Summary by Futu AI
Bilibili Inc. reported its unaudited financial results for the second quarter ended June 30, 2024, with total net revenues reaching RMB6.13 billion (US$843.1 million), a 16% increase year over year. The company saw a significant rise in advertising revenues, which grew by 30% to RMB2.04 billion (US$280.4 million), and mobile games revenues, which increased by 13% to RMB1.01 billion (US$138.6 million). Gross profit surged by 49% to RMB1.83 billion (US$252.3 million), with a gross profit margin of 29.9%, up from 23.1% in the previous year. The net loss narrowed by 61% to RMB608.1 million (US$83.7 million), and the adjusted net loss decreased by 72% to RMB271.0 million (US$37.3 million). Operating cash flow turned positive at RMB1.75 billion (US$240.9 million), compared to a negative RMB21.2 million in the same period last year. The company's average daily active users (DAUs) increased by 6% to 102.3 million. Bilibili's management highlighted the company's accelerated financial performance, community growth, and enhanced commercialization capabilities, which they believe positions the company well for profitability and future growth.