Bilibili (NASDAQ: BILI), a popular online entertainment platform for young generations in China, had 127.9 million monthly active users (MAUs) in the third quarter of 2019, an increase of 38% YoY according to its financial results.
Bilibili’s mobile MAUs reached 114.2 million in Q3 2019, representing an increase of 43% YoY, respectively. The average daily active users (DAUs) reached 37.6 million, a 40% increase from the same period in 2018.
Bilibili’s net revenues reached RMB1,859.0 million (US$260.1 million), a 72% increase from the same period in 2018. Revenue per MAU was RMB14.5, a 25% increase from the same period in 2018. Non-game revenue per MAU was RMB7.2, a 100% increase from the same period in 2018.
Average monthly paying users (MPUs) reached 7.9 million, a 124% increase from the same period in 2018. The average monthly paying users for mobile games increased to approximately 1.5 million, compared to 0.9 million for the same period in 2018.
Bilibili exceeded the high end of its guidance by 5%, growing the total revenues by 72% year-on-year to RMB1.86 billion with more diverse revenue streams from non-game business increasing by 176%, and representing 50% of the total net revenues.
- Mobile games revenues: RMB933.1 million (US$130.6 million), representing an increase of 25% YoY. The increase was primarily due to the increasing popularity of both existing and newly launched mobile games.
- Live broadcasting and Value-added services (VAS) revenues: RMB452.5 million (US$63.3 million), an increase of 167% YoY, mainly attributable to its enhanced monetization efforts, led by increases in the number of paying users for live broadcasting services, the premium membership program and other VAS.
- Advertising revenues: RMB247.2 million (US$34.6 million), an increase of 80% YoY.
- E-commerce and other revenues RMB226.1 million (US$31.6 million), an increase of 703% YoY, primarily attributable to the increase in sales of products through its e-commerce platform.
Gross profit was RMB351.3 million (US$49.1 million), an increase of 80% YoY. Its gross margin also improved from 16.4% to 18.9% sequentially. Along with user growth and increased monetization levels, the number of average MPUs on Bilibili platform grew to 7.9 million, an increase of 124% from Q3 2018.
Loss from operations was RMB423.1 million (US$59.2 million), compared to RMB259.0 million in the same period of 2018.
Income tax expense was RMB8.1 million (US$1.1 million), compared to RMB11.4 million in the same period of 2018.
Net loss was RMB405.7 million (US$56.8 million), compared to RMB246.1 million in the same period of 2018.
Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses and amortization expense related to intangible assets acquired through business acquisitions, was RMB343.1 million (US$48.0 million), compared to RMB202.7 million in the same period of 2018.
Basic and diluted net loss per share were RMB1.24(US$0.17), compared to RMB0.88 in the same period of 2018. Adjusted basic and diluted net loss per share was RMB1.05(US$0.15), compared to RMB0.72 in the same period of 2018.
As of September 30, 2019, Bilibili had cash and cash equivalents, time deposits, as well as short-term investments of RMB8.4 billion (US$1,174.4 million), compared to RMB5.2 billion as of December 31, 2018.
For the fourth quarter of 2019, Bilibili currently expects net revenues to be between RMB1.93 billion and RMB1.98 billion.