Bilibili Q1 Revenue Rises 12% and Net Loss Narrows 56%

Bilibili's two mainstream businesses--Advertising and value-added services maintained double-digit growth of revenue in Q1 and topped analysts' expectation, while revenue from mobile games fell short of expectation with a 13% year-over-year decline.

 TMTPost -- The American Depositary Receipts (ADRs) of Bilibili Inc. plunged around 12.4% last Thursday and Hong Kong-traded shares closed 11.3% lower Friday, even though the Chinese video and gaming platform posted less-than-expected loss for the beginning quarter of the year. The shares selloff has nothing to do with the quarterly results and is more likely to be volatility driven by bets on valuation in the short-term, online brokerage Longbridge Securities noted.

Credit:Bilibili

Credit:Bilibili

Bilibili reported total revenue of RMB5.66 billion (US$784.5 million) for the quarter ended March 31, 2024, better than Wall Street projection of RMB5.61 billion. The revenue delivered a 12% year-over-year (YoY) growth, accelerating from the 3% YoY increase three months ago. The net loss for the first quarter widened 21.4% YoY to RMB764.6 million, mainly due to debt extinguish gain of RMB336.5 million recorded in the same period last year. The non-GAAP adjusted net loss narrowed 56% YoY to RMB455.9 million, or diluted net loss of RMB1.06 loss per share, beating analysts’ estimated loss of RMB1.28 per share. Gross profit grew 45% YoY to RMB1.61 billion with a margin of 28.3%, compared with margin of 21.8% a year ago.

Bilibili’s two mainstream businesses maintained double-digit growth in the first quarter and topped analysts’ expectation. Revenue from advertising surged 31% YoY to RMB1.67 billion, versus a 27% YoY growth for the previous quarter. Bilibili mainly attributed the robust growth to its improved advertising product offerings and enhanced advertising efficiency.Value-added services (VAS) generated RMB2.53 billion with a 17% YoY growth, whereas the fourth quarter of 2023 saw a 22% growth. The company said VAS performance was partially fueled by increase in revenue from live broadcasting.

Bilibili’s games still suffered deeper decline in sales in the March quarter. Revenue from mobile games slumped 13% YoY to RMB982.8 million, after a 12% YoY decrease in the fourth quarter last year. The revenue fell short of analysts’ forecast of RMB10.1 billion. Bilibili said the over 10% decline in revenue for second straight quarter was primarily owing to decreased revenue from certain legacy games. The Shanghai-based company said its exclusively licensed strategy simulation game (SLG), San Guo: Mou Ding Tian Xia, is scheduled to be released on June 13, 2024. Given the SLG’s potential players are the same as Bilibili’s main user base, Longbridge Securities anticipated Bilibil’s revenue from mobile games could see more than 30% of growth in the third quarter following a slight recovery in the current quarter.

“We are off to a good start in 2024. The first quarter was marked by healthy community growth across the board and a solid financial performance,” said Bilibili chairman and CEO Chen Rui at a statement. “Our community is thriving with our increasingly diverse content, driving daily active users (DAUs) up 9% YoY to 102.4 million. Monthly active users (MAUs) in the first quarter also reached a new high of 341.5 million, up 8% YoY. Users engagement continued to be strong with average daily time spent hitting 105 minutes, another new high in our operating history.”

"We were encouraged to see that Bilibili is on track to meet its near-term target [of] achieving break-even in third quarter," Nomura analysts Jialong Shi and Rachel Guo said in a research note. However, the analysts said they remain cautious about whether the company can deliver sustainable margin expansion in the long term. Daiwa analyst John Choi raised his 2024-2026 revenue projections of Bilibili by 0.4%-1.4% on "strong ads momentum and improving game pipeline." He expected advertising revenue to grow 28% in the second quarter.

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