of US$261.7 million, respectively. Net foreign currency transaction gains or losses arise from transacting in a currency other than the functional currency of the entity and the amounts recorded were immaterial for 2020 and 2021, and a loss of US$67.0 million for the year ended 2022, respectively.
Net Income per share	Net income per share Basic net income per share is computed using the weighted average number of ordinary shares outstanding during the period. Options and RSUs are not considered outstanding in the computation of basic earnings per share. Diluted net income per share is computed using the weighted average number of ordinary shares and potential ordinary shares outstanding during the period, which include options to purchase ordinary shares, restricted share units and conversion of the convertible debt. The computation of diluted net income per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect (i.e. an increase in earnings per share amounts or a decrease in loss per share amounts) on net income per share. The Group uses the two-class method to calculate net income per share though both classes share the same rights in dividends. Therefore, basic and diluted earnings per share are the same for both classes of ordinary shares.
Segment reporting	Segment reporting In accordance with ASC 280, Segment Reporting
Concentration of risks	Concentration of risks Concentration of credit risk. As of December 31, 2021 and 2022, the Group had US$2.5 billion and US$2.5 billion, respectively, in cash and cash equivalents and short-term investments, such as bank time deposits with large domestic banks in China. The terms of these deposits are, in general, up to twelve months. China promulgated a Bankruptcy Law that came into effect on June 1, 2007, which contains a separate article expressly stating that the State Council may promulgate implementation measures for the bankruptcy of Chinese banks based on the Bankruptcy Law. Under the Bankruptcy Law, a Chinese bank may go bankrupt. In addition, since China’s concession to WTO, foreign banks have been gradually permitted to operate in China and have become significant competitors to Chinese banks in many aspects, especially since the opening of RMB business to foreign banks in late 2006. Therefore, the risk of bankruptcy on Chinese banks in which the Group holds cash and bank deposits has increased. In the event that a Chinese bank that holds the Group’s deposits goes bankrupt, the Group is unlikely to claim its deposits back in full, since it is unlikely to be classified as a secured creditor to the bank under the PRC laws. The Group’s total cash and cash equivalents and short-term investments held at two financial institutions in mainland China, representing 30% and 23% of the Group’s total cash and cash equivalents and short-term investments as of December 31, 2022. Alibaba, as an advertiser, accounted for 9%, 6% and 6% of the Group’s total revenues for the years ended December 31, 2020, 2021 and 2022, respectively. No customer nor advertising agency accounted for 10% or more of the Group’s revenues. The Group’s top 10 advertising agencies contributed to 32%, 35% and 42% of the Group’s revenues for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, substantially all accounts receivable were derived from the Group’s China operations. Excluding accounts receivable due from Alibaba and other related parties, accounts receivable primarily consist of amounts due from advertising agencies and direct customers. Alibaba accounted for 12% and 15% of the Group’s net accounts receivable as of December 31, 2021 and 2022, respectively. Concentration of foreign currency risks.
Recent accounting pronouncements	Recent accounting pronouncements In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326)-Troubled Debt Restructurings and Vintage Disclosures to respond to feedback received during the Post-Implementation Review (PIR) activities since the issuance of Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. For entities that have adopted the amendments in Update 2016-13, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in Update 2016-13, the effective dates for the amendments in this Update are the same as the effective dates in Update 2016-13. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements.

Operations (Tables)

Operations (Tables)	12 Months Ended
	Dec. 31, 2022
Operations
Schedule of the Company's major subsidiaries and major VIEs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ ​ ​ ​ ​ Direct/ ​ ​ ​ ​ ​ ​ Indirect ​ ​ Date of ​ Place of ​ Economic Company Incorporation Incorporation Interest Major Subsidiaries ​ ​ ​ ​ ​ ​ ​ Weibo Hong Kong Limited (“Weibo HK”) July 19, 2010 Hong Kong 100 % ​ ​ ​ ​ ​ ​ ​ ​ Weibo Internet Technology (China) Co., Ltd. (“Weibo Technology” or “the WFOE”) October 11, 2010 PRC 100 % ​ ​ ​ ​ ​ ​ ​ ​ WB Online Investment Limited (“WB Online”) ​ June 5, 2014 ​ Cayman Islands ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Hangzhou Weishichangmeng Advertising Co., Ltd. (“Weishichangmeng”) ​ September 25,2018 ​ PRC ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ Major VIEs ​ ​ ​ ​ ​ ​ ​ Beijing Weimeng Technology Co., Ltd (“Weimeng”) August 9, 2010 PRC 99 % ​ ​ ​ ​ ​ ​ ​ ​ Beijing Weimeng Chuangke Investment Management Co., Ltd. (“Weimeng Chuangke”) ​ April 9, 2014 ​ PRC ​ 100 %
Schedule of total cost and expenses allocated from SINA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Cost of revenues ​ $ 19,462 ​ $ 14,749 ​ $ 17,255 Sales and marketing ​ ​ 5,966 ​ ​ 3,319 ​ ​ 1,953 Product development ​ 10,505 ​ 10,083 ​ ​ 12,192 General and administrative ​ 7,078 ​ 10,119 ​ 15,778 ​ ​ $ 43,011 ​ $ 38,270 ​ $ 47,178 ​
Schedule of assets, liabilities, results of operations and cash flows of the VIE and the VIE's subsidiaries taken as a whole.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Cash and cash equivalents ​ $ 183,543 ​ $ 657,578 Short-term investments ​ ​ 110,472 ​ ​ 53,822 Accounts receivable ​ 650,278 ​ 467,083 Prepaid expenses and other current assets ​ ​ 160,722 ​ ​ 179,516 Amount due from SINA ​ ​ 36,211 ​ ​ 17,908 Property and equipment, net ​ 1,812 ​ 1,641 Operating lease assets ​ ​ 28,049 ​ ​ 25,776 Intangible assets, net ​ 166,930 ​ 124,856 Goodwill ​ 130,405 ​ 120,151 Long-term investments ​ ​ 439,922 ​ ​ 327,423 Other non-current assets ​ ​ 352,008 ​ ​ 295,500 Total assets ​ $ 2,260,352 ​ $ 2,271,254 ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 129,498 ​ $ 97,269 Accrued and other liabilities ​ ​ 480,866 ​ ​ 405,979 Income taxes payable ​ ​ 41,882 ​ ​ 25,055 Deferred revenues ​ 57,348 ​ 45,433 Amount due to the subsidiaries of the Group ​ ​ 1,462,242 ​ ​ 1,676,499 Operating lease liability ​ ​ 28,022 ​ ​ 26,756 Deferred tax liability ​ ​ 39,637 ​ ​ 28,665 Other non-current liabilities ​ ​ 15,122 ​ ​ — Total liabilities ​ ​ 2,254,617 ​ ​ 2,305,656 ​ ​ ​ ​ ​ ​ ​ Redeemable non-controlling interests ​ ​ 66,622 ​ ​ 45,795 ​ ​ ​ ​ ​ ​ ​ Total shareholders’ equity ​ ​ (60,887) ​ ​ (80,197) ​ ​ ​ ​ ​ ​ ​ Total liabilities, redeemable non-controlling interests and shareholders’ equity ​ $ 2,260,352 ​ $ 2,271,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 ​ 2021 2022 ​ ​ (In US$ thousands) Net revenues (no revenues from entities within the Group) ​ $ 1,319,080 ​ $ 1,821,294 ​ $ 1,540,585 Net loss ​ $ (129,126) ​ $ (36,406) ​ $ (18,356) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities * ​ $ 157,262 ​ $ 335,940 ​ $ (136,442) Net cash provided by (used in) investing activities ​ $ (272,958) ​ $ (583,397) ​ $ 410,164 Net cash provided by financing activities* ​ $ 290,234 ​ $ 156,997 ​ $ 226,938 * The amount of cash flows provided by operating activities and the amount of cash flows provided by financing activities for the year ended December 31, 2021 have been revised to reflect a reclassification adjustment of US$145.6 million loans from the primary beneficiary to the VIEs, which was previously classified as operating activities.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Schedule of revenue disaggregated by revenue source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Advertising and marketing revenues ​ ​ ​ ​ ​ ​ Revenues from advertisers signing contracts with the Group directly ​ $ 416,270 ​ $ 478,874 ​ $ 356,503 Revenues from advertising agencies ​ ​ 1,069,885 ​ ​ 1,501,921 ​ ​ 1,240,147 ​ ​ ​ 1,486,155 ​ ​ 1,980,795 ​ ​ 1,596,650 Value-added services revenues ​ ​ 203,776 ​ ​ 276,288 ​ ​ 239,682 Total revenues $ 1,689,931 $ 2,257,083 $ 1,836,332 ​

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-term Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Cash, Cash Equivalents and Short-term Investments
Schedule of cash, cash equivalents and short-term investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Cash and cash equivalents: ​ ​ ​ ​ ​ ​ Cash ​ $ 2,423,703 ​ $ 2,690,768 Short-term investments: ​ ​ ​ ​ ​ ​ Bank time deposits ​ 603,838 ​ 268,233 Wealth management products ​ ​ 107,224 ​ ​ 212,195 Subtotal ​ ​ 711,062 ​ ​ 480,428 Total cash, cash equivalents and short-term investments ​ $ 3,134,765 ​ $ 3,171,196 ​

Long-term Investments (Tables)

