BUSINESS

Bilibili Swings to Profit as Ads, Gaming Rebound

Published: May. 19, 2026 11:37 p.m. GMT+8

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Bilibili's profitability is stabilizing, and it is expected to achieve its first full-year profit in 2025. Photo: VCG

Bilibili Inc. said first-quarter adjusted net profit rose 62% from a year earlier, as artificial intelligence helped expand video supply and supported faster growth in advertising revenue.

The results point to a more stable profit base for the Chinese video platform, even as its overall revenue growth has slowed to single digits since the third quarter of 2025.

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Adjusted net profit rose 62% YoY to 590M yuan; revenue up 7% to 7.47B yuan.
AI tools expanded video supply; advertising revenue grew 30% to 2.59B yuan.
Monthly active users reached 376M, up 2%; daily active users rose 8% to 115M.

AI generated, for reference only

Who’s Who

Bilibili Inc.: Bilibili Inc. reported a 62% rise in Q1 adjusted net profit, with revenue up 7% to ¥7.47B. AI boosted video supply and advertising growth (up 30%). Net income of ¥202M reversed a loss. Monthly active users reached 376M, with record daily time spent of 119 minutes.

QuestMobile: QuestMobile is a Chinese data analytics firm, officially Beijing Guishi Information Technology Co., Ltd. It provides market intelligence, including online advertising data. In the article, QuestMobile reported that China's broader online advertising market grew 5.8% to 168.35 billion yuan in Q1 2026.

AI generated, for reference only

What Happened When

Before 2026 First Quarter：: Bilibili's overall revenue growth slowed to single digits since the third quarter of 2025.

2026 First Quarter：: Bilibili Inc. reported first-quarter 2026 adjusted net profit rose 62% year-over-year, revenue rose 7% to 7.47 billion yuan, net income was 202 million yuan, and adjusted net income was 590 million yuan.

2026 First Quarter：: Gross margin rose to 37.1%, the company’s 15th consecutive quarter-on-quarter increase. Advertising accounted for 35% of revenue. Bilibili users averaged about 26 years old.

2026 First Quarter：: Monthly active users reached 376 million, up 2% year-over-year and 10 million more than the previous quarter. Daily active users rose 8% to 115 million, and average daily time spent climbed to a record 119 minutes.

2026 First Quarter：: China’s broader online advertising market grew 5.8% to 168.35 billion yuan (according to QuestMobile).

2026 First Quarter：: Bilibili advertising revenue rose 30% year-over-year to 2.59 billion yuan, extending double-digit growth to 13 quarters. The five largest industry contributors were games, online services, consumer electronics, e-commerce, and autos.

2026 First Quarter：: Value-added services (mainly livestreaming and paid content) generated 2.91 billion yuan, up 4% year-over-year. Bilibili had 24.77 million premium members at quarter-end, about 80% annual or auto-renewing. Game revenue fell 12% to 1.52 billion yuan. IP derivatives and other revenue declined 4% to 448 million yuan.

2026 First Quarter：: AI-related content viewing time on Bilibili rose 44% from the previous quarter. Videos related to OpenClaw generated nearly 90 million views. Searches for 'AI agents' and 'AI entrepreneurship' rose over 500% year-over-year. Virtual idols drove a 40% increase in viewing time for AI music videos.

2026 First Quarter：: R&D spending rose 9% from a year earlier. The number of creators with over 1,000 followers rose more than 30% year-over-year. Creators with 10,000, 100,000, and 1 million followers each grew by more than 20%. Average creator income rose 24%.

2026 First Quarter：: The quarter included China’s winter school break and the 2026 Lunar New Year holiday.

2026 (on an earnings call)：: Chairman and CEO Chen Rui said AI expanded video quantity and quality, calling it an opportunity the company could not afford to miss. He said short-video supply was excessive, while high-quality medium-length video remained scarce. The community generates over 17 billion user interactions monthly.

2026 (Tuesday after results)：: Bilibili shares rose more than 3% in U.S. premarket trading. Hong Kong-listed shares ended Tuesday up 3.65% at HK$156.10, giving a market value of nearly HK$66.35 billion.