Bilibili Inc. Reports Impressive Growth in Q3 2024
SHANGHAI, China — Bilibili Inc. (NASDAQ: BILI and HKEX: 9626), a leading video community platform focused on the younger generations in China, has revealed its exceptional unaudited financial results for the third quarter of the fiscal year. The results reflect a significant year-over-year growth that underscores the company's robust business strategy.
Key Financial Highlights for Q3 2024
Revenue Surge and Profitability
Bilibili achieved total net revenues of RMB 7.31 billion (approximately US$1.04 billion) in Q3 2024, which is an impressive increase of 26% compared to the previous year. This growth can be attributed to various revenue streams, including:
- Mobile games: Revenues soared by 84% to RMB 1.82 billion (US$259.7 million).
- Advertising: This segment brought in RMB 2.09 billion (US$298.5 million), reflecting a 28% increase year over year.
Strong Gross Profit Growth
The company recorded a gross profit of RMB 2.55 billion (around US$363.0 million), a remarkable increase of 76% year-over-year, resulting in a gross profit margin of 34.9%, up from 25.0% in the same quarter last year.
Reduced Losses
Bilibili reported a net loss of RMB 79.8 million (US$11.4 million), representing a dramatic narrowing of 94% compared to the same period in the previous year. Furthermore, adjusted net profit stood at RMB 235.9 million (US$33.6 million), a striking recovery from an adjusted net loss of RMB 863.5 million last year.
User Engagement Metrics
The platform also witnessed solid user engagement, with an average of 107.3 million daily active users (DAUs), an increase from 102.8 million DAUs reported last year. Monthly active users hit a record high of 348 million.
Management Insights
Mr. Rui Chen, chairman and CEO of Bilibili, expressed enthusiasm about the sustained growth momentum in the company's user base and financial performance. He stated, "This quarter, we achieved first non-GAAP net profit, a milestone indicating our improved commercialization efficiency and growing user value from our diverse offerings."
Mr. Sam Fan, CFO, highlighted the substantial growth in high-margin mobile games and advertising revenues, which significantly enhanced the company's overall margins.
Looking Ahead
Bilibili's board of directors has authorized a share repurchase program worth up to US$200 million, aimed at enhancing shareholder value. The program will allow actual purchases over the next 24 months, adapting to market conditions.
About Bilibili Inc.
Bilibili has become a cornerstone of video content for younger generations, fostering a community that thrives on creativity and engagement. The platform not only serves as a video-sharing site but actively supports the promotion of Chinese culture worldwide.
Frequently Asked Questions
What are the main achievements reported by Bilibili in Q3 2024?
Bilibili reported a total revenue of RMB 7.31 billion, a 26% increase from the previous year, driven by significant growth in mobile games and advertising revenues.
How did Bilibili's user engagement metrics change in Q3 2024?
The company recorded 107.3 million daily active users in Q3 2024, an increase from 102.8 million in the same period last year.
What does Bilibili’s management say about future growth?
Management highlights the focus on enhancing commercialization efficiency and community engagement as key drivers for sustained future growth.
What financial strategies has Bilibili adopted for its shareholders?
The company has initiated a US$200 million share repurchase program to enhance shareholder value over the next two years.
What is Bilibili's core mission as a video community platform?
Bilibili aims to enrich the lives of younger generations in China through a diverse array of video content while promoting cultural engagement.
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