Bilibili (NASDAQ: BILI) shares jumped by more than 8% in pre-market trading on Tuesday after the video gaming platform delivered strong Q3 results.
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BILI posted revenues of $814.5 million, up 11% year-over-year and surpassing Street estimates by $25.2 million.
More encouragingly, BILI’s losses narrowed by 36% year-over-year to $241.2 million in the third quarter. Adjusted loss came in at $0.63 per share versus Street estimates of a loss of $0.64.
Rui Chen, Chairman, and CEO of Bilibili commented, “Our DAUs [daily active users] and MAUs [monthly active users] each increased by 25% year-over-year to over 90 million and nearly 333 million, respectively. Users remained highly engaged and the average daily time spent on Bilibili reached a 96-minute record high.”
Average monthly paying users (MPUs) reached 28.5 million in Q3, an increase of 19% year-over-year.
Wall Street analysts are cautiously optimistic about BILI with a Moderate Buy consensus rating based on seven Buys, four Holds, and one Sell. Shares of BILI have lost more than 80% in value in the past year.