Long-term Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Long-term Investments
Schedule of changes in the Group's long-term investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Without Readily ​ ​ ​ ​ Equity Securities With ​ ​ ​ ​ ​ Determinable Fair ​ ​ ​ ​ Readily Determinable ​ ​ ​ ​ Values Equity Method Fair Values Total ​ ​ (In US$ thousands) Balance at December 31, 2019 ​ $ 558,602 ​ $ 199,379 ​ $ 269,478 ​ $ 1,027,459 Investments made/transferred from prepayments ​ ​ 134,925 ​ ​ 92,925 ​ ​ 30,500 ​ ​ 258,350 Income from equity method investment ​ ​ — ​ ​ 10,434 ​ ​ — ​ ​ 10,434 Dividend received from equity method investment ​ ​ — ​ ​ (320) ​ ​ — ​ ​ (320) Disposal of investments ​ ​ (2,067) ​ ​ — ​ ​ (48,334) ​ ​ (50,401) Impairment on investments ​ ​ (126,820) ​ ​ — ​ ​ — ​ ​ (126,820) Fair value change through earnings (including adjustment of subsequent price changes) ​ ​ (2,462) ​ ​ — ​ ​ 37,577 ​ ​ 35,115 Currency translation adjustment ​ ​ 16,906 ​ ​ 8,743 ​ ​ — ​ ​ 25,649 Balance at December 31, 2020 ​ ​ 579,084 ​ ​ 311,161 ​ ​ 289,221 ​ ​ 1,179,466 Investments made/transfers from prepayments ​ ​ 96,768 ​ ​ 182,200 ​ ​ — ​ ​ 278,968 Income from equity method investment, net ​ ​ — ​ ​ 14,217 ​ ​ — ​ ​ 14,217 Dividend received from equity method investments ​ ​ — ​ ​ (11,695) ​ ​ — ​ ​ (11,695) Disposal of investments ​ ​ (75,667) ​ ​ — ​ ​ (4,946) ​ ​ (80,613) Changes from measurement alternative to consolidation (Note 6) ​ ​ (66,415) ​ ​ — ​ ​ — ​ ​ (66,415) Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values ​ ​ (142,000) ​ ​ — ​ ​ 142,000 ​ ​ — Impairment on investments ​ ​ (106,800) ​ ​ — ​ ​ — ​ ​ (106,800) Fair value change through earnings ​ ​ (23,316) ​ ​ — ​ ​ 9,877 ​ ​ (13,439) Currency translation adjustment ​ ​ 7,062 ​ ​ 6,900 ​ ​ — ​ ​ 13,962 Balance at December 31, 2021 ​ ​ 268,716 ​ ​ 502,783 ​ ​ 436,152 ​ ​ 1,207,651 Investments made/transfers from prepayments ​ ​ 36,423 ​ ​ 114,909 ​ ​ — ​ ​ 151,332 Loss from equity method investment, net ​ ​ — ​ ​ (24,069) ​ ​ — ​ ​ (24,069) Dividend received from equity method investments ​ ​ — ​ ​ (5,772) ​ ​ — ​ ​ (5,772) Disposal of investments ​ ​ (29,974) ​ ​ (6,293) ​ ​ — ​ ​ (36,267) Impairment on investments ​ ​ (63,515) ​ ​ — ​ ​ — ​ ​ (63,515) Fair value change through earnings ​ ​ — ​ ​ — ​ ​ (196,602) ​ ​ (196,602) Currency translation adjustment ​ ​ (15,071) ​ ​ (24,057) ​ ​ — ​ ​ (39,128) Balance at December 31, 2022 ​ $ 196,579 ​ $ 557,501 ​ $ 239,550 ​ $ 993,630 ​
Schedule of the total carrying value of the equity investments accounted for under the measurement alternative	The following table summarizes the total carrying value of the equity investments accounted for under the measurement alternative as of December 31, 2021 and 2022, respectively, including cumulative upward and downward adjustments made to the initial cost basis of the securities. ​ ​ ​ ​ ​ Cumulative Results ​ ​ (In US$ thousands) Initial cost basis ​ $ 656,011 Upward adjustments ​ ​ 85,710 Downward adjustments ​ ​ (490,498) Foreign currency translation ​ ​ 17,493 Total carrying value at December 31, 2021 ​ $ 268,716 ​ ​ ​ ​ Initial cost basis ​ $ 662,460 Upward adjustments ​ 85,710 Downward adjustments ​ (554,013) Foreign currency translation ​ ​ 2,422 Total carrying value at December 31, 2022 ​ $ 196,579 ​
Schedule of the carrying amount and fair value of the marketable security	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Cost ​ Unrealized ​ Unrealized ​ Fair ​ Basis Gains Losses Value ​ (In US$ thousands) INMYSHOW ​ $ 81,385 ​ $ 205,659 ​ $ — ​ $ 287,044 Didi ​ ​ 142,000 ​ ​ 7,108 ​ ​ — ​ ​ 149,108 December 31, 2021 ​ $ 223,385 ​ $ 212,767 ​ $ — ​ $ 436,152 INMYSHOW ​ $ 81,385 ​ $ 62,952 ​ $ — ​ $ 144,337 Didi ​ ​ 142,000 ​ ​ — ​ ​ (46,787) ​ ​ 95,213 December 31, 2022 ​ $ 223,385 ​ $ 62,952 ​ $ (46,787) ​ $ 239,550 ​
Summary of condensed financial information on equity method investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Operating data: ​ ​ ​ Revenue ​ $ 114,938 ​ $ 225,356 ​ $ 158,110 Gross profit ​ $ 102,145 ​ $ 206,457 ​ $ 129,393 Income (loss) from operations ​ $ 26,679 ​ $ 243,516 ​ $ (195,636) Net income (loss) ​ $ 23,754 ​ $ 247,808 ​ $ (200,042) Net income (loss) attributable to the investees ​ $ 23,754 ​ $ 247,808 ​ $ (200,042) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Balance sheet data: ​ ​ Current assets ​ $ 884,765 ​ $ 904,956 Non-current assets ​ $ 2,341,307 ​ $ 2,417,452 Current liabilities ​ $ 602,275 ​ $ 683,626 Long-term liabilities ​ $ 9,789 ​ $ 119 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of components of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Operating lease cost ​ $ 4,902 ​ $ 7,625 ​ $ 13,949 Short-term lease cost ​ ​ 3,167 ​ 4,776 ​ ​ 2,631 Variable lease cost ​ ​ 4,479 ​ 5,287 ​ ​ 5,348 Total lease cost ​ $ 12,548 ​ $ 17,688 ​ $ 21,928 ​
Schedule of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Supplemental Cash Flows Information: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for operating leases ​ $ (5,522) ​ $ (8,948) ​ $ (12,877) Operating lease assets obtained in exchange for operating lease liabilities ​ $ 1,675 ​ $ 65,459 ​ $ 19,728 ​
Schedule of maturities of lease liabilities under operating leases	Maturities of lease liabilities under operating leases as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ Year Ended December 31, (In US$ thousands) 2023 ​ $ 13,013 2024 ​ ​ 13,476 2025 ​ ​ 12,903 2026 ​ 11,912 2027 ​ ​ 3,557 Thereafter ​ ​ 28,853 Total future payments for recognized leasing assets ​ 83,714 Less: leases not yet commenced ​ ​ — Less: imputed interest ​ ​ 18,310 Total lease liabilities ​ $ 65,404 ​

Goodwill, Intangible Assets a_2

Goodwill, Intangible Assets and Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Acquisitions, Goodwill and Intangible Assets
Schedule of the changes in the Group's goodwill by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising & Value-added ​ ​ ​ ​ Marketing ​ services ​ Total ​ ​ (In US$ thousands) Balance as of December 31, 2019 ​ $ 28,989 ​ $ — ​ $ 28,989 Acquisition of JM Tech ​ ​ — ​ ​ 30,075 ​ ​ 30,075 Currency translation adjustment ​ ​ 1,910 ​ ​ 738 ​ ​ 2,648 Balance as of December 31, 2020 ​ ​ 30,899 ​ ​ 30,813 ​ ​ 61,712 Acquisition of the company operating Wuta application ​ ​ 51,034 ​ ​ — ​ ​ 51,034 Acquisition of an E-sports team ​ ​ — ​ ​ 14,745 ​ ​ 14,745 Currency translation adjustment ​ ​ 1,813 ​ ​ 1,101 ​ ​ 2,914 Balance as of December 31, 2021 ​ ​ 83,746 ​ ​ 46,659 ​ ​ 130,405 Currency translation adjustment ​ ​ (6,585) ​ ​ (3,669) ​ ​ (10,254) Balance as of December 31, 2022 ​ $ 77,161 ​ $ 42,990 ​ $ 120,151 ​
Summary of the Group's intangible assets arising from acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ As of December 31, 2022 ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost Amortization Net Cost Amortization Net ​ ​ (In US$ thousands) ​ (In US$ thousands) Game related ​ $ 150,371 ​ $ (16,649) ​ $ 133,722 ​ $ 140,328 ​ $ (30,029) ​ $ 110,299 Technology ​ ​ 10,172 ​ ​ (5,494) ​ ​ 4,678 ​ ​ 2,808 ​ ​ (2,596) ​ ​ 212 Trademark and Domain name ​ ​ 20,078 ​ ​ (4,458) ​ ​ 15,620 ​ ​ 12,892 ​ ​ (4,280) ​ ​ 8,612 Supplier-relationship ​ ​ 10,538 ​ ​ (6,961) ​ ​ 3,577 ​ ​ — ​ ​ — ​ ​ — Others ​ ​ 13,924 ​ ​ (4,591) ​ ​ 9,333 ​ ​ 13,045 ​ ​ (7,096) ​ ​ 5,949 Total ​ $ 205,083 ​ $ (38,153) ​ $ 166,930 ​ $ 169,073 ​ $ (44,001) ​ $ 125,072 ​
Schedule of estimated amortization expenses	​ ​ ​ ​ ​ Year Ended December 31, (In US$ thousands) 2023 ​ $ 19,026 2024 ​ ​ 18,914 2025 ​ ​ 15,049 2026 ​ ​ 15,137 2027 ​ ​ 14,852 Thereafter ​ ​ 41,878 Total expected amortization expense * ​ $ 124,856 * The table above excludes US$0.2 million of indefinite-lived intangible assets which was included in the category of others.
JM Tech
Acquisitions, Goodwill and Intangible Assets
Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ ​ ​ As of October 31, 2020 ​ ​ (In US$ thousands) Consideration $ 218,590 Redeemable non-controlling interest (Note 17) ​ 55,192 Non-controlling interest ​ 16,133 Total ​ $ 289,915 ​ ​ ​ ​ Short-term investments acquired ​ $ 155,205 Other assets acquired ​ 26,087 Identifiable intangible assets acquired ​ 124,196 Goodwill ​ 30,075 Liabilities assumed ​ (45,648) Total ​ $ 289,915 ​
Wuta application
Acquisitions, Goodwill and Intangible Assets
Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ ​ As of May 1, 2021 ​ ​ (In US$ thousands) Consideration ​ $ 39,540 Fair value of previously held equity interest ​ 26,875 Non-controlling interest ​ 10,811 Total ​ $ 77,226 ​ ​ ​ ​ Cash and short-term investments acquired ​ $ 5,786 Other assets acquired ​ 6,801 Identifiable intangible assets acquired ​ 16,495 Goodwill ​ 51,034 Liabilities assumed ​ (2,890) Total ​ $ 77,226 ​
E-sports team
Acquisitions, Goodwill and Intangible Assets
Schedule of consideration of acquisition was allocated based on their fair value of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ ​ As of August 1, 2021 ​ ​ (In US$ thousands) Consideration ​ $ 30,953 ​ ​ ​ ​ Identifiable intangible assets acquired ​ $ 19,274 Goodwill ​ 14,745 Liabilities assumed ​ (3,066) Total ​ $ 30,953 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Schedule of the stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021* 2022* ​ ​ (In US$ thousands) Cost of revenues ​ $ 5,384 $ 8,112 $ 9,417 Sales and marketing ​ ​ 9,983 ​ 15,292 ​ 18,910 Product development ​ ​ 33,093 ​ 43,622 ​ 55,294 General and administrative ​ ​ 18,645 ​ 20,970 ​ 28,092 ​ ​ $ 67,105 $ 87,996 $ 111,713 * Excluded non-cash stock-based compensation of US$7.9 million and US$9.3 million to SINA employees charged through Amount due from SINA in 2021 and 2022, respectively.
Summary of the number of shares available for issuance	​ ​ ​ ​ ​ Shares Available ​ ​ (In thousands) December 31, 2019 15,104 Addition ​ — Granted* ​ (3,040) Cancelled/expired/forfeited ​ 431 December 31, 2020 12,495 Addition ​ — Granted* ​ (5,752) Cancelled/expired/forfeited ​ 692 December 31, 2021 7,435 Addition ​ — Granted* (4,642) Cancelled/expired/forfeited 770 December 31, 2022 3,563 * For the years ended December 31, 2020, 2021 and 2022, 2.5 million, 5.8 million and 1.8 million restricted share units were granted under the 2014 Plan, respectively. Options of 0.5 million, nil and 2.8 million were granted during 2020, 2021 and 2022, respectively .
Summary of option activities under the Company's stock option program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Options ​ Weighted Average ​ Remaining ​ Aggregate ​ ​ Outstanding ​ Exercise Price ​ Contractual Life ​ Intrinsic Value ​ ​ (In thousands) ​ (In US$) ​ (In years) ​ (In US$ thousands) December 31, 2019 89 ​ $ 3.49 0.7 ​ $ 3,799 Granted 482 ​ $ 32.68 ​ ​ ​ ​ ​ Exercised (16) ​ $ 3.47 ​ ​ ​ ​ ​ Cancelled/expired/forfeited (4) ​ $ 30.96 ​ ​ ​ ​ ​ December 31, 2020 551 ​ $ 28.85 ​ 5.8 ​ $ 6,683 Granted — ​ $ — ​ ​ ​ ​ ​ Exercised (105) ​ $ 12.70 ​ ​ ​ ​ ​ Cancelled/expired/forfeited (59) ​ $ 32.68 ​ ​ ​ ​ ​ December 31, 2021 387 ​ $ 32.68 ​ 5.6 ​ ​ — Granted 2,750 ​ $ 21.15 ​ ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ Cancelled/expired/forfeited (118) ​ $ 24.12 ​ ​ ​ ​ ​ December 31, 2022 3,019 ​ $ 22.51 ​ 6.0 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest as of December 31, 2021 351 ​ $ 32.68 5.6 ​ ​ — Exercisable as of December 31, 2021 82 ​ $ 32.68 5.6 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and expected to vest as of December 31, 2022 2,752 ​ $ 22.54 6.0 ​ ​ — Exercisable as of December 31, 2022 172 ​ $ 32.68 4.6 ​ ​ — ​
Schedule of stock options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ Weighted Average ​ ​ Options ​ Average ​ Options ​ Average ​ Remaining Range of Exercise Prices Outstanding Exercise Price Exercisable Exercise Price Contractual Life ​ ​ (In thousands) ​ ​ (In US$) ​ (In thousands) ​ ​ (In US$) ​ (In years) As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ 32.68 387 ​ $ 32.68 82 ​ $ 32.68 5.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ US$ 32.68 356 ​ $ 32.68 ​ 172 ​ $ 32.68 4.6 US$ 21.15 ​ 2,663 ​ $ 21.15 ​ — ​ $ — ​ 6.2 ​ ​ 3,019 ​ $ 22.51 ​ 172 ​ $ 32.68 ​ 6.0 ​
Performance-Based Restricted Share Units without Market Condition
Stock-Based Compensation
Summary of restricted share unit activities	The following table sets forth a summary of performance-based restricted share unit activities without market condition: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2019 ​ 59 ​ $ 61.17 Awarded ​ 46 ​ $ 36.49 Vested ​ (54) ​ $ 60.16 Cancelled ​ (34) ​ $ 36.49 December 31, 2020 17 ​ $ 36.49 Awarded ​ 15 ​ $ 54.08 Vested ​ (2) ​ $ 38.78 Cancelled ​ (19) ​ $ 40.63 December 31, 2021 ​ 11 ​ $ 54.17 Awarded ​ — ​ $ — Vested ​ (9) ​ $ 54.17 Cancelled ​ (2) ​ $ 54.17 December 31, 2022 — ​ $ — ​
Performance-Based Restricted Share Units with Market Condition
Stock-Based Compensation
Summary of restricted share unit activities	The following table sets forth a summary of performance-based restricted share unit activities with market condition: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant Date ​ ​ Shares Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2021 — $ — Awarded 1,640 ​ $ 8.43 Vested — ​ $ — Cancelled — ​ $ — December 31, 2022 1,640 ​ $ 8.43 ​
Service Based Restricted Stock Units RSU
Stock-Based Compensation
Summary of restricted share unit activities	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Shares ​ Grant Date ​ ​ Granted ​ Fair Value ​ ​ (In thousands) ​ (In US$) December 31, 2019 ​ 3,512 ​ $ 50.89 Awarded 2,512 ​ $ 33.50 Vested ​ (1,307) ​ $ 49.12 Cancelled ​ (393) ​ $ 44.96 December 31, 2020 4,324 ​ $ 41.86 Awarded 5,737 ​ $ 47.95 Vested ​ (1,608) ​ $ 45.66 Cancelled ​ (614) ​ $ 44.02 December 31, 2021 7,839 ​ $ 45.37 Awarded 252 ​ $ 20.59 Vested ​ (2,330) ​ $ 47.09 Cancelled ​ (651) ​ $ 42.69 December 31, 2022 5,110 ​ $ 43.71 ​

