Chinese video community Bilibili (9626) saw its net loss widen by 17.1 percent year-on-year to 8.63 billion yuan (HK$9.4 billion) for the first nine months of 2022, while its net loss in the third quarter narrowed by 36 percent to 1.7 billion yuan from the same period last year.
In the third quarter, the company's net revenue were 5.8 billion yuan, representing an increase of 11 percent from the same period in 2021.
Its revenue from value-added services grew by 16 percent year-on-year in the third quarter to 2.2 billion yuan, mainly attributable to the company's enhanced monetization efforts, led by an increased number of paying users for the value-added services, including the premium membership program, live broadcasting services and other value-added services.
The revenue from mobile games rose by 6 percent to 1.5 billion yuan, primarily attributable to the new games in the third quarter.
Bilibili recorded average daily users for the third quarter reached 90.3 million, a 25 percent growth year-on-year.
For the fourth quarter of 2022, the company expects its total net revenues to be between 6 billion yuan and 6.2 billion yuan.
The chairman and chief executive, Chen Rui, said that the company would put profitability first to accelerate its monetization and implement cost-containment measures, including rationalizing headcount planning and cutting sales and marketing expenses, with goals set to improve margins and narrow losses.
Revenue rose 11 percent to 5.8 billion yuan. Reuters
