globenewswire.comยท2024-05-23 10:00Core Viewpoint - Bilibili Inc. reported a solid financial performance for the first quarter of 2024, with significant growth in revenues and improvements in operational efficiency, despite a net loss that widened compared to the previous year [2][3][4]. Financial Performance - Total net revenues reached RMB5.66 billion (US$784.5 million), marking a 12% increase year over year [2][4]. - Advertising revenues increased by 31% year over year to RMB1.67 billion (US$231.1 million) [2][4]. - Value-added services (VAS) revenues grew by 17% year over year to RMB2.53 billion (US$350.3 million) [2][4]. - Gross profit was RMB1.61 billion (US$222.3 million), reflecting a 45% increase year over year, with a gross profit margin of 28.3%, up from 21.8% in the same period last year [2][4][5]. - Operating cash flow improved significantly to RMB637.7 million (US$88.3 million) from negative RMB630.0 million in the same period last year [2][3]. User Engagement - Average daily active users (DAUs) reached 102.4 million, a 9% increase year over year, while monthly active users (MAUs) hit a new high of 341.5 million, up 8% year over year [2][3]. - Users spent an average of 105 minutes daily on the platform, marking another operational record [3]. Cost Management - Total operating expenses decreased by 2% year over year to RMB2.42 billion (US$335.7 million) [6]. - General and administrative expenses fell by 7% year over year, primarily due to lower rental-related expenses [6]. Loss Metrics - The net loss for the first quarter was RMB764.6 million (US$105.9 million), compared to RMB629.6 million in the same period last year [2][7]. - Adjusted net loss narrowed by 56% year over year to RMB455.9 million (US$63.1 million) [2][8]. Future Outlook - The company aims to enhance its commercialization capabilities and continue its path toward profitability while maintaining a focus on community engagement and content creator support [3].