Other Balance Sheets Componen_2

Other Balance Sheets Components (Tables)	12 Months Ended
	Dec. 31, 2022
Other Balance Sheets Components
Schedule of other balance sheet components	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2020 2021 2022 ​ ​ ​ (In US$ thousands) Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from third parties ​ ​ ​ ​ $ 620,632 ​ $ 416,125 Due from Alibaba ​ ​ ​ ​ ​ 89,344 ​ ​ 75,347 Due from other related parties ​ ​ ​ ​ ​ 55,763 ​ ​ 49,151 Total gross amount ​ ​ ​ ​ ​ 765,739 ​ ​ 540,623 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at the beginning of the year ​ $ (36,594) ​ ​ (35,156) ​ ​ (42,650) Additional provision charged to expenses, net ​ (53,124) ​ ​ (19,702) ​ ​ (4,440) Write-off ​ ​ 54,562 ​ ​ 12,208 ​ ​ 8,910 Balance at the end of the year ​ $ (35,156) ​ ​ (42,650) ​ ​ (38,180) ​ ​ ​ ​ ​ $ 723,089 ​ $ 502,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental and other deposits ​ ​ ​ ​ $ 1,949 ​ $ 1,583 Deductible value-added taxes ​ ​ ​ ​ ​ 3,063 ​ ​ 3,865 Investment prepayment ​ ​ ​ ​ ​ — ​ ​ 30,938 Proceeds receivable from disposal of investments ​ ​ ​ ​ ​ — ​ ​ 13,371 Loans to and interest receivable from other related parties (1) ​ ​ ​ ​ ​ 219,679 ​ ​ 110,000 Loans to and interest receivable from third parties (1) ​ ​ ​ ​ ​ 137,024 ​ ​ 136,683 Advertising prepayment ​ ​ ​ ​ ​ 12,011 ​ ​ 9,126 Prepayment to outsourced service providers ​ ​ ​ ​ ​ 3,776 ​ ​ 3,479 Amounts deposited by users (2) ​ ​ ​ ​ ​ 53,997 ​ ​ 52,216 Content fees ​ ​ ​ ​ ​ 1,695 ​ ​ 15,859 Others ​ ​ ​ ​ ​ 17,532 ​ ​ 14,382 ​ ​ ​ ​ ​ $ 450,726 ​ $ 391,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Office building (3) ​ ​ ​ ​ $ — ​ $ 196,223 Office building related facilities (3) ​ ​ ​ ​ ​ — ​ ​ 3,298 Computers and equipment ​ ​ ​ ​ ​ 188,476 ​ ​ 228,599 Leasehold improvements ​ ​ ​ ​ ​ 7,331 ​ ​ 13,064 Furniture and fixtures ​ ​ ​ ​ ​ 2,554 ​ ​ 8,139 Others ​ ​ ​ ​ ​ 7,233 ​ ​ 17,733 Property and equipment, gross ​ ​ ​ ​ ​ 205,594 ​ ​ 467,056 Accumulated depreciation ​ ​ ​ ​ ​ (137,198) ​ ​ (217,503) ​ ​ ​ ​ ​ $ 68,396 ​ $ 249,553 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other non-current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment-related deposits (4) ​ ​ ​ ​ $ 366,067 ​ $ 373,252 Loans to and interest receivable from related parties (1) ​ ​ ​ ​ ​ 480,786 ​ ​ 454,912 Prepayment for purchase of SINA Plaza (5) ​ ​ ​ ​ ​ 133,734 ​ ​ — Wealth management products, long-term (6) ​ ​ ​ ​ ​ 50,159 ​ ​ — Deferred tax assets ​ ​ ​ ​ ​ 40,537 ​ ​ 39,989 Others ​ ​ ​ ​ ​ 11,558 ​ ​ 30,269 ​ ​ ​ ​ ​ $ 1,082,841 ​ $ 898,422 Accrued and other liabilities (7) : ​ ​ ​ ​ ​ ​ ​ ​ ​ Payroll and welfare ​ ​ ​ ​ $ 170,534 ​ $ 156,274 Marketing expenses ​ ​ ​ ​ ​ 82,471 ​ ​ 74,093 Sales rebates ​ ​ ​ ​ ​ 359,813 ​ ​ 266,455 Professional fees ​ ​ ​ ​ ​ 7,791 ​ ​ 8,836 VAT and other tax payable ​ ​ ​ ​ ​ 53,589 ​ ​ 51,037 Amounts due to users (2) ​ ​ ​ ​ ​ 53,997 ​ ​ 52,216 Payable to SINA for the acquisition of the equity of STC (Note 6) ​ ​ ​ ​ ​ — ​ ​ 218,402 Unpaid consideration for acquisitions ​ ​ ​ ​ ​ 6,293 ​ ​ 687 Unpaid consideration for investment ​ ​ ​ ​ ​ 441 ​ ​ 4,320 Proceeds received in advance from disposal of investment ​ ​ ​ ​ ​ — ​ ​ 14,496 Interest payable for convertible debt, unsecured senior notes and long-term loans ​ ​ ​ ​ ​ 27,579 ​ ​ 28,257 Listing expenses payable ​ ​ ​ ​ ​ 9,347 ​ ​ 933 Others ​ ​ ​ ​ ​ 49,178 ​ ​ 37,978 ​ ​ ​ ​ ​ $ 821,033 ​ $ 913,984 (1) Loans to related parties and third parties incurred for the years ended December 31, 2020, 2021 and 2022 were non-trade in nature. (2) Weibo wallet enables users to conduct interest-generation activities on Weibo, such as handing out “red envelopes” and coupons to users and purchase different types of products and services on Weibo, including those offered by the Group, such as marketing services and membership, and those offered by Weibo’s platform partners, such as e-commerce merchandises, financial products and virtual gifts. Amounts deposited by users primarily represent the receivable temporarily held in Weibo’s account on a third party online payment platform for Weibo wallet users. Amounts due to users represent the balances that are payable on demand to Weibo wallet users and therefore are reflected as current liability on the consolidated balance sheets. (3) The increase in balance in office building and office building related facilities was due to the acquisition of STC in December 2022. (4) Investment-related deposits primarily included a micro loan company amounted to US $77.9 million and US $71.8 million as of December 31, 2021 and 2022, respectively, as well as a game company amounted to US $269.1 million and US $249.4 million in December 31, 2021 and 2022, respectively. These non-current assets will be transferred to long-term investment when the legal procedures are completed. (5) Weibo entered into a letter of intent to purchase the office building (SINA Plaza) from SINA and made a prepayment. As of December 31, 2021, the balance of prepayment for SINA Plaza was US$ 133.7 million. Weibo made another prepayment of US$ 153.6 million in 2022. The Group and SINA terminated the letter of intent after the Company’s subsidiary, Weibo Hong Kong, purchased the 100% equity of STC, the owner of SINA Plaza. The prepayment balance was eliminated as the Group consolidated the financial statements of STC on December 31, 2022. (6) The Group measures wealth management products at fair value. It engaged an independent valuation firm to help the management to determine the fair value of certain wealth management products which were overdue in 2021. US $59.3 million loss for those products was recognized in fair value changes through earnings on investments, net, on the consolidated statements of comprehensive income in 2021. The remaining fair value of those products amounting to US $50.2 million was recorded in other non-current assets as of December 31, 2021 and was fully impaired in the year ended December 31, 2022. (7) Include amounts due to third parties, employees, related parties (Note 10) and Weibo wallet users.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of income before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands, except percentage) Loss from non-China operations ​ $ (57,031) ​ $ (232,830) ​ $ (422,860) ​ Income from China operations ​ ​ 432,944 ​ ​ 783,548 ​ ​ 550,946 ​ Total income before income tax expenses ​ $ 375,913 ​ $ 550,718 ​ $ 128,086 ​ Income tax expense (benefits) applicable to non-China operations ​ $ 2,852 ​ $ 1,355 ​ $ (14,176) ​ Income tax expense applicable to China operations ​ ​ 58,464 ​ ​ 137,486 ​ ​ 44,453 ​ Total income tax expenses ​ $ 61,316 ​ $ 138,841 ​ $ 30,277 ​ Effective tax rate for China operations ​ 13.5 % ​ 17.5 % ​ 8.1 % Effective tax rate for the Group ​ 16.3 % ​ 25.2 % ​ 23.6 % ​
Schedule of current and deferred portion of income tax expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ ​ (In US$ thousands) Current income tax expenses ​ $ 77,043 $ 151,319 $ 55,098 Deferred tax benefits ​ ​ (15,727) ​ ​ (12,478) ​ ​ (24,821) Income tax expenses ​ $ 61,316 $ 138,841 $ 30,277 ​
Schedule of reconciliation between the statutory EIT rate and the effective tax rate for China operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 PRC Statutory EIT rate (1) 25.0 % 25.0 % 25.0 % Effect on tax holiday and preferential tax treatment ​ (24.1) % (13.1) % (29.7) % Research and development super-deduction ​ (3.5) % (7.5) % (21.1) % Non-deductible expenses and non-taxable income and others (2) ​ (0.6) % 9.2 % (30.1) % Change in valuation allowance 14.9 % 0.7 % 8.2 % Tax rate difference from statutory rate in other jurisdictions ​ 4.6 % 10.9 % 71.3 % Effective tax rate for the Group 16.3 % 25.2 % 23.6 % (1) The PRC statutory income tax rate is used for the reconciliation as the majority of the Group’s operations are based in the PRC. (2) Included the impact of uncertain tax positions recognized in 2021 and the reversal of uncertain tax positions in 2022. ​
Schedule of significant components of deferred tax assets and liabilities for China operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ (In US$ thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry forwards ​ $ 7,875 ​ $ 18,289 Valuation allowance ​ ​ (7,875) ​ ​ (18,289) Investment-related impairment ​ ​ 51,226 ​ ​ 52,363 Depreciation, accounts receivable, accrued and other liabilities ​ ​ 75,527 ​ ​ 73,557 Valuation allowance ​ ​ (86,216) ​ ​ (85,931) Net deferred tax assets ​ $ 40,537 ​ $ 39,989 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Acquired intangible assets ​ $ 36,471 ​ $ 27,435 Depreciation ​ ​ 1,662 ​ ​ 1,731 Unrealized investment-related gain ​ ​ 28,454 ​ ​ 12,414 Others ​ ​ 316 ​ ​ 114 Total deferred tax liabilities ​ $ 66,903 ​ $ 41,694 ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related party transactions
Schedule of significant related parties and their relationships with the company	​ ​ ​ ​ Company Name Relationship with the Company SINA Parent and affiliates under common control. ​ ​ ​ Alibaba Strategic partner and significant shareholder of the Company. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Transactions with SINA ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue billed through SINA ​ $ 41,754 ​ $ 68,351 ​ $ 44,962 Revenue from services provided to SINA ​ ​ 20,348 ​ ​ 43,170 ​ ​ 31,984 Total ​ $ 62,102 ​ $ 111,521 ​ $ 76,946 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses allocated from SINA (1) ​ $ 43,011 ​ $ 38,270 ​ $ 47,178 Interest income on loans to SINA ​ $ 13,458 ​ $ 17,943 ​ $ 14,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transactions with Alibaba ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising and marketing revenues from Alibaba – as an advertiser ​ $ 152,000 ​ $ 139,561 ​ $ 106,974 Advertising and marketing revenues from Alibaba – as an agent ​ $ 36,597 ​ $ 41,680 ​ $ 223 Services provided by Alibaba ​ $ 52,338 ​ $ 44,006 ​ $ 33,745 (1) Costs and expenses allocated from SINA represented the charges for certain services provided by SINA or SINA’s affiliates and charged to the Group using actual cost allocation based on proportional utilization (Note 1). In addition to the allocated costs and expenses, SINA also billed US $48.3 million,US $48.0 million and US $37.7 million for other costs and expenses incurred by Weibo but paid by SINA for the years ended December 31, 2020, 2021 and 2022, respectively. During the years ended December 31, 2021 and 2022, Weibo allocated US $0.8 million and US $0.6 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments, respectively.
Schedule of related party outstanding balance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2022 ​ ​ ​ (In US$ thousands) Amount due from SINA (2) $ 494,200 $ 487,117 Payable to SINA for the acquisition of the equity of STC (Note 6) ​ ​ — ​ ​ 218,402 Accounts receivable due from Alibaba $ 89,344 $ 75,347 ​ ​ ​ ​ ​ ​ ​ Loans to and interest receivable from other related parties (3) (4) ​ ​ ​ ​ ​ ​ -Company A (an investee providing social and new media marketing services) ​ ​ 2,789 ​ ​ — -Company B (an investee providing online brokerage services) ​ ​ 211,583 ​ ​ 110,000 -Others ​ ​ 5,307 ​ ​ — Subtotal (included in prepaid expenses and other current assets) ​ ​ 219,679 ​ ​ 110,000 -Company C (an investee in real estate business) ​ ​ 480,786 ​ ​ 454,912 Subtotal (included in other non-current assets) ​ ​ 480,786 ​ ​ 454,912 Total ​ $ 700,465 ​ $ 564,912 (2) The Group uses amount due from/to SINA to settle balances arising from costs and expenses allocated from SINA based on proportional utilization, other expenditures incurred by Weibo business but paid by SINA, transactions with third-party customers and suppliers settled through SINA, as well as business transactions between Weibo and SINA. As of December 31, 2021 and 2022, the amount due from SINA also included loans to and interest receivable from SINA of US $479.6 million and US $420.4 million at an annual interest rate ranging from 1.0% to 4.5% of maturity within one year, respectively, which are non-trade in nature. (3) The annual interest rates of the loans were ranging from 4.0% to 5.5% (interest free for Company A and partial loans to Company C) at both dates. These balances are non-trade in nature. The contractual terms of the loans are within one year while subject to extension and the Group will determine the liquidity (current versus non-current) of the loans pursuant to the expected cash collection. In 2022, several loans were extended and the Group accounted for such extension as loan modification. (4) The Group estimates the allowance for credit losses on loans and interest receivables not sharing similar risk characteristic on an individual basis. The key factors considered when determining the above allowances for credit losses include the estimated loan collection schedule, discount rate, and assets and financial performance of the borrowers. For the years ended December 31, 2021 and 2022, the Group recognized nil and US $7.6 million credit losses on loans to and interest receivable from other related parties based on the expected collection schedule of these loans.
SINA
Related party transactions
Schedule of significant related party transactions with the group	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands) Transactions with SINA ​ ​ ​ ​ ​ ​ ​ ​ ​ Advertising and marketing revenues ​ $ 48,353 ​ $ 96,359 ​ $ 56,206 Value-added services revenues ​ ​ 13,749 ​ ​ 15,162 ​ ​ 20,740 Total ​ $ 62,102 ​ $ 111,521 ​ $ 76,946 ​

