2023-06-01 11:43:43 ET
Bilibili ( NASDAQ: BILI ) stock fell 3% on Thursday after the Chinese video sharing platform reported Q1 earnings above estimates and left its guidance unchanged. The stock dropped as much as 7.7% to an over six-month low earlier in the session.
The company continues to expect 2023 net revenue of RMB24B-RMB26B.
Bilibili ( BILI ) reported Q1 adjusted EPS of -$0.37, or -RMB2.51 vs. -RMB4.20 in Q1 2022, helped by cost control measures. Total operating expenses were RMB2.5B ($360.9M), down 11% Y/Y.
Revenue ticked up 0.3% Y/Y to $738.2M, and average daily active users totaled 93.7M, up 18% Y/Y. "Strong user engagement persisted, with an average of 96 minutes per day spent by users on Bilibili in Q1," said CEO Rui Chen.
Revenue from value-added services rose 5% Y/Y to RMB2.2B ($314M), helped by enhanced monetization efforts and more paying users for live broadcasting services.
Revenue from advertising was RMB1.3B ($185.2M), up 22% Y/Y, and revenue from mobile games was RMB1.1B ($164.8M), down 17% due to the lack of new game launches.
Bilibili repurchased 2.6M ADSs for $53.6M as of March 31.
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Bilibili stock falls 3% after Q1 earnings, guidance left unchanged