Bilibili Inc., a leading video community for young generations in China, reported its unaudited financial results for the first quarter ended March 31, 2024. The company saw a 12% year-over-year increase in total net revenues, reaching RMB5.66 billion (US$784.5 million). Advertising revenues surged by 31% to RMB1.67 billion (US$231.1 million), while value-added services (VAS) revenues grew by 17% to RMB2.53 billion (US$350.3 million). Gross profit rose significantly by 45% to RMB1.61 billion (US$222.3 million), with the gross profit margin improving from 21.8% to 28.3%. Despite these gains, Bilibili reported a net loss of RMB764.6 million (US$105.9 million), which was larger than the previous year's loss of RMB629.6 million, primarily due to a debt extinguish gain recorded in the first quarter of 2023. However, the adjusted net loss narrowed by 56% to RMB455.9 million...Show More

Bilibili Inc., a leading video community for young generations in China, reported its unaudited financial results for the first quarter ended March 31, 2024. The company saw a 12% year-over-year increase in total net revenues, reaching RMB5.66 billion (US$784.5 million). Advertising revenues surged by 31% to RMB1.67 billion (US$231.1 million), while value-added services (VAS) revenues grew by 17% to RMB2.53 billion (US$350.3 million). Gross profit rose significantly by 45% to RMB1.61 billion (US$222.3 million), with the gross profit margin improving from 21.8% to 28.3%. Despite these gains, Bilibili reported a net loss of RMB764.6 million (US$105.9 million), which was larger than the previous year's loss of RMB629.6 million, primarily due to a debt extinguish gain recorded in the first quarter of 2023. However, the adjusted net loss narrowed by 56% to RMB455.9 million (US$63.1 million). The company also experienced positive operating cash flow of RMB637.7 million (US$88.3 million), a significant improvement from the negative cash flow in the same period last year. Daily active users (DAUs) increased by 9% to 102.4 million, and monthly active users (MAUs) reached a new high of 341.5 million, up 8% year over year. Bilibili's management expressed confidence in the company's commercialization strategy and its path to profitability. The company completed a repurchase of its 1.375% Convertible Senior Notes due 2026, with an aggregate principal amount of US$429.3 million (RMB3.05 billion). A conference call to discuss the first quarter results was scheduled for May 23, 2024.