Bilibili (NASDAQ:BILI) shares are up nearly 6% at the time of writing after the online entertainment services provider posted a better-than-anticipated set of second-quarter numbers. Revenue rose 8% year-over-year to $731.5 million, beating estimates by $8.8 million. Additionally, net loss per share at $0.32 too came in narrower than expectations by $0.03.
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During the quarter, the number of average daily active users on the platform rose by 15% to 96.5 million with an average daily time spent of 94 minutes. Further, a surge in advertising revenue and gains in operational efficiency helped the company boost its gross profit margin by an impressive 23% during this period.
For the full-year 2023, BILI expects net revenue to hover between RMB22.5 billion and RMB23.5 billion. In comparison, it had earlier guided for net revenue in the range of RMB24 billion and RMB26 billion. The scale-back comes due to delayed game launches and a tepid revenue contribution from BILI’s non-core businesses including IP derivatives.
Overall, the Street has a $21.06 consensus price target on BILI alongside a Moderate Buy consensus rating. Today’s price gains come after a nearly 33% decline in BILI shares over the past six months.
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