Bilibili Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-22
Bilibili Inc. Reports Second Quarter 2024 Financial Results
SHANGHAI, China, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), a leading video community for young generations in China, announced its unaudited financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 (Actual) | Q2 2023 (Actual) | QoQ Change | YoY Change | Consensus Estimates (Current Quarter) |
|---|---|---|---|---|---|
| Total Revenue | $843.1 million (RMB 6.13B) | $726.8 million (RMB 5.28B) | +16% | +16% | $855.17 million |
| Earnings Per Share (EPS) | -$0.20 (RMB 1.46) | -$0.51 (RMB 3.74) | - | -61% | -$0.11 |
| Adjusted EPS | -$0.09 (RMB 0.65) | -$0.32 (RMB 2.33) | - | -72% | - |
Bilibili reported an increase in total net revenue of 16% year over year to $843.1 million, slightly below Wall Street's estimate of $855.17 million. The company’s net loss for the quarter narrowed significantly by 61% year over year to $83.7 million. Earnings per share (EPS) also demonstrated substantial improvement, narrowing from -$0.51 to -$0.20.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue (Actual) | Q2 2023 Revenue (Actual) | YoY Change |
|---|---|---|---|
| Value-Added Services (VAS) | $353.1 million (RMB 2.57B) | $318.2 million (RMB 2.31B) | +11% |
| Advertising | $280.4 million (RMB 2.04B) | $215.7 million (RMB 1.57B) | +30% |
| Mobile Games | $138.6 million (RMB 1.01B) | $122.7 million (RMB 0.89B) | +13% |
| IP Derivatives & Others | $71.1 million (RMB 0.52B) | $74.1 million (RMB 0.54B) | -4% |
Advertising revenue saw a robust growth of 30% year over year, underpinned by improved product offerings and efficiency. Value-Added Services (VAS) grew by 11%, driven by an increase in paying users for premium memberships and live broadcasting. Although mobile games revenue increased by 13%, IP derivatives and other revenue fell slightly by 4%.
Key Operational Data
| Operational Metric | Q2 2024 (Actual) | Q2 2023 (Actual) | YoY Change |
|---|---|---|---|
| Average Daily Active Users | 102.3 million | 96.5 million | +6% |
| Daily Average Time Spent (Minutes) | 99 | 94 | +5% |
Executive Commentary
Mr. Rui Chen, Chairman and CEO of Bilibili, highlighted the company's strengthened monetization and vibrant community growth, pointing to the successful launch of the game "San Guo: Mou Ding Tian Xia" as a key operational highlight. CFO Sam Fan reiterated the company's continued margin expansion and improved loss reduction, reflecting strong financial and operational performance.
Dividends and Share Repurchase Program
No dividends or share repurchase programs were announced in this earnings report.
Forward Guidance
The company did not provide any forward guidance in the earnings release.
Stock Price Movement
Following the earnings release, Bilibili’s stock saw an increase of approximately 2.21%.
This robust performance, particularly in advertising and improved gross margins, sets Bilibili on a positive trajectory toward future profitability and sustainable growth.
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