Bilibili Shares Drop After Mixed Q3 Results

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  • Bilibili Inc BILI reported third-quarter FY21 revenue growth of 61% year-on-year to $808 million (RMB5.2 billion), missing the consensus of $811.5 million.
  • Drivers: Average monthly active users (MAUs) increased 35% Y/Y to 267.2 million, and Mobile MAUs rose 36% Y/Y to 249.9 million.
  • Average daily active users (DAUs) climbed 35% Y/Y to 72.1 million, and Average monthly paying users (MPUs) jumped 59% Y/Y to 23.9 million.
  • Revenues from mobile games were $216 million, up 9% Y/Y, VAS grew 95% Y/Y to $296.3 million, advertising jumped 110% Y/Y to $181.9 million. E-commerce revenues increased 78% Y/Y to $113.9 million.
  • Adjusted EPS loss of $(0.65) beat the consensus loss of $(0.68).
  • Bilibili held $3.8 billion in cash and equivalents.
  • "We believe we are on the right path to achieve our near- and long-term goals, fortified by our strong fundamentals, healthy balance sheet and ample cash reserves of RMB24.4 billion," said CFO Sam Fan.
  • Outlook: Bilibili sees Q4 revenues of RMB5.7 billion - RMB5.8 billion.
  • Price Action: BILI shares traded lower by 7.21% at $82.6 in the premarket session on the last check Wednesday.
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