Bilibili Inc . (NASDAQ: NASDAQ: BILI ), a leading online entertainment platform for young generations in China, reported strong financial results for the first quarter of 2024. The company saw a 12% year-over-year increase in total revenues, reaching RMB5.
7 billion, with significant growth in advertising and value-added services (VAS). Bilibili's gross profit margin improved to 28.3%, while both adjusted operating loss and adjusted net loss narrowed significantly.
The company's daily active users (DAUs) and monthly active users (MAUs) also grew, by 9% and 8% respectively. With the successful launch of new games and the anticipation of upcoming titles, Bilibili is optimistic about reaching profitability in 2024. Key Takeaways Bilibili's total revenues increased by 12% year-over-year to RMB5.
7 billion. Advertising and VAS revenues grew by 31% and 17% respectively. Gross profit rose by 45% year-over-year, with a gross profit margin of 28.
3%. Adjusted operating loss and net loss narrowed by 52% and 56% respectively. Operating cash flow was positive at RMB638 million.
DAUs increased to 102 million, and MAUs to 341.5 million. The company expects to achieve profitability in 2024.
Company Outlook Bilibili plans to enhance its commercialization capabilities and attract more users. The company is set to advance its advertising infrastructure and diversify content offerings. Anticipated profitability with a positive non-GAAP operating profit expected in Q3 2024.
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