Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: The View from China on U.S. Presidential Election Debate Antics
Trending in China: Disneyland Shanghai Hotel Prices Rocket to Over $1,000 a Night
Chinese Bitcoin Mining Machine Maker Ebang Establishes Canadian Subsidiary
Trending in China: Team Effort VS Individualism - What is the Message Behind Box Office Smash Hit Volleyball Movie Leap?
Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng
Watch Out Alipay and WeChat, Trip.com Is Getting Into Online Payments
Search Engine Sogou Joins Exodus of Chinese Firms From Wall Street as Tencent Takes It Private
Huawei Showcases Smart Car Technologies at Beijing Auto Show
Trending in China: A David and Goliath Battle - Students Take on a Chinese Tech Giant and Win
Chinese Drug Manufacturer InventisBio Bags $147m Led by Hillhouse Capital
Profits of Weibo Soar Even as Revenue Falls
Chinese Electric Vehicle Startup Xpeng Receives Investment to Build Production Base in Guangzhou
Video Site Operator Mango Plans to Raise $660 Million to Expand Content Library
Chinese Biotech Firm Creative Biosciences Raises $88m From IDG, CDH, Others
Alibaba’s Ant Group Launches Blockchain-Based Platform to Streamline Cross-Border Trade
Trending in China: Mission Impossible? Young Environmental Hero Tries To Clean Up Tibet
Chinese Online Travel Agency Trip.com Sees Revenue Plummet As Covid-19 Fallout Lingers
Chinese Supply Chain Provider Xingyun Closes $200m in a Series C Round
Chinese EV Charging Operator Star Charge Nabs $125m Co-Led by Schneider, CICC
Trending in China: One of China’s Weirder Poverty Alleviation Programs Goes Viral with 100m Plus Views
Entertainment Platform Bilibili's Net Loss Widens Despite Surging Revenue

By Runhua Zhao  / Aug 27, 2019 11:45 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese entertainment platform Bilibili’s second-quarter revenue grew 50% year-on-year on the back of strong performance in its mobile games business — but that hasn’t been enough to offset ballooning costs.

Although Bilibili’s revenue hit 1.5 billion yuan ($224 million), with mobile games contributing 60% of the total, the Nasdaq-listed company’s adjusted net loss during the quarter widened to 256.1 million yuan from a loss of 19.5 million yuan a year ago, according to results announced Tuesday.

Bilibili’s stock price dropped 4.34% during after-hours trading on Tuesday.

Nevertheless, Bilibili Chief Financial Officer Sam Fan said the results demonstrated a “more balanced revenue mix,” with non-gaming sectors’ gains surging 162% during the period. Notably, Bilibili’s second largest revenue source— its live-streaming unit—surged 175% from last year to 326 million yuan.

Summer also brought a seasonal boost to Bilibili's active user base, which reached a record daily average of 33.2 million, Bilibili said.  

Established in 2009, Bilibili is backed by Tencent and Alibaba. The platform is particularly popular among China’s post-millennial Generation Z for its anime, comics and games.

Related: In Blast From the Past, 'Vlogs' Look Like China's Next Big Thing Online

Contact reporter Zhao Runhua (runhuazhao@caixin.com)

Share this article
Open WeChat and scan the QR code