Bilibili posts Q2 results beat as mobile games and ads biz continue to shine

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Video sharing and gaming platform Bilibili (NASDAQ:BILI [https://seekingalpha.com/symbol/BILI#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) reported a top-and-bottom line beat for its second quarter results, helped by strong double-digit percentage gains in its advertising and mobile games businesses.

The company, which is referred to as the YouTube of China, saw advertising revenue rise 20% in Q2, driven by robust growth in performance-based advertising. Mobile game revenues were up 60%, mainly due to the outperformance of its exclusively licensed game, _San Guo: Mou Ding Tian Xia._

In Q2, average daily active users were up 7% from last year at 109.4M. Users on average spent 105 minutes daily on the company's platform, up 6 minutes compared to a year ago.

Gross profit was RMB 2.68B, up 46%. Gross profit margin was 36.5% vs. 29.9% for the same period last year.

For the three months ended June 30, Bilibili reported a net profit of RMB 218.3M, or RMB 0.51 per share, compared with a net loss of RMB 608.1M, or RMB 1.46 loss per share, for the same period last year.

On an adjusted basis, the Shanghai, China-based company earned RMB 1.29 per share, beating the average Wall Street analyst expectation of RMB 1.22 apiece.

Revenue surged 20% to RMB 7.34B and marginally managed to beat estimates.

BILI shares are down 2% in premarket trading in the U.S.

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