Bilibili daily active users hits 79.4 million

Bilibili Inc (NASDAQ: BILI), now has almost 80 million active daily users, according to its 2022 first quarter results filling.

The hugely popular Chinese social media network, which is predominately used to share videos, has seen its stock price surge by around 50% since hitting a 52-week low in May.

Bilibili’s Q1 2022 highlights include:

  • Total net revenues of US$797.3 million, a 30% increase from the same period in 2021.
  • Average monthly active Bilibili users (MAUs) reached 293.6 million an increase of 31% from the same period in 2021.
  • Average daily active Bilibili users (DAUs) reached 79.4 million, a 32% increase from the same period in 2021.
  • Average monthly paying Bilibili users (MPUreached 27.2 million, a 33% increase from the same period in 2021.

Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili highlighted how the company has managed its Shanghai-based workforce through the COVID-19 lockdown period.

“In the face of the unexpected COVID-19 resurgence and lockdowns, the first quarter presented new challenges impacting businesses nationwide, particularly in Shanghai, where our headquarters is based. During this period, our priority was to keep our employees safe and maintain normal business operations while over 8,000 employees worked from home,” said Mr Chen.

“Confronting the challenges, we delivered solid growth metrics in terms of our MAUs and DAUs, with improved user engagement levels. Daily time spent per user increased significantly to 95 minutes in the first quarter, setting a new record high. In the meantime, we are determined to advance our commercialization capabilities, which include growing our paying users and gaining market share in the advertising sector.

“As we move through the year, cost control and expense reduction will be paramount to helping us weather the macro headwinds. We look forward to returning to normal business order as we work together to minimize the impact of the pandemic.”

In the second quarter of 2022, the Bilibili has forecast net revenues to be between RMB4.85 billion and RMB4.95 billion.

More key Bilibili investment takeaways from the first quarter of 2022

  • Total net revenues were RMB5,054.1 million (US$797.3 million), representing an increase of 30% from the same period of 2021.
  • Revenues from mobile games were RMB1,357.8 million (US$214.2 million), representing an increase of 16% from the same period of 2021. The increase was primarily attributable to the newly launched mobile games.
  • Value-added services (VAS) revenues were RMB2,052.2 million (US$323.7 million), representing an increase of 37% from the same period of 2021, mainly attributable to the Company’s enhanced monetization efforts, led by an increased number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.
  • Advertising revenues were RMB1,040.8 million (US$164.2 million), representing an increase of 46% from the same period of 2021. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.
  • E-commerce and other revenues were RMB603.3 million (US$95.2 million), representing an increase of 16% from the same period of 2021. The increase was primarily attributable to the increase in sales of products through the Company’s e-commerce platform.
  • Cost of revenues was RMB4,246.9 million (US$669.9 million), representing an increase of 43%, compared with the same period of 2021. Revenue-sharing cost, a key component of cost of revenues, was RMB2,145.5 million (US$338.4 million), representing an increase of 53% from the same period in 2021.
  • Gross profit was RMB807.2 million (US$127.3 million), compared with RMB937.9 million in the same period of 2021.
  • Total operating expenses were RMB2,798.1 million (US$441.4 million), representing an increase of 42% from the same period of 2021.
  • Sales and marketing expenses were RMB1,253.9 million (US$197.8 million), representing a 25% increase year-over-year. The increase was primarily attributable to increased branding expenses, as well as increased headcount of sales and marketing personnel.
  • General and administrative expenses were RMB535.3 million (US$84.4 million), representing a 38% increase year-over-year. The increase was primarily due to increased headcount of general and administrative personnel, increased share-based compensation expenses, higher rental expenses, and other general and administrative expenses.
  • Research and development expenses were RMB1,008.8 million (US$159.1 million), representing a 74% increase year-over-year. The increase was primarily due to increased headcount of research and development personnel and increased share-based compensation expenses.
  • Loss from operations was RMB1,990.8 million (US$314.0 million), compared with RMB1,031.0 million in the same period of 2021.
  • Income tax expense was RMB29.8 million (US$4.7 million), compared with RMB12.5 million in the same period of 2021.
  • Net loss was RMB2,284.1 million (US$360.3 million), compared with RMB904.9 million in the same period of 2021.
  • Adjusted net loss which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies and gain on the repurchase of convertible senior notes, was RMB1,654.9 million (US$261.1 million), compared with RMB891.0 million in the same period of 2021.
  • Basic and diluted EPS and adjusted basic and diluted EPS were RMB5.80 (US$0.91), compared with RMB2.54 in the same period of 2021. Adjusted basic and diluted net loss per share were RMB4.20 (US$0.66), compared with RMB2.50 in the same period of 2021.
  • Cash and cash equivalents, time deposits and short-term investments: As of March 31, 2022, the Company had cash and cash equivalents, time deposits, and short-term investments of RMB24.7 billion (US$3.9 billion).

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