Bilibili reports Q3 2024 revenue increase of 26% to RMB7.31 billion, achieving adjusted net profit of RMB235.9 million.
Quiver AI Summary
Bilibili Inc. reported strong financial results for the third quarter of 2024, with total net revenues reaching RMB 7.31 billion (approximately US$1.04 billion), a 26% increase year-over-year. Key contributors to this growth included mobile game revenues, which surged by 84% to RMB 1.82 billion, and advertising revenues, which rose by 28% to RMB 2.09 billion. The company's gross profit also saw a remarkable 76% rise, achieving RMB 2.55 billion with a gross profit margin of 34.9%, up from 25% a year earlier. Despite a net loss of RMB 79.8 million, this represented a 94% improvement compared to the previous year. Bilibili also reached new highs in user engagement with daily active users growing to 107.3 million and average daily time spent on the platform increasing to 106 minutes. The company announced a share repurchase program worth up to US$200 million as part of its strategy to enhance shareholder value while continuing to develop its community ecosystem and commercial capabilities.
Potential Positives
- Total net revenues increased by 26% year over year to RMB7.31 billion (US$1,041.0 million), indicating strong financial growth.
- Mobile games revenues surged by 84% year over year, totaling RMB1.82 billion (US$259.7 million), highlighting a robust performance in a key growth area.
- Adjusted net profit was RMB235.9 million (US$33.6 million), a significant turnaround from an adjusted net loss of RMB863.5 million in the same period last year, demonstrating improved profitability.
- Share repurchase program authorized by the board, allowing up to US$200 million in buybacks over the next 24 months, indicating confidence in the company's valuation and future prospects.
Potential Negatives
- Despite a 26% year-over-year increase in total net revenues, the company still reported a net loss of RMB79.8 million (US$11.4 million), indicating ongoing financial challenges.
- Revenues from IP derivatives and others decreased by 2% year-over-year, suggesting potential weaknesses in this segment of the business.
- Total operating expenses increased by 2% year-over-year, with sales and marketing expenses alone rising by 21%, which may affect profitability despite the revenue growth.
FAQ
What were Bilibili's total net revenues in Q3 2024?
Total net revenues were RMB7.31 billion (US$1,041.0 million), a 26% increase year over year.
How did mobile gaming revenues perform in Q3 2024?
Mobile games revenues reached RMB1.82 billion (US$259.7 million), reflecting an 84% increase compared to the previous year.
What is Bilibili's adjusted net profit for Q3 2024?
Bilibili reported an adjusted net profit of RMB235.9 million (US$33.6 million), compared to an adjusted net loss last year.
What was the gross profit margin for Bilibili in Q3 2024?
The gross profit margin improved to 34.9%, up from 25.0% in the same period last year.
What plans does Bilibili have for share repurchases?
Bilibili's board has authorized a US$200 million share repurchase program over the next 24 months to enhance shareholder value.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BILI Hedge Fund Activity
We have seen 100 institutional investors add shares of $BILI stock to their portfolio, and 88 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- YIHENG CAPITAL MANAGEMENT, L.P. removed 6,337,975 shares (-50.0%) from their portfolio in Q3 2024
- MARSHALL WACE, LLP removed 3,165,991 shares (-39.4%) from their portfolio in Q2 2024
- JANE STREET GROUP, LLC added 2,239,001 shares (+135.8%) to their portfolio in Q2 2024
- JPMORGAN CHASE & CO removed 1,994,020 shares (-86.4%) from their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 1,978,979 shares (-97.4%) from their portfolio in Q2 2024
- FIRST BEIJING INVESTMENT LTD added 1,860,496 shares (+96.2%) to their portfolio in Q3 2024
- BNP PARIBAS FINANCIAL MARKETS added 1,823,829 shares (+422.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
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