BRIEF: Bilibili swings to first adjusted profit on strong business and user growth
Video site Bilibili Inc. (9626.HK, BILI.US) on Thursday reported its revenue for the third quarter of this year rose 26% to 7.3 billion yuan ($1.04 billion), as its mobile game revenue surged 84% and advertising revenue rose 28%.
During the period, the company recorded an adjusted profit of 236 million yuan, its first such profit on a quarterly basis, reversing an adjusted net loss of 863 million yuan in the same period last year. It attributed the profit to strong growth in community metrics and key business lines, while daily and monthly active users hit new highs. It continued to lose money on a net basis during the quarter.
The company said it will continue to enhance its commercialization capabilities and strengthen its community ecosystem to bring long-term value to all its partners. Bilibili’s stock fell 12.6% to HK$142 in early Friday trade in Hong Kong.
By A. Au
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