China's Bilibili Focuses on Growth as Losses Double
Patrick Frater, provided by
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Chinese video entertainment platform Bilibili saw its losses deepen in 2020, but they reflected further investment in growth, as Middle Kingdom consumers become increasingly digitally focused.
Average monthly active users (MAUs) reached 202 million representing an increase of 55%, compared with 2019. Those paying for use reached 17.9 million, a 103% increase.
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Bilibili’s total net revenues were RMB3.84 billion ($589 million) in the calendar year, an increase of 91% from the same period of 2019. Net losses extended from RMB1.3 billion in 2019 to RMB3.1 billion ($468 million).
But investors appeared to buy the growth story. The NASDAQ-listed company saw its ADR-shares dip before the results announcement, but the stock gained nearly 4% to $131.88 in after-hours trading. At that price, Bilibili has a market capitalization of $45 billion.