Nasdaq-listed Chinese video streaming firm Bilibili Inc. beat expectations with 91% revenue growth in the fourth quarter of 2020, boosted by strong gains for its mobile game, advertising and e-commerce businesses.
Total net revenue for the three months through December reached 3.84 billion yuan ($588.5 million), according to Bilibili’s unaudited financial results. Gross profit was 944.1 million yuan, up 137% from the same period in 2019. But the company continued to lose money, with its fourth-quarter net loss more than doubling to 843.7 million yuan from 387.2 million yuan a year earlier.
For the full year 2020, Bilibili reported total net revenues of 12 billion yuan, up 77% from 2019. Its annual net loss more than tripled to 3.1 billion yuan from 1.3 billion yuan in 2019.
The company had 202 million average monthly active users (MAUs) in the fourth quarter, with 17.9 million paying users.
“Benefiting from the inevitable trend of videolization, a broad audience of young users and China’s strong economic growth projections, we are in the right place at the right time to capture the opportunity,” said Chairman Rui Chen.
The company’s shares rose 3.5% in after-hours trading after the results came out.
Contact reporter Han Wei (firstname.lastname@example.org) and editor Yang Ge (email@example.com)