Chinese video platform Bilibili (9626) said on Tuesday that it swung to a net profit of 201.9 million yuan (HK$232.3 million) for the first quarter, compared to a net loss of 10.7 million for the same period a year ago, thanks to stronger advertising business.
Its adjusted net profit jumped 62 percent year-on-year to 585.4 million yuan (HK$673.6 million) during the period.
Bilibili's total revenue rose 7 percent to 7.47 billion yuan, among which advertising income jumped 30 percent to 2.59 billion yuan, due to its improved advertising product offerings and enhanced advertising efficiency.
Chief executive and chairman Chen Rui highlighted that the platform's user engagement reached a new record high during the period, with average daily time spent nearing the two-hour mark and total user time spent increasing 19 percent.
"Moving forward, we remain committed to driving sustained profitability while maintaining a disciplined approach to investing in AI-driven innovation," chief financial officer Sam Fan said.
Bilibili's US-listed shares dropped 4.1 percent at the opening.