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Net Income Per Share
Schedule of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2021 2022 ​ ​ (In US$ thousands, except share data and per share data) Basic net income per share calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Weibo’s shareholders ​ $ 313,364 ​ $ 428,319 ​ $ 85,555 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding ​ ​ 226,921 ​ ​ 228,814 ​ ​ 235,164 Basic net income per share attributable to Weibo’s shareholders ​ $ 1.38 ​ $ 1.87 ​ $ 0.36 Diluted net income per share calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Weibo’s shareholders for calculating diluted net income per share ​ $ 313,364 ​ $ 428,319 ​ $ 85,555 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ordinary shares outstanding ​ ​ 226,921 ​ ​ 228,814 ​ ​ 235,164 Effects of dilutive securities ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 71 ​ ​ 68 ​ ​ — Unvested restricted share units ​ ​ 645 ​ ​ 1,324 ​ ​ 1,243 Shares used in computing diluted net income per share attributable to Weibo’s shareholders ​ ​ 227,637 ​ ​ 230,206 ​ ​ 236,407 Diluted net income per share attributable to Weibo’s shareholders ​ $ 1.38 ​ $ 1.86 ​ $ 0.36

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurement
Schedule of assets measured at fair value on a recurring basis, the respective fair value and the classification by level of input within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Market ​ Significant Other ​ Significant ​ ​ ​ ​ ​ for Identical Assets ​ Observable Inputs ​ Unobservable Inputs ​ ​ Total ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ ​ (In US$ thousands) As of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wealth management products, short-term (1) ​ $ 107,224 ​ $ — ​ $ 107,224 ​ $ — Wealth management products, long-term (2) ​ ​ 50,159 ​ ​ — ​ ​ — ​ ​ 50,159 Equity securities with readily determinable market value (3) ​ ​ 436,152 ​ ​ 436,152 ​ ​ — ​ ​ — Total ​ $ 593,535 ​ $ 436,152 ​ $ 107,224 ​ $ 50,159 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wealth management products, short-term (1) ​ $ 212,195 ​ $ — ​ $ 212,195 ​ $ — Equity securities with readily determinable market value (3) ​ ​ 239,550 ​ ​ 239,550 ​ ​ — ​ ​ — Total ​ $ 451,745 ​ $ 239,550 ​ $ 212,195 ​ $ — (1) Included in short-term investments on the Group’s consolidated balance sheets. (2) Included in other non-current assets on the Group’s consolidated balance sheets. (3) Included in long-term investments on the Group’s consolidated balance sheets.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Schedule of future minimum lease payments commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Operating lease commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) As of December 31, 2022 ​ $ 83,714 ​ $ 13,013 ​ $ 26,379 ​ $ 15,469 ​ $ 28,853 ​
Schedule of purchase commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Purchase commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) As of December 31, 2022 ​ $ 686,776 ​ $ 636,474 ​ $ 48,729 ​ $ 1,361 ​ $ 212 ​
Schedule of other commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than One ​ One to ​ Three to ​ More than Other commitments Total Year Three Years Five Years Five Years ​ ​ (In US$ thousands) 2024 Notes ​ $ 856,000 ​ $ 28,000 ​ $ 828,000 ​ $ — ​ $ — 2030 Notes ​ ​ 952,500 ​ ​ 25,313 ​ ​ 50,625 ​ ​ 50,625 ​ ​ 825,937 2027 Loans ​ ​ 1,099,745 ​ ​ 2,199 ​ ​ 106,042 ​ ​ 991,504 ​ ​ — Total ​ $ 2,908,245 ​ $ 55,512 ​ $ 984,667 ​ $ 1,042,129 ​ $ 825,937 ​

Operations (Details)

Operations (Details) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2021 USD ($)	Apr. 30, 2014 USD ($)	Dec. 31, 2022 Vote
Operations
Net proceeds from Offering | $	$ 178.4
Class A Ordinary shares
Operations
Number of votes each share is entitled to | Vote			1
Number of Class A shares converted from Class B shares			1
Class B Ordinary Shares
Operations
Number of votes each share is entitled to | Vote			3
IPO | Class A Ordinary shares
Operations
Proceeds from IPO | $		$ 306.5
Weimeng
Operations
Percentage of Direct/Indirect Economic Interest in VIEs			99%
Weimeng Chuangke
Operations
Percentage of Direct/Indirect Economic Interest in VIEs			100%
Weibo HK
Operations
Percentage of Direct/Indirect Economic Interest			100%
Weibo Technology
Operations
Percentage of Direct/Indirect Economic Interest			100%
Wb Online
Operations
Percentage of Direct/Indirect Economic Interest			100%
Weishichangmeng
Operations
Percentage of Direct/Indirect Economic Interest			100%

Operations - Assets, Liabilitie

Operations - Assets, Liabilities, Statement of Operations and Cash Flows (Details) $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020 CNY (¥) director	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Operations
Costs and allocated expenses from SINA		$ 47,178	$ 38,270	$ 43,011
Interest-free loans to the VIE's shareholders		84,800	92,000
VIEs and VIEs' subsidiaries accumulated deficit		(150,800)	(132,500)
Assets and liabilities of the VIEs and their subsidiaries
Cash and cash equivalents		2,690,768	2,423,703
Short-term investments		480,428	711,062
Accounts receivable		502,443	723,089
Prepaid expenses and other current assets		391,502	450,726
Property and equipment, net		249,553	68,396
Operating lease assets		190,368	60,519
Intangible assets, net		124,856
Goodwill		120,151	130,405	61,712	$ 28,989
Long-term investments		993,630	1,207,651	1,179,466	1,027,459
Other non-current assets		30,269	11,558
Total assets		7,129,454	7,519,522
Accounts payable		161,029	197,643
Accrued and other liabilities		913,984	821,033
Income taxes payable		55,282	144,747
Deferred revenues		79,949	91,136
Operating lease liability		65,404
Deferred tax liability		41,694	66,903
Other non-current liabilities			15,123
Total liabilities		3,738,914	3,831,502
Redeemable non-controlling interests		14,495	27,577
Total shareholders' equity		3,344,745	3,621,398	2,828,616	$ 2,281,819
Total liabilities, redeemable non-controlling interests and shareholders' equity		7,129,454	7,519,522
Results of operations of the VIEs and their subsidiaries
Net revenues (no revenues from entities within the Group)		1,836,332	2,257,083	1,689,931
Net loss		85,555	428,319	313,364
Cash flows of the VIE and its subsidiary
Net cash provided by (used in) operating activities		564,104	814,020	741,646
Net cash used in investing activities		(33,014)	(423,960)	(1,214,315)
Net cash provided by financing activities		(91,141)	189,442	741,963
Contractual Arrangements with the VIE
Assets, except for registered capital of VIEs, that can only be used to settle obligations of the respective VIEs		0
Registered capital and non-distributable reserve funds of VIE and its subsidiaries		$ 228,000	241,400
Term of loan agreements		10 years
Term of trademark license agreements		1 year
Service fees revenue charged to VIE		$ 745,100	1,026,200	766,800
Weimeng
Contractual Arrangements with the VIE
Equity interest (in percentage)		99%
New Weimeng Shareholder
Minority Investment In Weimeng
Sale of subsidiaries' shares to non-controlling interests | ¥	¥ 10.7
Percentage of enlarged registered capital invested	1%
Number of member of board of directors the entity has right to appoint | director	3
Consolidated VIEs
Operations
Costs and allocated expenses from SINA		$ 4,200	3,400	8,700
Assets and liabilities of the VIEs and their subsidiaries
Cash and cash equivalents		657,578	183,543
Short-term investments		53,822	110,472
Accounts receivable		467,083	650,278
Prepaid expenses and other current assets		179,516	160,722
Amount due from SINA		17,908	36,211
Property and equipment, net		1,641	1,812
Operating lease assets		25,776	28,049
Intangible assets, net		124,856	166,930
Goodwill		120,151	130,405
Long-term investments		327,423	439,922
Other non-current assets		295,500	352,008
Total assets		2,271,254	2,260,352
Accounts payable		97,269	129,498
Accrued and other liabilities		405,979	480,866
Income taxes payable		25,055	41,882
Deferred revenues		45,433	57,348
Amount due to the subsidiaries of the Group		1,676,499	1,462,242
Operating lease liability		26,756	28,022
Deferred tax liability		28,665	39,637
Other non-current liabilities			15,122
Total liabilities		2,305,656	2,254,617
Redeemable non-controlling interests		45,795	66,622
Total shareholders' equity		(80,197)	(60,887)
Total liabilities, redeemable non-controlling interests and shareholders' equity		2,271,254	2,260,352
Results of operations of the VIEs and their subsidiaries
Net revenues (no revenues from entities within the Group)		1,540,585	1,821,294	1,319,080
Net loss		(18,356)	(36,406)	(129,126)
Cash flows of the VIE and its subsidiary
Net cash provided by (used in) operating activities		(136,442)	335,940	157,262
Net cash used in investing activities		410,164	(583,397)	(272,958)
Net cash provided by financing activities		$ 226,938	156,997	290,234
Weimeng
Minority Investment In Weimeng
Percentage of equity interests the entity will not be able to purchase or have the New Weimeng Shareholder pledge		1%
Percentage of equity interests for which the authorization of voting rights will not be granted to entity		1%
Percentage of equity interests issued		1%
Revision of prior period error correction adjustment | Consolidated VIEs
Cash flows of the VIE and its subsidiary
Net cash provided by (used in) operating activities			145,600
Costs of revenues
Operations
Costs and allocated expenses from SINA		$ 17,255	14,749	19,462
Sales and marketing
Operations
Costs and allocated expenses from SINA		1,953	3,319	5,966
Product development
Operations
Costs and allocated expenses from SINA		12,192	10,083	10,505
General and administrative
Operations
Costs and allocated expenses from SINA		$ 15,778	$ 10,119	$ 7,078

