Bilibili (Nasdaq: BILI; HKEX: 9626) today released the second quarter financial report for the year 2024 ending on June 30: Total net revenue was 6.127 billion yuan, a 16% year-on-year increase. Net loss was 0.608 billion yuan, a 61% year-on-year narrowing. Adjusted net loss, not following the generally accepted accounting principles in the USA, was 0.271 billion yuan, a 72% year-on-year narrowing.

Second quarter operational performance:

The daily active users (DAU) reached 0.1023 billion, a 6% year-on-year increase.

The monthly active users (MAU) increased to 0.336 billion.

In the second quarter, the average daily spending time per user increased to 99 minutes, compared to 94 minutes in the same period last year.

Q2 Performance:

Net Revenue

Total net revenue was 6.127 billion yuan (approximately 0.843 billion US dollars), a 16% year-on-year increase.

Revenue from value-added services was 2.566 billion yuan (approximately 0.353 billion USD), an increase of 11% year-on-year.

Revenue from advertising was 2.037 billion yuan (approximately 0.28 billion USD), an increase of 30% year-on-year.

Revenue from mobile games was 1.007 billion yuan (approximately 0.139 billion USD), an increase of 13% year-on-year.

Revenue from IP derivatives and other businesses was 0.516 billion yuan (approximately 71.1 million USD), a decrease of 4% year-on-year.

Revenue cost

Revenue cost was 4.294 billion yuan (approximately 0.591 billion USD), an increase of 5% year-on-year.

Gross profit

Gross profit was 1.833 billion yuan (approximately 0.252 billion USD), an increase of 49% year-on-year.

Total operating expenses.

Total operating expenses were 2.418 billion yuan (approximately 0.333 billion dollars), a decrease of 3% compared to the previous year.

Sales and marketing expenses were 1.036 billion yuan (approximately 0.143 billion dollars), an increase of 13% compared to the previous year.

General and administrative expenses were 0.488 billion yuan (approximately 67.2 million dollars), a decrease of 10% compared to the previous year.

Research and development expenses were 0.895 billion yuan (approximately 0.123 billion dollars), a decrease of 15% compared to the previous year.

Operating loss

Operating loss was 0.585 billion yuan (approximately 80.5 million dollars), a 54% decrease compared to the previous year.

Adjusted operating loss, non-GAAP, was 0.284 billion yuan (approximately 39.1 million dollars), a 69% decrease compared to the previous year.

The total amount of other expenses is 29.2 million yuan (about 4 million US dollars), while it was 0.247 billion yuan in the same period of 2023.

Income tax revenue

Income tax revenue is 6.2 million yuan (about 0.8 million US dollars), while income tax expenditure in the same period of 2023 was 23.9 million yuan.

Net income

Net loss of 0.608 billion yuan (about 83.7 million US dollars), a year-on-year narrowing of 61%.

Non-GAAP adjusted net loss was 0.271 billion yuan, a year-on-year narrowing of 72%.

Basic and diluted loss per share were 1.46 yuan (about 0.20 US dollars), while it was 3.74 yuan per share in the same period of 2023.

Non-GAAP adjusted basic and diluted loss per share were 0.65 yuan (about 0.09 US dollars), while it was 2.33 yuan per share in the same period of 2023.

In the second quarter, the net cash provided by operating activities was 1.751 billion yuan (approximately 0.241 billion US dollars), while the net cash provided by operating activities in the same period of 2023 was 21.2 million yuan.

Cash and Cash Equivalents

As of June 30, 2024, bilibili holds a total of 13.912 billion yuan (approximately 1.914 billion US dollars) in cash and cash equivalents, time deposits, and short-term investments.

Convertible preferred bonds.

As of June 30, 2024, the total outstanding principal of the April 2026 notes, 2027 notes, and December 2026 notes was 0.433 billion dollars (approximately 3.082 billion yuan).