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.
Contact reporter Zhao Runhua (firstname.lastname@example.org)