Chinese video-sharing company Bilibili has announced a larger-than-expected net loss in the second quarter and has revised its revenue forecast for 2023, citing weaker game revenue as a contributing factor.
Net Loss and Revenue Figures
For the quarter ended June 30, Bilibili reported a net loss of 1.55 billion Chinese yuan ($212.4 million), compared to a net loss of CNY2.01 billion in the same period last year. This quarterly result fell below the estimated net loss of CNY1.21 billion according to a FactSet poll of analysts.
Despite this loss, Bilibili’s second-quarter revenue experienced an 8.1% year-on-year increase, reaching CNY5.30 billion. The company credited this growth to a 15% rise in average daily active users, which now totals 96.5 million. However, this quarterly revenue figure fell short of the estimated revenue of CNY5.43 billion as per the FactSet poll.
Revenue Forecast Revision
In light of certain game launches being delayed, Bilibili has lowered its revenue estimate for 2023 to a range of CNY22.5 billion to CNY23.5 billion. This is a revision from the previously forecasted range of CNY24.0 billion to CNY26.0 billion.
Specific Revenue Segments
Bilibili’s mobile-game revenue in the second quarter dropped by 15% compared to the same period last year, amounting to CNY890.9 million.
On the other hand:
- Revenue from the value-added services business, which covers premium membership, live broadcasting, and online comics, grew by 9.4% to reach CNY2.30 billion.
- Advertising revenue increased by 36% to CNY1.57 billion.