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues			$ 1,836,332	$ 2,257,083	$ 1,689,931
Revenue recognized that was included in the deferred revenue			56,100	126,500	91,500
Costs and Expenses
Taxes on advertising and marketing revenues				28,700	24,600
Sales and Marketing Expenses
Advertising and promotional expenses			$ 310,400	418,000	330,900
Options
Stock-based compensation
Vesting period			4 years
Service-based restricted share units
Stock-based compensation
Vesting period			4 years
Revenues from advertisers signing contracts with the Group directly
Revenues:
Revenues			$ 356,503	478,874	416,270
Revenues from advertising agencies
Revenues:
Revenues			1,240,147	1,501,921	1,069,885
Advertising and Marketing
Revenues:
Revenues			$ 1,596,650	1,980,795	1,486,155
Costs and Expenses
Cultural business construction fees (as a percent)	1.50%	3%	3%
Advertising and Marketing | Maximum
Revenues:
Period over social display ad arrangements allow customers to place advertisements on particular areas of the Group's platform in particular formats			3 months
Value-added services
Revenues:
Revenues			$ 239,682	$ 276,288	$ 203,776

Significant Accounting Polici_5

Significant Accounting Policies - Lease (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies
Operating lease asset	$ 190,368	$ 60,519
Operating lease liability	$ 65,404

Significant Accounting Polici_6

Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property and equipment
Depreciation expenses	$ 33.2	$ 32.8	$ 26.5
Computers and equipment | Minimum
Property and equipment
Estimated useful lives of assets	3 years
Computers and equipment | Maximum
Property and equipment
Estimated useful lives of assets	4 years
Furniture and fixtures
Property and equipment
Estimated useful lives of assets	5 years

Significant Accounting Polici_7

Significant Accounting Policies - Intangible Assets Other Than Goodwill, Foreign Currency and Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Foreign currency
Currency translation adjustments	$ (261,729)	$ 78,196	$ 148,547
Net foreign currency transaction loss	$ 67,000
Segment reporting
Number of principal business segments | segment	2
Minimum
Intangible assets other than goodwill
Estimated useful lives of intangible assets	3 years
Maximum
Intangible assets other than goodwill
Estimated useful lives of intangible assets	10 years

Significant Accounting Polici_8

Significant Accounting Policies - Concentration of Risks (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) customer Agency	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Concentration of risks
Cash, cash equivalents and short-term investments	$ 3,171,196	$ 3,134,765
Accounts receivable	502,443	723,089
Current liabilities denominated in RMB	$ 1,219,938	2,159,019
Percentage of cash and cash equivalents held financial institution	30%
Percentage of short term investments held financial institution	23%
Cash Cash Equivalents And Short Term Investments | Concentration of credit risk | China
Concentration of risks
Cash, cash equivalents and short-term investments	$ 2,500,000	2,500,000
Cash Cash Equivalents And Short Term Investments | Concentration of foreign currency risks | RMB
Concentration of risks
Cash, cash equivalents and short-term investments	$ 1,816,800	$ 1,485,100
Percentage of benchmark derived from specified source	57%	47%
Consolidated net revenues benchmark | Customer concentration risk
Concentration of risks
Other customers or advertising agencies accounting for 10% or more of the Group's revenues | customer	0
Consolidated net revenues benchmark | Customer concentration risk | Alibaba
Concentration of risks
Percentage of benchmark derived from specified source	6%	6%	9%
Consolidated net accounts receivables benchmark | Concentration of credit risk | Alibaba
Concentration of risks
Percentage of benchmark derived from specified source	15%	12%
Consolidated net accounts receivables benchmark | Concentration of foreign currency risks | RMB
Concentration of risks
Accounts receivable	$ 502,400	$ 723,100
Current liabilities | Concentration of foreign currency risks | RMB
Concentration of risks
Current liabilities denominated in RMB	$ 971,600	$ 1,224,600
Percentage of benchmark derived from specified source	80%	57%
Current liabilities | Concentration of foreign currency risks | RMB | Convertible notes
Concentration of risks
Current liabilities denominated in RMB	$ 900,000
Advertising and Marketing | Consolidated net revenues benchmark | Customer concentration risk | Top 10 advertising agencies | China
Concentration of risks
Number of advertising agencies | Agency	10
Percentage of benchmark derived from specified source	42%	35%	32%

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents:
Cash	$ 2,690,768	$ 2,423,703
Short-term investments:
Bank time deposits	268,233	603,838
Wealth management products	212,195	107,224
Subtotal	480,428	711,062
Total cash, cash equivalents and short-term investments	3,171,196	3,134,765
Interest income	105,434	77,280	$ 85,829
Interest income on Cash, Cash Equivalents and Short term Investments	$ 87,200	$ 46,100	$ 52,300
Maximum maturity period of time deposits and wealth management products	1 year

Long-term Investments - Changes

Long-term Investments - Changes in Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term investments
Balance at the beginning of the year	$ 1,207,651	$ 1,179,466	$ 1,027,459
Investments made/transfers from prepayments	151,332	278,968	258,350
Income (Loss) from equity method investments, net	(24,069)	14,217	10,434
Dividend received from equity method investments	(5,772)	(11,695)	(320)
Disposal of investments	(36,267)	(80,613)	(50,401)
Changes from measurement alternative to consolidation (Note 6)		(66,415)
Impairment on investments	(63,515)	(106,800)	(126,820)
Fair value change through earnings (including adjustment of subsequent price changes)	(243,619)	(72,787)	35,115
Fair value change through earnings	(196,602)	(13,439)
Currency translation adjustment	(39,128)	13,962	25,649
Balance at the end of year	993,630	1,207,651	1,179,466
Equity Securities Without Readily Determinable Fair Values
Long-term investments
Balance at the beginning of the year	268,716	579,084	558,602
Investments made/transfers from prepayments	36,423	96,768	134,925
Disposal of investments	(29,974)	(75,667)	(2,067)
Changes from measurement alternative to consolidation (Note 6)		(66,415)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values		(142,000)
Impairment on investments	(63,515)	(106,800)	(126,820)
Fair value change through earnings (including adjustment of subsequent price changes)			(2,462)
Fair value change through earnings		(23,316)
Currency translation adjustment	(15,071)	7,062	16,906
Balance at the end of year	196,579	268,716	579,084
Equity Method Investment
Long-term investments
Balance at the beginning of the year	502,783	311,161	199,379
Investments made/transfers from prepayments	114,909	182,200	92,925
Income (Loss) from equity method investments, net	(24,069)	14,217	10,434
Dividend received from equity method investments	(5,772)	(11,695)	(320)
Disposal of investments	(6,293)
Currency translation adjustment	(24,057)	6,900	8,743
Balance at the end of year	557,501	502,783	311,161
Equity Securities With Readily Determinable Fair Values
Long-term investments
Balance at the beginning of the year	436,152	289,221	269,478
Investments made/transfers from prepayments			30,500
Disposal of investments		(4,946)	(48,334)
Reclassification of equity investment without readily determinable fair values to those with readily determinable fair values		142,000
Fair value change through earnings (including adjustment of subsequent price changes)			37,577
Fair value change through earnings	(196,602)	9,877
Balance at the end of year	$ 239,550	$ 436,152	$ 289,221

Long-term Investments (Details)

Long-term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Investments
Investments made/transferred from prepayments	$ 151,332	$ 278,968	$ 258,350
Cost Method Or Without Readily Determinable Fair Values
Long-term Investments
Investments made/transferred from prepayments	36,423	96,768	134,925
Cost Method Or Without Readily Determinable Fair Values | Private companies
Long-term Investments
Investments made/transferred from prepayments	36,400	96,800	134,900
Cost Method Or Without Readily Determinable Fair Values | Wuta application
Long-term Investments
Investment fund invested		39,500
Fair value change loss for equity interest previously held by Group immediately before step acquisition		27,600
Cost Method Or Without Readily Determinable Fair Values | A financing guarantee company
Long-term Investments
Investments made/transferred from prepayments			46,800
Cost Method Or Without Readily Determinable Fair Values | A commercial search business
Long-term Investments
Investments made/transferred from prepayments			30,600
Cost Method Or Without Readily Determinable Fair Values | A company providing consumer finance services
Long-term Investments
Investments made/transferred from prepayments		20,000
Equity Method Investment
Long-term Investments
Investments made/transferred from prepayments	$ 114,909	$ 182,200	$ 92,925

Long-term Investments - Carryin

Long-term Investments - Carrying Value of Equity Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Total carrying value of the equity securities
Initial cost basis	$ 662,460	$ 656,011
Upward adjustments	85,710	85,710
Downward adjustments	(554,013)	(490,498)
Impairment	(14,200)
Foreign currency translation	2,422	17,493
Total carrying value at the end of the period	$ 196,579	$ 268,716

Long-term Investments - Additio

Long-term Investments - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Long-term Investments
Intangible assets writeoff	$ 15,400
Impairment charges	14,200
Equity securities with readily determinable market value	239,550	$ 436,152
Showworld
Long-term Investments
Fair value change gain (loss)		1,000
Equity securities with readily determinable market value	144,337	287,044
Didi
Long-term Investments
Fair value change gain (loss)	(142,700)
Equity securities with readily determinable market value	95,213	149,108	$ 142,000
Cost Method Or Without Readily Determinable Fair Values
Long-term Investments
Impairment	63,500	106,800
Cost Method Or Without Readily Determinable Fair Values | Yixia Tech
Long-term Investments
Impairment		75,300
Equity Method Investment
Long-term Investments
Equity securities with readily determinable market value	$ 53,900	$ 7,100

Long-term Investments - Carry_2

Long-term Investments - Carrying Amount and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Carrying amount and fair value of the marketable security
Cost Basis	$ 223,385	$ 223,385
Gross Unrealized Gains	62,952	212,767
Gross Unrealized Losses	(46,787)	0
Fair Value	239,550	436,152
Showworld
Carrying amount and fair value of the marketable security
Cost Basis	81,385	81,385
Gross Unrealized Gains	62,952	205,659
Gross Unrealized Losses	0	0
Fair Value	144,337	287,044
Didi
Carrying amount and fair value of the marketable security
Cost Basis	142,000	142,000
Gross Unrealized Gains		7,108
Gross Unrealized Losses	(46,787)	0
Fair Value	$ 95,213	$ 149,108	$ 142,000

Long-term Investments - Impairm

Long-term Investments - Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Investments
Investment-related impairment and provision	$ 71,081	$ 106,800	$ 211,985
Intangible assets writeoff	15,400
Impairment charges	$ 14,200
Equity Method Investment [Member]
Long-term Investments
Other impairments		30,700
A game company | Equity Method Investment [Member]
Long-term Investments
Investment-related impairment and provision			39,300
Loans to investees
Long-term Investments
Investment-related impairment and provision		82,200
Yixia Tech | Cost Method Or Without Readily Determinable Fair Values [Member]
Long-term Investments
Investment-related impairment and provision		$ 75,300
Investee in e-commerce business | Cost Method Or Without Readily Determinable Fair Values [Member]
Long-term Investments
Investment-related impairment and provision			$ 59,800

Long-term Investments - Equity

Long-term Investments - Equity method investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating data:
Net income (loss)	$ 97,809	$ 411,877	$ 314,597
Net income (loss) attributable to the investees	85,555	428,319	313,364
Balance sheet data:
Current assets	4,552,258	4,802,780
Current liabilities	1,219,938	2,159,019
Long-term Liabilities	2,518,976	1,672,483
Equity Method Investment
Operating data:
Revenue	158,110	225,356	114,938
Gross profit	129,393	206,457	102,145
Income (loss) from operations	(195,636)	243,516	26,679
Net income (loss)	(200,042)	247,808	23,754
Net income (loss) attributable to the investees	(200,042)	247,808	$ 23,754
Balance sheet data:
Current assets	904,956	884,765
Non-current assets	2,417,452	2,341,307
Current liabilities	683,626	602,275
Long-term Liabilities	$ 119	$ 9,789

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of lease cost
Operating lease cost	$ 13,949	$ 7,625	$ 4,902
Short-term lease cost	2,631	4,776	3,167
Variable lease cost	5,348	5,287	4,479
Total lease cost	21,928	17,688	12,548
Cash paid for amounts included in the measurement of lease liabilities:
Cash paid for operating leases	(12,877)	(8,948)	(5,522)
Operating lease assets obtained in exchange for operating lease liabilities	19,728	$ 65,459	$ 1,675
Maturities of lease liabilities under operating leases, Twelve Months Ended June 30,
2023	13,013
2024	13,476
2025	12,903
2026	11,912
2027	3,557
Thereafter	28,853
Total future payments for recognized leasing assets	83,714
Less: imputed interest	18,310
Total lease liabilities	$ 65,404
Average remaining lease term	10 years 6 months
Weighted-average discount rate (as a percent)	5%
Lease contracts that has been entered into but not yet commenced	$ 0

