On November 29th, the Bilibili Hong Kong Stock Exchange announced that the total net revenue for the third quarter of 2023 was 5.8 billion yuan, unchanged from the same period in 2022; The net loss was 1.3 billion yuan, a 22% decrease from the same period in 2022; The adjusted net loss was 860 million yuan, a 51% decrease from the same period in 2022.
According to the announcement, the daily active users in the third quarter reached 103 million, an increase of 14% compared to the same period in 2022.
From a business perspective, the revenue of value-added services was 2.6 billion yuan, an increase of 17% compared to the same period in 2022, due to an increase in revenue from live streaming services and other value-added services.
The advertising revenue was 1.6 billion yuan, an increase of 21% compared to the same period in 2022, mainly due to the company's improvement of advertising products and improvement of advertising efficiency.
The revenue of mobile games was 992 million yuan, a decrease of 33% compared to the same period in 2022 and an increase of 11% month on month. The year-on-year decrease is mainly due to the higher base of Time Hunter 3 launched in June 2022, as well as lower than expected revenue for several new games in the third quarter of 2023. IP derivatives and others (formerly known as e-commerce and others).
The revenue of IP derivatives and other services was 580 million yuan, a decrease of 23% compared to the same period in 2022, mainly due to a decrease in revenue from the sale of IP derivatives.
The company expects that for the full year of 2023, due to lower than expected mobile game revenue, the total net revenue will be at the low end of the range of 22.5 billion to 23.5 billion yuan.
Chen Rui, Chairman and CEO of Bilibili, stated that while effectively improving commercialization efficiency, the number and activity of users in the third quarter achieved outstanding growth. The daily active users exceeded the 100 million mark, a year-on-year increase of 14%, reaching 103 million, and the average daily usage time of users on our platform climbed to 100 minutes, setting a new historical high, driving the total usage time of users to increase by 19% year-on-year.
Chen Rui stated that by integrating advertising and live streaming into the content ecosystem, we can continuously enhance our commercialization efficiency. This strategy has driven advertising revenue and value-added service revenue to increase by 21% and 17% year-on-year, respectively.
As of today's close, Bilibili Hong Kong stock fell 3.16% to HKD 101.