BUSINESS Bilibili posts 50% revenue growth in Q2

BUSINESS

Bilibili posts 50% revenue growth in Q2

Xinhua

18:28, August 27, 2019

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(File photo: VCG)

Chinese online video sharing and entertainment service Bilibili Inc. reported 50-percent annual revenue growth in the second quarter of 2019 on the back of a strong rise in user numbers.

Total net revenue reached around 1.54 billion yuan (about 215 million U.S. dollars) in the April-June period, exceeding the market expectation significantly, the Nasdaq-listed company announced Tuesday in its unaudited financial report for the second quarter.

Bilibili's average monthly active users in the Q2 reached 110 million, with 96.2 million active mobile users. The two numbers were up 30 percent and 35 percent year on year, respectively.

Its average monthly paying users reached 6.3 million, a 111-percent increase from the same period in 2018, it said.

"Paired with strong user growth, our community is becoming more active and engaged," said Chen Rui, chairman and CEO of Bilibili. "Looking ahead, our strategic initiatives are designed to accelerate our targeted user acquisition efforts, enlarge our user base, enhance our content and enrich our community to fuel our monetization."

In Q2, revenue from mobile games rose 16 percent year on year to around 920 million yuan. Live broadcasting and value-added services revenue soared 175 percent to about 330 million yuan, while advertising revenue surged 75 percent to around 170 million yuan.

Meanwhile, revenue from e-commerce and other areas amounted to 120 million yuan, up 489 percent from the same period of 2018.

For Q3 of 2019, the leading online entertainment platform for young generations expects revenue of 1.74 billion yuan to 1.77 billion yuan, according to the report.

Established in June 2009, Bilibili was listed on the Nasdaq in March 2018.

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