Goodwill, Intangible Assets a_3

Goodwill, Intangible Assets and Acquisitions - Allocation of Consideration (Details) $ in Thousands, ¥ in Billions						1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 23, 2022 USD ($)	Dec. 23, 2022 CNY (¥)	Aug. 01, 2021 USD ($)	May 01, 2021 USD ($)	Oct. 31, 2020 USD ($)	Aug. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 USD ($)
Business combination allocated based on fair value of the assets and the liabilities
Goodwill								$ 120,151	$ 61,712	$ 130,405	$ 28,989
Identifiable intangible assets acquired on acquisition date								200
Assets								7,129,454		7,519,522
Liabilities								3,738,914		3,831,502
Operating lease asset								190,368		$ 60,519
Impairment charges								$ 10,200
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]								Goodwill and Intangible Asset Impairment
Sina.com Technology China Co., Ltd.
Business combination allocated based on fair value of the assets and the liabilities
Assets								$ 340,500
Liabilities								281,100
Additional paid in capital								159,000
Sina.com Technology China Co., Ltd. | Land
Business combination allocated based on fair value of the assets and the liabilities
Operating lease asset								125,800
Sina.com Technology China Co., Ltd. | Office building
Business combination allocated based on fair value of the assets and the liabilities
Assets								$ 170,600
Maximum
Acquisitions, Goodwill and Intangible Assets
Estimated useful lives of intangible assets								10 years
Minimum
Acquisitions, Goodwill and Intangible Assets
Estimated useful lives of intangible assets								3 years
JM Tech
Acquisitions, Goodwill and Intangible Assets
Aggregate consideration					$ 218,590
Business combination allocated based on fair value of the assets and the liabilities
Consideration					218,590
Redeemable non-controlling interest					55,192
Non-controlling interest					16,133
Short-term investments acquired					155,205
Other assets acquired					26,087
Goodwill					30,075
Liabilities assumed					(45,648)
Total					289,915
Revenue increase due to acquisition									11,500
Net income increase due to business acquisition									$ 7,200
Identifiable intangible assets acquired on acquisition date					$ 124,196
JM Tech | Maximum
Acquisitions, Goodwill and Intangible Assets
Estimated useful lives of intangible assets					10 years
JM Tech | Minimum
Acquisitions, Goodwill and Intangible Assets
Estimated useful lives of intangible assets					4 years
Wuta application
Acquisitions, Goodwill and Intangible Assets
Aggregate consideration				$ 39,540
Business combination allocated based on fair value of the assets and the liabilities
Consideration				39,540
Fair value of previously held equity interest				26,875
Non-controlling interest				10,811
Cash and short-term investments acquired				5,786
Other assets acquired				6,801
Goodwill				51,034
Liabilities assumed				(2,890)
Total				77,226
Equity interest acquired (in percent)							51.20%
Equity interest held							34.80%
Cash consideration							$ 39,500
Identifiable intangible assets acquired on acquisition date				$ 16,495			$ 16,500
Wuta application | Maximum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives							10 years
Wuta application | Minimum
Business combination allocated based on fair value of the assets and the liabilities
Identifiable intangible assets acquired, estimated lives							3 years
E-sports team
Acquisitions, Goodwill and Intangible Assets
Aggregate consideration			$ 30,953
Business combination allocated based on fair value of the assets and the liabilities
Consideration			30,953
Goodwill			14,745
Liabilities assumed			(3,066)
Total			30,953
Identifiable intangible assets acquired on acquisition date			$ 19,274			$ 19,300
Identifiable intangible assets acquired, estimated lives						10 years
Sina.com Technology (China) Co., Ltd
Acquisitions, Goodwill and Intangible Assets
Aggregate consideration	$ 218,400	¥ 1.5
Business combination allocated based on fair value of the assets and the liabilities
Consideration	$ 218,400	¥ 1.5
Equity interest acquired (in percent)	100%	100%
Percentage of fair value of the gross assets acquired	90%	90%
Wuta application
Business combination allocated based on fair value of the assets and the liabilities
Total equity interest				86%

Goodwill, Intangible Assets a_4

Goodwill, Intangible Assets and Acquisitions - Changes in the Group's Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in the Group's goodwill by segment
Balance at the beginning of the year	$ 130,405	$ 61,712	$ 28,989
Currency translation adjustment	(10,254)	2,914	2,648
Balance at the end of the year	120,151	130,405	61,712
JM Tech
Changes in the Group's goodwill by segment
Acquisition			30,075
Wuta application
Changes in the Group's goodwill by segment
Acquisition		51,034
E-sports team
Changes in the Group's goodwill by segment
Acquisition		14,745
Advertising and Marketing
Changes in the Group's goodwill by segment
Balance at the beginning of the year	83,746	30,899	28,989
Currency translation adjustment	(6,585)	1,813	1,910
Balance at the end of the year	77,161	83,746	30,899
Advertising and Marketing | JM Tech
Changes in the Group's goodwill by segment
Acquisition			0
Advertising and Marketing | Wuta application
Changes in the Group's goodwill by segment
Acquisition		51,034
Advertising and Marketing | E-sports team
Changes in the Group's goodwill by segment
Acquisition		0
Value-added services
Changes in the Group's goodwill by segment
Balance at the beginning of the year	46,659	30,813	0
Currency translation adjustment	(3,669)	1,101	738
Balance at the end of the year	$ 42,990	46,659	30,813
Value-added services | JM Tech
Changes in the Group's goodwill by segment
Acquisition			$ 30,075
Value-added services | Wuta application
Changes in the Group's goodwill by segment
Acquisition		0
Value-added services | E-sports team
Changes in the Group's goodwill by segment
Acquisition		$ 14,745

Goodwill, Intangible Assets a_5

Goodwill, Intangible Assets and Acquisitions - Intangible assets arising from acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquired finite-lived intangible assets
Cost	$ 169,073	$ 205,083
Accumulated Amortization	(44,001)	(38,153)
Intangible assets, net	125,072	166,930
Game related
Acquired finite-lived intangible assets
Cost	140,328	150,371
Accumulated Amortization	(30,029)	(16,649)
Intangible assets, net	110,299	133,722
Technology
Acquired finite-lived intangible assets
Cost	2,808	10,172
Accumulated Amortization	(2,596)	(5,494)
Intangible assets, net	212	4,678
Trademark and Domain name
Acquired finite-lived intangible assets
Cost	12,892	20,078
Accumulated Amortization	(4,280)	(4,458)
Intangible assets, net	8,612	15,620
Supplier-relationship
Acquired finite-lived intangible assets
Cost		10,538
Accumulated Amortization		(6,961)
Intangible assets, net		3,577
Others
Acquired finite-lived intangible assets
Cost	13,045	13,924
Accumulated Amortization	(7,096)	(4,591)
Intangible assets, net	$ 5,949	$ 9,333

Goodwill, Intangible Assets a_6

Goodwill, Intangible Assets and Acquisitions - Future Amortization Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill, Intangible Assets and Acquisitions
Amortization expense	$ 21,500	$ 22,200	$ 5,700
Future estimated amortization expenses
2023	19,026
2024	18,914
2025	15,049
2026	15,137
2027	14,852
Thereafter	41,878
Total expected amortization expense	124,856
Identifiable intangible assets acquired	$ 200

Stock-Based Compensation - Ince

Stock-Based Compensation - Incentive Plan Details (Details) - shares shares in Thousands		1 Months Ended	12 Months Ended
	Jan. 01, 2015	Mar. 31, 2014	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation
Number of additional shares for the plan			0	0	0
Stock based compensation, amortization period			4 years
Performance-based restricted shares
Stock-Based Compensation
Stock based compensation, amortization period			1 year
2014 Plan
Stock-Based Compensation
Ordinary shares reserved for issuance		4,600
Number of additional shares for the plan		1,000
Term of share incentive plan	10 years
One-time percentage increase on January 1, 2015 for maximum aggregate number of shares which may be issued (as a percent)	10%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Total	$ 111,713	$ 87,996	$ 67,105
Non-cash stock-based compensation charged through Amount due from SINA	9,300	7,900
Costs of revenues
Stock-based compensation
Total	9,417	8,112	5,384
Sales and marketing
Stock-based compensation
Total	18,910	15,292	9,983
Product development
Stock-based compensation
Total	55,294	43,622	33,093
General and administrative
Stock-based compensation
Total	$ 28,092	$ 20,970	$ 18,645

Stock-Based Compensation - Numb

Stock-Based Compensation - Number of Shares Available for Issuance (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of shares available for issuance
Number of shares available for issuance, beginning		7,435,000	12,495,000	15,104,000
Addition (in shares)		0	0	0
Granted (in shares)		(4,642,000)	(5,752,000)	(3,040,000)
Cancelled/expired/forfeited (in shares)		770,000	692,000	431,000
Number of shares available for issuance, ending		3,563,000	7,435,000	12,495,000	15,104,000
Aggregate Intrinsic Value
Total intrinsic value of options exercised		$ 0	$ 4,000,000	$ 500,000
Fair value per ordinary share (in dollars per share)		$ 19.12	$ 30.98
Cash received from the exercise of stock option		$ 0	$ 1,313,000	$ 122,000
Unrecognized compensation cost		$ 20,500,000	$ 3,200,000
Expected weighted-average recognition period for unrecognized compensation cost		3 years 1 month 6 days
2014 Plan
Number of shares available for issuance
Addition (in shares)	1,000,000
Employee and Non-Employee stock options
Options Outstanding
Outstanding at the beginning of the year (in shares)		387,000	551,000	89,000
Granted (in shares)		2,750,000	0	482,000
Exercised (in shares)		0	(105,000)	(16,000)
Cancelled/expired/forfeited (in shares)		(118,000)	(59,000)	(4,000)
Outstanding at the end of the year (in shares)		3,019,000	387,000	551,000	89,000
Vested and expected to vest at the end of the year (in shares)		2,752,000	351,000
Exercisable at the end of the year (in shares)		172,000	82,000
Weighted Average Exercise Price
Outstanding at the beginning of the year (in dollars per share)		$ 32.68	$ 28.85	$ 3.49
Granted (in dollars per share)		21.15	0	32.68
Exercised (in dollars per share)		0	12.70	3.47
Cancelled/expired/forfeited (in dollars per share)		24.12	32.68	30.96
Outstanding at the end of the year (in dollars per share)		22.51	32.68	$ 28.85	$ 3.49
Vested and expected to vest at the end of the year (in dollars per share)		22.54	32.68
Exercisable at the end of the year (in dollars per share)		$ 32.68	$ 32.68
Weighted Average Remaining Contractual Life (In years)
Outstanding at the end of the year		6 years	5 years 7 months 6 days	5 years 9 months 18 days	8 months 12 days
Vested and expected to vest at the end of the year		6 years	5 years 7 months 6 days
Exercisable at the end of the year		4 years 7 months 6 days	5 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding at the end of the year				$ 6,683,000	$ 3,799,000
Options granted		2,750,000	0	482,000
Employee and Non-Employee stock options | 2014 Plan
Options Outstanding
Granted (in shares)		2,800,000	0	500,000
Aggregate Intrinsic Value
Options granted		2,800,000	0	500,000
Restricted share units | 2014 Plan
Aggregate Intrinsic Value
Restricted shares units granted (in shares)		1,800,000	5,800,000	2,500,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activities (Details) - Employee and Non-Employee stock options - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Range of Exercise Prices
Options Outstanding (in shares)	3,019
Weighted Average Exercise Price (in dollars per share)	$ 22.51
Options Exercisable (in shares)	172
Weighted Average Exercise Price (in dollars per share)	$ 32.68
Weighted Average Remaining Contractual Life (In years)	6 years
$32.68
Range of Exercise Prices
Exercise prices, outstanding stock option awards, high end of range (in dollars per share)	$ 32.68	$ 32.68
Options Outstanding (in shares)	356	387
Weighted Average Exercise Price (in dollars per share)	$ 32.68	$ 32.68
Options Exercisable (in shares)	172	82
Weighted Average Exercise Price (in dollars per share)	$ 32.68	$ 32.68
Weighted Average Remaining Contractual Life (In years)	4 years 7 months 6 days	5 years 7 months 6 days
$21.15
Range of Exercise Prices
Exercise prices, outstanding stock option awards, low end of range (in dollars per share)	$ 21.15
Options Outstanding (in shares)	2,663
Weighted Average Exercise Price (in dollars per share)	$ 21.15
Options Exercisable (in shares)	0
Weighted Average Exercise Price (in dollars per share)	$ 0
Weighted Average Remaining Contractual Life (In years)	6 years 2 months 12 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Share Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-Average Grant Date Fair Value
Expected weighted-average recognition period for unrecognized compensation cost	3 years 1 month 6 days
Performance-Based Restricted Share Units without Market Condition
Shares Granted
Outstanding at the beginning of the period (in shares)	11,000	17,000	59,000
Awarded (in shares)	0	15,000	46,000
Vested (in shares)	(9,000)	(2,000)	(54,000)
Cancelled (in shares)	(2,000)	(19,000)	(34,000)
Outstanding at the end of the period (in shares)	0	11,000	17,000
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 54.17	$ 36.49	$ 61.17
Awarded (in dollars per share)	0	54.08	36.49
Vested (in dollars per share)	54.17	38.78	60.16
Cancelled (in dollars per share)	54.17	40.63	36.49
Outstanding at the end of the period (in dollars per share)	$ 0	$ 54.17	$ 36.49
Unrecognized compensation cost	$ 0	$ 0
Number of shares vested	9,000	2,000	54,000
Performance-Based Restricted Share Units with Market Condition
Shares Granted
Outstanding at the beginning of the period (in shares)	0
Awarded (in shares)	1,640,000
Vested (in shares)	0
Cancelled (in shares)	0
Outstanding at the end of the period (in shares)	1,640,000	0
Weighted-Average Grant Date Fair Value
Awarded (in dollars per share)	$ 8.43
Outstanding at the end of the period (in dollars per share)	$ 8.43
Unrecognized compensation cost	$ 4.7
Expected weighted-average recognition period for unrecognized compensation cost	4 months 24 days
Number of shares vested	0
Service Based Restricted Stock Units RSU
Shares Granted
Outstanding at the beginning of the period (in shares)	7,839,000	4,324,000	3,512,000
Awarded (in shares)	252,000	5,737,000	2,512,000
Vested (in shares)	(2,330,000)	(1,608,000)	(1,307,000)
Cancelled (in shares)	(651,000)	(614,000)	(393,000)
Outstanding at the end of the period (in shares)	5,110,000	7,839,000	4,324,000
Weighted-Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 45.37	$ 41.86	$ 50.89
Awarded (in dollars per share)	20.59	47.95	33.50
Vested (in dollars per share)	47.09	45.66	49.12
Cancelled (in dollars per share)	42.69	44.02	44.96
Outstanding at the end of the period (in dollars per share)	$ 43.71	$ 45.37	$ 41.86
Unrecognized compensation cost	$ 162	$ 275.7
Expected weighted-average recognition period for unrecognized compensation cost	2 years 6 months
Number of shares vested	2,330,000	1,608,000	1,307,000
Total fair value vested	$ 109.7	$ 73.4	$ 64.2

