Bilibili attributes 58 pct revenue growth to strong user increase

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Chinese online video sharing and entertainment service Bilibili Inc. reported 58 percent annual revenue growth in the first quarter of 2019 as monthly active users exceeded 100 million.

Revenues reached 1.37 billion yuan (about 200 million U.S. dollars) in the January-March period, exceeding the market expectation significantly, the Nasdaq-listed company announced Tuesday in its unaudited quarterly financial report.

Meanwhile, the leading online entertainment platform for young generations reported a net loss of 195.6 million yuan, compared to a net loss of 57.8 million yuan in the same period in 2018.

Its average monthly active users (MAUs) reached 101.3 million, with mobile MAUs growing 39 percent year on year to 88.6 million, Bilibili said. Of all users, 78 percent are under the age of 28.

Its average monthly paying users reached 5.7 million, a 132 percent increase from the same period in 2018, it said.

"We began the year on a strong note with the continued growth of both our user base and topline," said Chen Rui, chairman and CEO of Bilibili, citing an increasing number of talented content creators producing diverse, high-quality content, along with expanding live-broadcasting and comics offerings.

"Looking ahead, our focus for 2019 remains on continued user growth and enhancing our commercialization capabilities. We have a number of initiatives underway to support this goal, including rolling out new and diversified games titles, further advancing our live broadcasting and value-added service streams, and progressing our new business initiatives for our growing community," said Chen.

For the second quarter of 2019, the company expects revenue of 1.45 billion yuan to 1.49 billion yuan.

Established in June 2009, Bilibili was listed on the Nasdaq in March 2018. Since the fourth quarter of 2018, it had formed strategic cooperation with Tencent and Alibaba.

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