Bilibili, the popular Chinese online entertainment platform, recently released its second-quarter financial results. Let’s take a closer look at the key details:
Net Loss
Despite making progress, Bilibili’s net loss still amounted to 1.55 billion yuan ($212.4 million) in the second quarter, compared to 2.01 billion yuan in the same period last year. Unfortunately, this figure fell short of analysts’ predictions of a net loss of 1.21 billion yuan, according to FactSet.
Revenue
Bilibili’s second-quarter revenue reached 5.30 billion yuan, reflecting an 8.1% increase. However, this figure didn’t meet the expectations of analysts surveyed by FactSet, who had projected revenue of 5.43 billion yuan.
Key Highlights
Marketing Expenses
During the second quarter, Bilibili managed to reduce its sales and marketing expenses by 22%, totaling 918.2 million yuan. This reduction contributed to narrowing the quarterly net loss.
R&D Expenses
The company also reported a 7.5% decrease in research and development expenses, which amounted to 1.05 billion yuan for the quarter.
Revised Guidance
Bilibili adjusted its revenue forecast for 2023 to a range of 22.5 billion yuan to 23.5 billion yuan. This revision was made due to delays in certain game launches and lower revenue from noncore businesses. The previous projection had been between 24.0 billion yuan and 26.0 billion yuan.
