Q3 2024 Bilibili Inc Earnings Call Transcript
Key Points
- Bilibili Inc (BILI) achieved its first quarterly adjusted net profit, marking a significant milestone in its financial performance.
- Total revenues for the third quarter increased by 26% year over year, reaching RMB7.3 billion, driven by strong growth in the games and advertising sectors.
- The company's gross profit rose by 76% year over year, with the gross profit margin improving to 34.9% from 25.0% in the same period last year.
- Daily active users (DAUs) and monthly active users (MAUs) reached record highs, with DAUs at 107 million and MAUs at 348 million, indicating strong user engagement.
- Bilibili Inc (BILI) announced a share repurchase program of up to USD200 million, showcasing its commitment to enhancing shareholder returns.
- Despite the positive financial results, there are uncertainties in advertisers' budgets due to the macroeconomic environment, which could impact future advertising revenue.
- Sales and marketing expenses increased by 21% year over year, primarily due to increased marketing expenses for exclusively licensed games.
- The company faces competition in the video industry, and maintaining its unique position requires continuous investment in content and community growth.
- While the company has turned profitable, the sustainability of this profitability in the long term remains to be seen, especially with potential fluctuations in the gaming and advertising markets.
- The macroeconomic environment presents challenges, with certain sectors like automotive, beauty and fashion, and real estate experiencing tight budgets, which could affect Bilibili Inc (BILI)'s advertising revenue.
Good day, and welcome to the Bilibili third-quarter 2024 financial results and business update conference call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.
Thank you, operator.
During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC and the Hong Kong Stock Exchange. The non-GAAP financial measures we'll provide are for comparison purpose only. The definition of these measures and a reconciliation table are available in the news release we issued earlier today.
As a reminder, this conference is being recorded. In addition, an
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