Bilibili (BILI, Financial) announced its unaudited financial results for the third quarter ending September 30, 2024. The company reported a total revenue increase of 26% year-on-year, reaching RMB 7.31 billion. Bilibili's community continues to grow robustly, with daily active users reaching 107 million and monthly active users hitting 348 million. Users spent an average of 106 minutes per day on the platform, up from 100 minutes in the same period last year.
The flourishing community ecosystem has been a cornerstone of Bilibili's sustainable growth. Advertising revenue soared by 28% to RMB 2.09 billion, while gaming revenue surged by 84% to RMB 1.82 billion, leading to a significant 76% increase in gross profit year-on-year. The company's gross margin improved to 34.9% for the ninth consecutive quarter.
For the first time since going public, Bilibili achieved a quarterly adjusted net profit of RMB 240 million. According to Bilibili's Chairman and CEO, maintaining high-quality content is key to the platform's enduring value and growth in both community and business income.
Bilibili's diverse content across multiple categories has driven its community's growth, with daily video plays exceeding 5.7 billion, a year-on-year increase of 23%. The company has become a leading platform for AI content, with related viewership surpassing 30 billion in 2024.
The platform also reports robust growth in consumption-related content, particularly in automotive and fitness categories, which saw viewership increases of over 40% and 80%, respectively. Additionally, the number of female users engaging with fashion and mother-child content rose significantly.
In the third quarter, revenue from Bilibili's value-added services reached RMB 2.82 billion. The platform's diverse interest groups continue to fuel growth in live streaming and VIP membership, contributing to an increase in the number of annual subscription members.
Bilibili also enjoyed a healthy financial position with a positive operating cash flow of RMB 2.23 billion and announced a new share repurchase plan valued up to $200 million over the next 24 months.
