Investing.com -- Bilibili (NASDAQ:BILI) reported better-than-expected earnings and revenue for the third quarter of fiscal 2024.
The company posted Q3 earnings per share (EPS) of RMB0.57, beating the analyst forecast of RMB0.54. Revenue for the period came in at RMB7.31 billion, also above the consensus estimate of RMB7.14 billion.
Revenue from mobile games rose to RMB1.82 billion, marking an 84% year-over-year increase, while advertising revenue rose to RMB2.09 billion, up 28% from the previous year.
Despite the beat, Bilibili US-listed shares slipped around 2% in premarket trading Thursday.
“In the third quarter, robust growth in our high-margin mobile games and advertising businesses accelerated our total revenue growth and significantly expanded our margins,” said Sam Fan, CFO of Bilibili.
“Our gross profit surged by 76% year on year and our gross profit margin rose considerably to 34.9%, up from 25.0% in the same period last year. Consequently, we recorded an adjusted operating profit of RMB272.2 million compared with a loss of RMB755.4 million from the same period of 2023.”