Bilibili reports Q1 adjusted EPS (15c), consensus (17c)

Reports Q1 revenue $784.5M, consensus $779.67M. “We are off to a good start in 2024. The first quarter was marked by healthy community growth across the board and a solid financial performance,” said Rui Chen, chairman and CEO of Bilibili. “Our community is thriving with our increasingly diverse content, driving DAUs up 9% year over year to 102.4 million. MAUs in the first quarter also reached a new high of 341.5 million, up 8% year over year. Users engagement continued to be strong with average daily time spent hitting 105 minutes, another new high in our operating history. Meanwhile, we further executed our commercialization strategy, translating our high-quality community traffic into topline growth. In particular, we are encouraged by the progress of our advertising business, which recorded a 31% year-over-year growth in the first quarter. Moving forward, we aim to further enhance our commercialization capabilities, advancing on our path to profitability. At the same time, we will stay true to our underlying aspirations of providing a platform for content creators and cultivating a welcoming community for users.” Sam Fan, CFO of Bilibili, said, “Our commercialization and operational efficiency enhancement initiatives continued to yield great results. In the first quarter, total net revenues increased by 12% year over year to RMB5.66 billion, and our gross profit increased by 45% year over year. Gross profit margin in the first quarter reached 28.3%, compared with 21.8% same period last year. In addition, we meaningfully narrowed our adjusted operating loss and adjusted net loss by 52% and 56% year over year, respectively. In the first quarter, we generated RMB637.7 million operating cash flow, compared with negative RMB630.0 million for same period last year. We believe the solid progress we have made is placing us firmly on track to our profitability goal.”