Workflow
Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
BILIBILIBILI(BILI) GlobeNewswire·2025-02-20 10:00

Core Insights - Bilibili achieved its first quarter of GAAP profitability in Q4 2024, marking a significant milestone for the company [3] - The company reported a total net revenue of RMB 26.83 billion (US3.68billion)forthefiscalyear2024,representinga193.68 billion) for the fiscal year 2024, representing a 19% year-over-year increase [5][17] - Daily active users (DAUs) reached 103 million, while monthly active users (MAUs) were 340 million, with users spending an average of 99 minutes daily on the platform [3] Financial Performance - In Q4 2024, total net revenues were RMB 7.73 billion (US1,059.6 million), a 22% increase from Q4 2023 [4][5] - Advertising revenues in Q4 2024 were RMB 2.39 billion (US327.2million),up24327.2 million), up 24% year-over-year, driven by improved advertising efficiency [6][17] - Mobile games revenues surged to RMB 1.80 billion (US246.3 million) in Q4 2024, reflecting a 79% increase from the same period last year [7] - Gross profit for Q4 2024 was RMB 2.79 billion (US382.0million),a68382.0 million), a 68% increase year-over-year, with a gross profit margin of 36.1% [10][14] Cost and Expenses - Total operating expenses decreased by 10% year-over-year to RMB 2.66 billion (US364.7 million) in Q4 2024 [10] - Research and development expenses fell by 31% year-over-year to RMB 919.3 million (US125.9million)duetoone−offterminationexpensesfrompreviousprojects[12][23]−Salesandmarketingexpensesincreasedby10125.9 million) due to one-off termination expenses from previous projects [12][23] - Sales and marketing expenses increased by 10% year-over-year to RMB 1.24 billion (US169.4 million) [11] Profitability Metrics - The company reported a net profit of RMB 88.9 million (US12.2million)forQ42024,comparedtoanetlossofRMB1.30billioninthesameperiodlastyear[14][25]−AdjustednetprofitforQ42024wasRMB452.0million(US12.2 million) for Q4 2024, compared to a net loss of RMB 1.30 billion in the same period last year [14][25] - Adjusted net profit for Q4 2024 was RMB 452.0 million (US61.9 million), a significant improvement from an adjusted net loss of RMB 555.8 million in Q4 2023 [14][30] - For the full year 2024, the net loss narrowed by 72% to RMB 1.36 billion (US186.8million)[25]ShareholderReturns−ThecompanyrepurchasedapproximatelyUS186.8 million) [25] Shareholder Returns - The company repurchased approximately US864.8 million worth of outstanding ADSs and convertible senior notes during 2024 [3] - A share repurchase program of up to US200millionwasapprovedbytheboard,withUS200 million was approved by the board, with US16.4 million repurchased by the end of 2024 [28] Cash Flow and Liquidity - Operating cash flow for the full year 2024 was RMB 6.01 billion (US824.0million),comparedtoRMB266.6millionin2023[16][26]−AsofDecember31,2024,BilibilihadcashandcashequivalentstotalingRMB16.54billion(US824.0 million), compared to RMB 266.6 million in 2023 [16][26] - As of December 31, 2024, Bilibili had cash and cash equivalents totaling RMB 16.54 billion (US2.27 billion) [27]