Video-sharing platform Bilibili Inc. (NASDAQ: BILI and HKEX: 9626) announced its unaudited financial results for the second quarter and disappointing sales forecast for Q3.
The company's total revenue reached 4.9 billion yuan ($732.9 million), a 9% increase from the same period in 2021. Average monthly active users reached 305.7 million, a 29% increase from the same period in 2021.
However, adjusted for non-recurring items, Bilibili posted a loss for earnings per share of 75 cents. According to MarketWatch, for fiscal Q3, "the company expects revenue of between RMB5.6 billion and RMB5.8 billion, below the FactSet consensus of RMB5.96 billion."
"Confronting the immense challenges of the macro-environment and COVID-19 lockdowns in the second quarter, we are pleased to have continued to grow our high-quality user base and control our expenses. We believe the largest impact of the pandemic is behind us, and we are poised to regain our growth momentum and improve our margins in the second half of 2022," said Mr. Rui Chen, chairman and chief executive officer of Bilibili.
"Moving through the back half of 2022, we expect to benefit from an improved macro-landscape where we can further grow our business, while continuing to control costs and close the gap on our net loss."
Moreover, the company said its proposed conversion to primary listing on The Main Board of The Stock Exchange of Hong Kong is expected to be effective on October 3, 2022. "We believe our binary approach will further expand our investor base and provide us with more flexibility in the capital market," according to Mr. Sam Fan, chief financial officer of Bilibili.