Bilibili Inc. (NASDAQ: BILI), a leading Chinese video-sharing platform, today announced its financial results for the first quarter ended March 31, 2023.
Revenue of RMB 5.1 billion (US$790 million), representing a year-over-year increase of 20%.
Net loss of RMB 628 million (US$91.7 million), narrowing by 72% from the same period of 2022.
Adjusted net loss of RMB 1 billion (US$150.1 million), narrowing by 38% from the same period of 2022.
Average daily active users (DAUs) of 93.7 million, representing a year-over-year increase of 18%.
Mobile game revenue of RMB 1.1 billion, representing a year-over-year decrease of 17%.
Advertising revenue of RMB 1.3 billion, representing a year-over-year increase of 22%.
IP derivatives and other revenue of RMB 510 million, representing a year-over-year decrease of 15%.
“We are pleased to report strong first quarter results, with revenue and DAUs both growing significantly year-over-year,” said Chen Rui, Chairman and CEO of Bilibili. “Our growth was driven by a number of factors, including our continued investment in content, our strong user base, and our growing monetization capabilities. We are confident that we will continue to grow our business in the future.”
Bilibili is a leading Chinese video-sharing platform that focuses on the younger generation. The company offers a wide variety of content, including anime, games, music, and entertainment. Bilibili has a strong user base of over 93 million DAUs, and it is one of the most popular video-sharing platforms in China.
Bilibili is well-positioned for continued growth in the future. The company has a strong content library, a large and engaged user base, and a growing monetization business. Bilibili is also benefiting from the growth of the Chinese economy and the increasing popularity of online video consumption.
Bilibili expects full-year net revenue to reach RMB 24 billion to RMB 26 billion in 2023. The company expects to continue to invest in content and user acquisition in the coming quarters.