Other Balance Sheets Componen_3

Other Balance Sheets Components - Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net:
Accounts receivable due from third parties, gross	$ 416,125	$ 620,632
Total gross amount	540,623	765,739
Allowance for credit losses:
Balance at the beginning of the year	(42,650)	(35,156)	$ (36,594)
Additional provision charged to expenses, net	(4,440)	(19,702)	(53,124)
Write-off	8,910	12,208	54,562
Balance at the end of the year	(38,180)	(42,650)	$ (35,156)
Accounts receivable, net	502,443	723,089
Alibaba
Accounts receivable, net:
Accounts receivable due from related parties, gross	75,347	89,344
Allowance for credit losses:
Balance at the beginning of the year	0
Balance at the end of the year	0	0
Other related parties
Accounts receivable, net:
Accounts receivable due from related parties, gross	49,151	55,763
Allowance for credit losses:
Balance at the beginning of the year	0
Balance at the end of the year	$ (555)	$ 0

Other Balance Sheets Componen_4

Other Balance Sheets Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid expenses and other current assets:
Rental and other deposits	$ 1,583	$ 1,949
Deductible value-added taxes	3,865	3,063
Investment prepayment	30,938	0
Proceeds receivable from disposal of investments	13,371	0
Loans to and interest receivable from other related parties (Note 10)	110,000	219,679
Loans to and interest receivable from third parties	136,683	137,024
Advertising prepayment	9,126	12,011
Prepayment to outsourced service providers	3,479	3,776
Amounts deposited by users	52,216	53,997
Content fees	15,859	1,695
Others	14,382	17,532
Prepaid expenses and other current assets	$ 391,502	$ 450,726

Other Balance Sheets Componen_5

Other Balance Sheets Components - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property and equipment, net:
Property and equipment, gross	$ 467,056	$ 205,594
Less: Accumulated depreciation	(217,503)	(137,198)
Property and equipment, net	249,553	68,396
Office building
Property and equipment, net:
Property and equipment, gross	196,223	0
Office building related facilities
Property and equipment, net:
Property and equipment, gross	3,298	0
Computers and equipment
Property and equipment, net:
Property and equipment, gross	228,599	188,476
Leasehold improvements
Property and equipment, net:
Property and equipment, gross	13,064	7,331
Furniture and fixtures
Property and equipment, net:
Property and equipment, gross	8,139	2,554
Other
Property and equipment, net:
Property and equipment, gross	$ 17,733	$ 7,233

Other Balance Sheets Componen_6

Other Balance Sheets Components - Other non-current assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment related deposits	$ 373,252	$ 366,067
Loans to and interest receivable from a related parties (Note 10)	454,912	480,786
Prepayment to assets noncurrent	0	133,734
Wealth management products, long-term	0	50,159
Deferred tax assets	39,989	40,537
Others	30,269	11,558
Other non-current assets	898,422	$ 1,082,841
Sina.com Technology China Co., Ltd. | Office building
Prepayment to assets noncurrent	$ 153,600

Other Balance Sheets Componen_7

Other Balance Sheets Components - Accrued and other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued and other liabilities:
Payroll and welfare	$ 156,274	$ 170,534
Marketing expenses	74,093	82,471
Sales rebates	266,455	359,813
Professional fees	8,836	7,791
VAT and other tax payable	51,037	53,589
Amounts due to users	52,216	53,997
Payable to SINA for the acquisition of the equity of STC	218,402	0
Unpaid consideration for acquisitions	687	6,293
Unpaid consideration for investment	4,320	441
Proceeds received in advance from disposal of investment	14,496	0
Interest payable for convertible debt, unsecured senior notes and long-term loans	28,257	27,579
Listing expenses payable	933	9,347
Others	37,978	49,178
Accrued and other liabilities	913,984	821,033
Investment related deposits	373,252	366,067
Prepayment to assets noncurrent	$ 0	133,734
Loss on wealth management products		59,300
Remaining fair value of wealth management products		50,200
Sina.com Technology (China) Co., Ltd
Accrued and other liabilities:
Equity method ownership percentage	100%
A micro loan company
Accrued and other liabilities:
Investment related deposits	$ 71,800	77,900
Game Company [Member]
Accrued and other liabilities:
Investment related deposits	$ 249,400	$ 269,100

Income Taxes (Details)

Income Taxes (Details) $ / shares in Units, $ in Millions, ¥ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($) jurisdiction $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)	Dec. 31, 2022 CNY (¥)
Income taxes
Number of taxable jurisdictions | jurisdiction	2
Components of income before income taxes
Loss from non-China operations	$ (422,860,000)	$ (232,830,000)	$ (57,031,000)
Income from China operations	550,946,000	783,548,000	432,944,000
Income before income tax expenses	128,086,000	550,718,000	375,913,000
Income tax expense (benefits) applicable to non-China operations	$ 30,277,000	$ 138,841,000	$ 61,316,000
Effective tax rate for the Group	23.60%	25.20%	16.30%
Percentage research and development expenses	150%		175%	175%	175%
Composition of income tax expenses for China operations
Current income tax expenses	$ 55,098,000	$ 151,319,000	$ 77,043,000
Deferred tax benefits	(24,821,000)	(12,478,000)	(15,727,000)
Income tax expenses	$ 30,277,000	$ 138,841,000	$ 61,316,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate	25%	25%	25%
Effect on tax holiday and preferential tax treatment (as a percent)	(29.70%)	(13.10%)	(24.10%)
Research and development super-deduction (as a percent)	(21.10%)	(7.50%)	(3.50%)
Non-deductible expenses and non-taxable income and others (as a percent)	(30.10%)	9.20%	(0.60%)
Change in valuation allowance (as a percent)	8.20%	0.70%	14.90%
Tax rate difference from statutory rate in other jurisdictions (as percent)	71.30%	10.90%	4.60%
Deferred tax assets:
Net operating loss carry forwards	$ 18,289,000	$ 7,875,000
Valuation allowance	(18,289,000)	(7,875,000)
Investment-related impairment	52,363,000	51,226,000
Depreciation, accounts receivable, accrued and other liabilities	73,557,000	75,527,000
Valuation allowance	(85,931,000)	(86,216,000)
Net deferred tax assets	39,989,000	40,537,000
Deferred tax liabilities:
Acquired intangible assets	27,435,000	36,471,000
Depreciation	1,731,000	1,662,000
Unrealized investment-related gain	12,414,000	28,454,000
Others	114,000	316,000
Total deferred tax liabilities	41,694,000	66,903,000
Valuation allowance on deferred tax assets	104,200,000	94,100,000
Interest and penalties related to uncertain tax positions	0	0
Liability related to uncertain tax positions expected to be recognized	27,900,000
Tax liability related to the uncertain tax positions	$ 21,400,000
State Administration of Taxation, China
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate	25%
Non-China
Components of income before income taxes
Income tax expense (benefits) applicable to non-China operations	$ (14,176,000)	1,355,000	$ 2,852,000
Deferred tax charges from fair value change of investments	14,200,000
Composition of income tax expenses for China operations
Income tax expenses	$ (14,176,000)	1,355,000	2,852,000
Cayman Islands
Components of income before income taxes
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)	0%
Hong Kong
Components of income before income taxes
Withholding profits earned				$ 2	$ 2
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)	0%
Withholding income tax rate for dividend paid to foreign tax resident investors (as a percentage)				8.25%	8.25%
Net operating loss carry forwards		$ 800,000	$ 10,400,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate	16.50%	16.50%	16.50%	16.50%	16.50%
China
Components of income before income taxes
Income tax expense (benefits) applicable to non-China operations	$ 44,453,000	$ 137,486,000	$ 58,464,000
Effective tax rate for the Group	8.10%	17.50%	13.50%
Withholding income tax on dividends distributed by subsidiaries to its immediate holding entity outside China (as a percent)	10%
Maximum percentage of withholding income tax on dividends distributed by subsidiaries to its immediate holding entity in Hong Kong	5%
Percentage of ownership interests held by foreign investors	25%					25%
Percentage of withholding income tax on dividends distributed by PRC subsidiaries to its immediate holding company in Hong Kong	5%
Total undistributed PRC earnings | ¥						¥ 22.4
Composition of income tax expenses for China operations
Income tax expenses	$ 44,453,000	$ 137,486,000	$ 58,464,000
Reconciliation of the statutory tax rate to the effective tax rate
PRC Statutory EIT rate	25%
China | High and New Technology Enterprises
Components of income before income taxes
Preferential statutory rate (as a percent)	15%	15%	15%
Weibo Technology
Reconciliation of the statutory tax rate to the effective tax rate
Preferential tax treatment recognized	$ 37,900,000	$ 72,300,000	$ 90,300,000
Effect of tax exemption and preferential tax on basic net income per share (USD per share) | $ / shares	$ 0.16	$ 0.32	$ 0.40
Weibo Technology | Research and development
Components of income before income taxes
Income tax expense (benefits) applicable to non-China operations	$ 26,900,000	$ (41,400,000)	$ (26,600,000)
Composition of income tax expenses for China operations
Income tax expenses	26,900,000	(41,400,000)	(26,600,000)
Weibo Technology | High and New Technology Enterprises
Reconciliation of the statutory tax rate to the effective tax rate
Effect of preferential tax treatment	$ 26,900,000	$ 55,100,000	$ 55,100,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Costs and allocated expenses from SINA	$ 47,178	$ 38,270	$ 43,011
Related party outstanding balance:
Amount due from SINA	487,117	494,200
Payable to SINA for the acquisition of the equity of STC	(218,402)	0
Loans to and interest receivable from other related parties	110,000	219,679
Loans to and interest receivable from other related parties	454,912	480,786
Total	564,912	700,465
Credits losses on loans	7,600	0
Advertising and marketing revenues from related party	40,500	70,000	46,500
Total revenues	40,500	70,000	46,500
Other revenues generated from related parties	8,100	3,300	3,400
Cost and expenses recognized from transactions with other related parties	32,300	62,600	$ 48,100
Accounts receivable due from other related parties	48,600	55,800
Accounts payable due to other related parties	21,700	44,300
Accrued and other liabilities due to other related parties	6,600	8,300
Prepaid expenses and other current assets
Related party outstanding balance:
Loans to and interest receivable from other related parties	110,000	219,679
Other non-current assets
Related party outstanding balance:
Loans to and interest receivable from other related parties	$ 454,912	$ 480,786
SINA
Related party transactions
Loan agreement term	1 year	1 year	1 year
Loan to SINA	$ 1,261,880	$ 978,162	$ 473,777
Loan repaid by SINA	1,249,476	1,058,574	181,697
Revenue billed through SINA	44,962	68,351	41,754
Revenue from services provided to SINA	31,984	43,170	20,348
Costs and allocated expenses from SINA	47,178	38,270	43,011
Interest income on loans to SINA	14,770	17,943	13,458
Other costs and expenses billed by SINA	37,700	48,000	48,300
Costs and expenses paid by Weibo on behalf of SINA and allocated	600	800
Related party outstanding balance:
Amount due from SINA	487,117	494,200
Payable to SINA for the acquisition of the equity of STC	218,402	0
Loans to and interest receivable from other related parties	420,400	479,600
Advertising and marketing revenues from related party	76,946	111,521	62,102
Total revenues	76,946	111,521	62,102
Alibaba
Related party transactions
Services provided by Alibaba	33,745	44,006	52,338
Related party outstanding balance:
Accounts receivable due from related parties	75,347	89,344
Alibaba | Advertiser
Related party outstanding balance:
Advertising and marketing revenues from related party	106,974	139,561	152,000
Total revenues	106,974	139,561	152,000
Alibaba | Agent
Related party outstanding balance:
Advertising and marketing revenues from related party	223	41,680	36,597
Total revenues	223	41,680	36,597
Company A
Related party outstanding balance:
Loans to and interest receivable from other related parties	0	2,789
Company B
Related party outstanding balance:
Loans to and interest receivable from other related parties	110,000	211,583
Company C
Related party outstanding balance:
Loans to and interest receivable from other related parties	454,912	480,786
Other related parties
Related party outstanding balance:
Accounts receivable due from related parties	48,596	55,763
Loans to and interest receivable from other related parties	$ 0	5,307
Minimum | SINA
Related party outstanding balance:
Annual interest rate	1%
Minimum | Company B
Related party outstanding balance:
Annual interest rate	4%
Maximum | SINA
Related party outstanding balance:
Annual interest rate	4.50%
Maximum | Company B
Related party outstanding balance:
Annual interest rate	5.50%
Advertising and Marketing | SINA
Related party outstanding balance:
Advertising and marketing revenues from related party	$ 56,206	96,359	48,353
Total revenues	56,206	96,359	48,353
Value-added services | SINA
Related party outstanding balance:
Advertising and marketing revenues from related party	20,740	15,162	13,749
Total revenues	$ 20,740	$ 15,162	$ 13,749

