According to the Zhitong Finance App, Bilibili-W (09626) announced its results for the first quarter of 2024. The total net turnover reached RMB 5.665 billion (US$785 million), an increase of 12% over the previous year. Gross profit was RMB 1,605 million (US$222 million), an increase of 45% year over year. Gross margin reached 28.3%, up from 21.8% in the same period last year. The adjusted net loss was RMB 456 million (US$63.1 million), a decrease of 56% year-on-year. Operating cash flow for the first quarter of 2024 was RMB 638 million (US$88.3 million), compared with operating cash outflow of RMB 630 million for the same period last year.

Among them, the turnover of value-added services was RMB 2,529 million (US$350 million), an increase of 17% over the same period last year, due to an increase in the turnover of live streaming and value-added services. The advertising revenue was RMB 1,669 million (US$231 million), an increase of 31% over the same period in 2023, mainly due to the optimization of advertising products provided by the company and the improvement of advertising efficiency.

“We had a great start to 2024. In the first quarter, our community grew healthily across the board, while our financial performance improved.” Mr. Chen Rui, Chairman and CEO of Bilibili, said. “Thanks to the prosperity and development of our diverse content, our community continues to thrive, with daily active users growing 9% year over year to reach 102.4 million. Monthly active users in the first quarter also hit a new high of 341.5 million, an increase of 8% over the previous year. Users continued to be highly active, and the average daily usage time of users reached 105 minutes, a record high. At the same time, we are further advancing commercialization strategies to turn high-quality community traffic into revenue growth. We are particularly encouraged by the development of the advertising business, which saw a 31% year-over-year increase in advertising revenue in the first quarter. Looking forward to the future, we will further improve our commercialization capabilities and continue to advance towards our profit goals. At the same time, we will always keep our original intention and continue to work to achieve our vision: providing a platform for content creators and building a popular community for users.”