Bilibili reports first profitable quarter, revenue up

Bilibili Inc. (HKEX: 9626) reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, marking its first GAAP profitable quarter. Total net revenues for Q4 2024 reached RMB7.73 billion (US$1.06 billion), a 22% increase year-over-year. Full-year 2024 revenues totaled RMB26.83 billion (US$3.68 billion), up 19% from 2023. Advertising revenue rose 24% to RMB2.39 billion (US$327.2 million) in the fourth quarter, while mobile games revenue surged 79% to RMB1.80 billion (US$246.3 million). Gross profit for Q4 increased 68% to RMB2.79 billion (US$382.0 million). The company achieved a net profit of RMB88.9 million (US$12.2 million) for the quarter, compared to a net loss in the prior year. Average daily active users (DAUs) reached 103 million. Bilibili repurchased outstanding ADSs and convertible senior notes totaling US$864.8 million during the year and held cash, equivalents and investments of RMB16.54 billion (US$2.27 billion) as of year-end.