- Chinese online gaming platform developer Bilibili ( NASDAQ: BILI ) received some more negative sentiment from Wall Street on Wednesday as Bernstein analyst Robin Zhu cut the company's stock rating to underperform.
- Zhu made the move after saying that many analysts have been negative about Bilibili's ( BILI ) prospects for some time, and that there remains a considerable "downside risk" to the stock. Zhu said that Bilibili ( BILI ) has been inconsistent with generating consisting user-engagement time, and continues to face competition from short-video ads.
- Bilibili ( BILI ) is also facing a decline in its net cash holdings that, by the first half of 2023, could send the company in to a net debt position.
- Bilibili's ( BILI ) shares held near their breakeven line in pre-market trading, Wednesday, but are coming off a loss of more than 7% on Tuesday as many Chinese tech and Internet companies slumped on more negative reaction to new U.S. regulations about the exporting of semiconductor technologies to China .
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Bilibili, facing multiple risks, gets cut to underperform at Bernstein