Bilibili (NASDAQ:BILI), a prominent video community beloved by China's younger generations, has released its unaudited financial results for the second quarter ended June 30, 2024.
The company experienced significant growth, with total net revenues reaching RMB6.13 billion (approximately US$843.1 million), a robust increase of 16% compared to the same period last year.
The surge in revenue was led by a notable 30% increase in advertising revenues, which amounted to RMB2.04 billion.
Additionally, revenues from mobile games continued to rise, seeing a 13% uptick to reach RMB1.01 billion.
Gross profits saw a substantial increase, climbing 49% year-over-year to RMB1.83 billion.
Meanwhile, the net loss for the quarter significantly narrowed, decreasing by 61% to RMB608.1 million, indicating a strong rebound in the company's financial health.
Another highlight of the quarter was the company's operating cash flow, which stood at RMB1.75 billion (US$240.9 million), a stark improvement from a negative RMB21.2 million reported in the same quarter last year.
During the quarter, Bilibili reported an increase in user engagement, with the average daily active users rising 6% to 102.3 million.
At the time this report was compiled, Bilibili's share price stood at $14.02.