Bilibili Inc. (NASDAQ:BILI) delivered its first quarterly profit in years during the second quarter of 2025, but investors were not swayed, sending the company’s shares down 3.5% in pre-market trading on Thursday.
The video-streaming and gaming platform reported adjusted earnings of RMB 1.29 per share, ahead of the analyst consensus of RMB 1.20. Revenue came in at RMB 7.34 billion (US$1.02 billion), just above forecasts of RMB 7.33 billion and representing 20% year-over-year growth. Net income reached RMB 218.3 million (US$30.5 million), a sharp turnaround from a net loss of RMB 608.1 million a year earlier.
Among business lines, mobile gaming surged 60% year-over-year to RMB 1.61 billion (US$225.1 million), while advertising revenue advanced 20% to RMB 2.45 billion (US$341.9 million). Gross margin expanded to 36.5%, compared with 29.9% in the same period of 2024.
“We furthered our healthy momentum in the second quarter with solid financial results and strong community engagement,” said Rui Chen, Chairman and CEO of Bilibili. “This summer, we welcomed more than 400,000 people to join our flagship offline events, making the three-day event one of the largest offline animation expos in China.”
User growth trends were steady: daily active users rose 7% year-over-year to 109.4 million, while the average time spent on the platform reached 105 minutes, up six minutes from last year.
The company generated RMB 1.99 billion (US$277.7 million) in operating cash flow during the quarter. In addition, Bilibili repurchased 5.59 million Class Z shares for approximately HK$782.9 million as part of its ongoing buyback program.
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