Chinese video-sharing and gaming platform Bilibili has achieved quarterly profitability for the first time, a key milestone it has been striving for since going public in the US in 2018.
The Shanghai-based company said in a statement on Thursday that it recorded an adjusted net profit of 235.9 million yuan (US$33.6 million) during the third quarter, compared with an adjusted net loss of 863.5 million yuan in the same period last year. That marks the company’s first adjusted net profit in a quarter. It still has not recorded an annual net profit since going public.
Chen Rui, Bilibili chairman and chief executive, attributed the profitability to the firm’s “consistent effort in improving commercialisation efficiency”.
“This milestone is just a new starting point,” Chen said in the statement. “Going forward, we will further develop our commercial capabilities while reinforcing our community ecosystem, bringing long-term value to all of our stakeholders.”
Total revenues during the quarter grew 26 per cent year on year to 7.31 billion yuan, up from 5.8 billion in the same period last year. The improved earnings came on the back of strong growth in its high-margin mobile games business, which saw an 84 per cent year-on-year surge in revenue.