Bilibili's net loss narrowed for a third consecutive quarter, helped by continuing cost reductions and gains from investments.
The Chinese video-sharing platform said Thursday that quarterly net loss was 627.7 million yuan ($88.3 million), compared with a loss of CNY2.28 billion in the same period a year ago.
Total net revenue for the first quarter was CNY5.07 billion, up from CNY5.05 billion a year earlier and down from CNY6.14 billion in the fourth quarter. Cost of revenues fell 6.6% from a year earlier to CNY3.97 billion, while total operating expense fell 11% to CNY2.48 billion.
The Shanghai-based company also booked net investment income of CNY286.4 million versus a net investment loss of CNY626.3 million in the same period a year ago.
"We started the first quarter of 2023 on a positive note with a notable improvement in our gross profit and a significant reduction in our losses," said Chairman and Chief Executive Rui Chen. He said Bilibili's primary focus moving forward would be prioritizing profitability and boosting efficiency.
The company reiterated guidance for full-year revenue of between CNY24.0 billion and CNY26.0 billion.
Stocks rose slightly in premarket trading.
