Bilibili's DAUs Surge 9%, CEO Highlights Community Growth Despite Missed Revenue Estimates

Bilibili Inc BILI reported fiscal first-quarter 2024 revenue of $784.5 million (5.66 billion Chinese yuan), up by 12% year-on-year, missing the analyst consensus estimate of $794.2 million. 

The Chinese video-sharing platform's adjusted EPADS loss of $(0.15) beat the analyst consensus loss estimate of $(0.17). The stock price slid after the results.

Drivers: Average daily active users (DAUs) climbed 9% Y/Y to 102.4 million.

Revenues from mobile games were $136.1 million, down 13% Y/Y, mainly due to decreased revenues from certain legacy games. 

Value-added services (VAS) revenues grew 17% Y/Y to $350.3 million, led by increased revenues from live broadcasting and other value-added services. 

Advertising increased by 31% Y/Y to $231.1 million. Revenue from IP derivatives and others (formerly known as e-commerce) decreased 5% Y/Y to $67.1 million.

Bilibili held $1.79 billion in cash and equivalents as of March-end.

Rui Chen, chairman and chief executive officer of Bilibili, said, “Our community is thriving with our increasingly diverse content, driving DAUs up 9% year over year to 102.4 million. MAUs in the first quarter also reached a new high of 341.5 million, up 8% year over year. Users engagement continued to be strong with average daily time spent hitting 105 minutes, another new high in our operating history.” 

Bilibili stock lost 13% in the last 12 months. Investors can gain exposure to the stock via Global X Video Games & Esports ETF HERO and Amplify ETF Trust Amplify Video Game Tech ETF GAMR.

Price Action: BILI shares traded lower by 1.72% at $15.41 in the premarket session at the last check Thursday.

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