Bilibili narrows losses

Video sharing website Bilibili (9626) reported a smaller net loss of 627.7 million yuan (HK$691.4 million) for the first quarter, showing an improvement from the loss recorded for the same period last year.

The adjusted net loss of the company for the first three months last year stood at HK$1.65 billion.

The company said the deficit has narrowed to around HK$1.03 billion for the first quarter this year.

Its total net revenues for the first quarter rose slightly to 5.1 billion yuan, about 0.3 percent above that of the same period in 2022.

Meanwhile, revenues from value-added services increased to 2.2 billion yuan, or 5 percent higher than that of the same period in 2022. However, revenues from mobile games dropped by 17 percent year-on-year to 1.1 billion yuan, primarily due to the absence of new game launches during the first quarter of 2023.

Staff reporter