Bilibili Inc (NASDAQ:BILI) reported fourth-quarter fiscal 2023 revenue of $894.3 million (RMB6.3 billion), up by 3% year-on-year, beating the consensus of $887.3 million.

The Chinese video-sharing platform's adjusted EPS loss of $(0.19) beat the consensus loss of $(0.22). The stock price plunged after the results.

Drivers: Average daily active users (DAUs) climbed 8% Y/Y to 100.1 million.

Revenues from mobile games were $141.8 million, up 12% Y/Y, mainly attributable to the high base from the release of Space Hunter 3 in the second half of 2022.

Value-added services (VAS) revenues grew 22% Y/Y to $402.4 million, led by increased revenues from live broadcasting and other value-added services.

Advertising increased by 28% Y/Y to $271.7 million. Revenue from IP derivatives and others (formerly known as e-commerce) decreased 51% Y/Y to $78.3 million, mainly attributable to a decrease in revenues from e-sports copyright sublicensing.

Bilibili held $2.1 billion in cash and equivalents as of December 31, 2023.

Investors can gain exposure to the stock via Global X Video Games & Esports ETF (NASDAQ:HERO) and Amplify ETF Trust Amplify Video Game Tech ETF (NYSE:GAMR).

Price Action: BILI shares traded lower by 6.57% at $10.10 in the premarket session on the last check Thursday.

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