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
China Contribution Plan
Employee Benefit Plans
Employer contribution under China contribution plan	$ 91.2	$ 83.2	$ 51.1

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss) attributable to the investees	$ 85,555	$ 428,319	$ 313,364
Denominator:
Weighted average ordinary shares outstanding	235,164	228,814	226,921
Basic net income per share attributable to Weibo's shareholders (in dollars per share)	$ 0.36	$ 1.87	$ 1.38
Numerator:
Net income (loss) attributable to the investees	$ 85,555	$ 428,319	$ 313,364
Denominator:
Weighted average ordinary shares outstanding	235,164	228,814	226,921
Shares used in computing diluted net income per share attributable to Weibo's shareholders	236,407	230,206	227,637
Diluted net income per share attributable to Weibo's shareholders	$ 0.36	$ 1.86	$ 1.38
Options and RSUs
Anti-dilutive share
Effects of dilutive securities (in shares)	1,200	1,400	700
Anti-dilutive share excluded from the calculation of diluted net income per share	6,500	400	900
Employee and Non-Employee stock options
Anti-dilutive share
Effects of dilutive securities (in shares)		68	71
Restricted share units
Anti-dilutive share
Effects of dilutive securities (in shares)	1,243	1,324	645
Convertible Debt [Member]
Anti-dilutive share
Anti-dilutive share excluded from the calculation of diluted net income per share	5,900	6,800	6,800

Profit Appropriation and Rest_2

Profit Appropriation and Restricted Net Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Profit Appropriation And Restricted Net Assets
Minimum percentage of after-tax profit transferred by VIEs to statutory reserve fund	10%
Maximum percentage criteria for in appropriation of after-tax profit by VIEs to certain statutory reserve funds	50%
Reserves made to non-distributable general reserve/statutory surplus funds (in dollars)	$ 133.6	$ 139.6
Net assets subject to restriction for the Group (in dollars)	$ 566.9
Percent of restricted net assets of total consolidated net assets	16.70%

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement
Wealth management products, short-term	$ 212,195	$ 107,224
Wealth management products, long-term	0	50,159
Equity securities with readily determinable market value	239,550	436,152
Financial instruments measured on a recurring basis
Fair Value Measurement
Wealth management products, short-term		107,224
Wealth management products, long-term	212,195	50,159
Equity securities with readily determinable market value	239,550	436,152
Total	451,745	593,535
Financial instruments measured on a recurring basis | Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Measurement
Wealth management products, short-term		0
Wealth management products, long-term	0	0
Equity securities with readily determinable market value	239,550	436,152
Total	239,550	436,152
Financial instruments measured on a recurring basis | Significant Other Observable Inputs (Level 2)
Fair Value Measurement
Wealth management products, short-term		107,224
Wealth management products, long-term	212,195	0
Equity securities with readily determinable market value	0	0
Total	212,195	107,224
Financial instruments measured on a recurring basis | Significant Unobservable Inputs (Level 3)
Fair Value Measurement
Wealth management products, short-term		0
Wealth management products, long-term	0	50,159
Equity securities with readily determinable market value	0	0
Total	$ 0	$ 50,159

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement
Fair Value Wealth Management	$ 0
Equity securities, balance	223,385	$ 223,385
FairValueMeasurementsRecurring
Fair Value Measurement
Fair value change loss for equity securities with readily determinable fair values	196,600
FairValueMeasurementsRecurring | Wealth Management Products
Fair Value Measurement
Carrying value of impaired investments		109,500
Fair value changes, loss recognized		59,300
Equity securities, balance		50,200
Fair value loss	47,000
Non-recurring
Fair Value Measurement
Impairment charge of goodwill recognized	$ 0	0	$ 0
Significant Unobservable Inputs (Level 3)
Fair Value Measurement
Valuation technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Measurement input	wb:MeasurementInputDiscountCurveOfMarketInterestRatesMember
Significant Unobservable Inputs (Level 3) | Non-recurring | Certain investments under cost method and equity method were measured using significant unobservable inputs
Fair Value Measurement
Carrying value of impaired investments	$ 17,800	14,500
Impairment	$ 63,500	$ 106,800	$ 126,800

Convertible Debt, Unsecured S_2

Convertible Debt, Unsecured Senior Notes and Long-term Loans (Details) $ in Thousands		1 Months Ended			12 Months Ended
	Aug. 22, 2022 USD ($) item	Jul. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)	Oct. 31, 2017 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Net proceeds to the company from the issuance							$ 740,324
Amount withdrawn					$ 880,353
Unsecured senior notes
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount					$ 800,000
Coupon interest (as a percent)					3.50%
Unsecured senior notes | 2024 Notes
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount			$ 800,000
Coupon interest (as a percent)			3.50%
Net proceeds to the company from the issuance			$ 793,300
Issuance costs			$ 6,700
Interest expense					$ 29,300
Unsecured senior notes | 2030 Notes
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount		$ 750,000			$ 750,000
Coupon interest (as a percent)		3.375%			3.375%
Net proceeds to the company from the issuance		$ 740,300
Issuance costs		$ 9,700
Interest expense					$ 26,300	$ 26,300	12,700
Convertible Debt [Member] | 2022 Notes
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount				$ 900,000
Coupon interest (as a percent)				1.25%
Due date of the Notes				Nov. 15, 2022
Net proceeds to the company from the issuance				$ 879,300
Issuance costs				$ 20,700
Interest expense					$ 13,200	$ 15,400	$ 15,400
Term and revolving facilities agreement
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount	$ 1,200,000
Number of arrangers | item	23
Maturity term (in years)	5 years
Term and revolving facilities agreement | SOFR
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Margin rate					1.28%
Term and revolving facilities agreement | 2027 Loans
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount	$ 900,000
Interest expense					$ 2,800
Maturity term (in years)	5 years
Amount withdrawn					$ 900,000
Term and revolving facilities agreement | Revolving facility
Convertible Debt, Unsecured Senior Notes and Long-term Loans
Aggregate principal amount	$ 300,000
Maturity term (in years)	5 years

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Commitments and Contingencies
Operating lease expense	$ 21,900	$ 17,700	$ 12,500
Operating lease commitments
Total future payments for recognized leasing assets	83,714
Less than One Year	13,013
One to Three Years	26,379
Three to Five Years	15,469
More than Five Years	28,853
Purchase commitments
Total	686,776
Less than One Year	636,474
One to Three Years	48,729
Three to Five Years	1,361
More than Five Years	212
Unsecured senior notes
2022, 2024 and 2030 Notes
Aggregate principal amount	$ 800,000
Interest rate (as a percent)	3.50%
Unsecured senior notes | 2024 Notes
2022, 2024 and 2030 Notes
Aggregate principal amount					$ 800,000
Interest rate (as a percent)					3.50%
Unsecured senior notes | 2030 Notes
2022, 2024 and 2030 Notes
Aggregate principal amount	$ 750,000			$ 750,000
Interest rate (as a percent)	3.375%			3.375%
Unsecured senior notes | 2027 Notes
2022, 2024 and 2030 Notes
Aggregate principal amount	$ 900,000
Margin rate	1.28%
Convertible Debt [Member]
2022, 2024 and 2030 Notes
Total	$ 2,908,245
Less than One Year	55,512
One to Three Years	984,667
Three to Five Years	1,042,129
More than Five Years	825,937
Convertible Debt [Member] | 2024 Notes
2022, 2024 and 2030 Notes
Total	856,000
Less than One Year	28,000
One to Three Years	828,000
Three to Five Years	0
More than Five Years	0
Convertible Debt [Member] | 2030 Notes
2022, 2024 and 2030 Notes
Total	952,500
Less than One Year	25,313
One to Three Years	50,625
Three to Five Years	50,625
More than Five Years	825,937
Convertible Debt [Member] | 2027 Notes
2022, 2024 and 2030 Notes
Total	1,099,745
Less than One Year	2,199
One to Three Years	106,042
Three to Five Years	991,504
More than Five Years	$ 0

Redeemable Non-controlling In_2

Redeemable Non-controlling Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Non-controlling Interests
Mezzanine adjustment recognized	$ 0	$ 0
Compensation costs recognized	111,713,000	87,996,000	$ 67,105,000
Redeemable non-controlling interest increased	1,368,000	3,215,000
Redeemable non-controlling interest decreased	$ 4,274,000
JM Tech
Redeemable Non-controlling Interests
Term for employment required by founders to be entitled to their proportionate share in existing and future retained earnings	2 years
Compensation costs recognized		23,200,000
Redeemable non-controlling interest increased		$ 20,000,000
Amount of accumulated compensation costs reversed	$ 36,200,000
Redeemable non-controlling interest decreased	31,900,000
Reduction in non-controlling interest	$ 4,300,000

Secondary Listing in Hong Kong

Secondary Listing in Hong Kong (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 08, 2021	Dec. 31, 2021
Secondary Listing in Hong Kong
Underwriters borrowed (in shares)		1,650,000
Over-allotment option
Secondary Listing in Hong Kong
Shares lent to underwriters for settlement of over-allocations	1,453,620
Common Class A | Over-allotment option
Secondary Listing in Hong Kong
Shares lent to underwriters for settlement of over-allocations	1,650,000
Common Class A | HKEX
Secondary Listing in Hong Kong
Issuance of shares - global offering	5,500,000
Gross proceeds from the global offering	$ 178.4
SINA [Member] | Common Class A | HKEX
Secondary Listing in Hong Kong
Issuance of shares - global offering	5,500,000

Subsequent events (Details)

Subsequent events (Details) - Subsequent events ¥ in Millions	Mar. 01, 2023 CNY (¥) shares
INMYSHOW
Subsequent events
Number of shares owned	480,342,364
Percentage of interest in total issued shares	26.57%
INMYSHOW | Entity holding INMYSHOW Digital Technology (Group) Co., Ltd. ("INMYSHOW")
Subsequent events
Number of shares owned	332,615,750
ShowWorld HongKong Limited. And an entity holding shares of INMYSHOW Digital Technology (Group) Co., Ltd
Subsequent events
Aggregate consideration | ¥	¥ 2,160