Bilibili Q4: Clocks 6% Topline Growth Amid Lack Of Gaming Launches, Tightens Expenses

Bilibili Inc BILI reported fourth-quarter FY22 revenue growth of 6% year-on-year to $890.6 million (RMB6.1 billion), beating the consensus of $886.72 million.
Drivers: Average monthly active users (MAUs) increased 20% Y/Y to 326 million. Average daily active users (DAUs) climbed 29% Y/Y to 92.8 million, and Average monthly paying users (MPUs) jumped 15% Y/Y to 28.1 million.
Revenues from mobile games were $166.1 million, down 12% Y/Y, attributable to the lack of new games launches. VAS grew 24% Y/Y to $340.7 million, led by an increased number of paying users. Advertising declined by 4.7% Y/Y to $219.3 million. E-commerce revenues increased 13% Y/Y to $164.5 million, attributable to increased revenue from e-sports copyright sub-licensing.
Adjusted EPS loss of $(0.48) beat the consensus loss of $(0.51). Bilibili held $2.8 billion in cash and equivalents.
Chair and CEO Rui Chen said, "Nowadays, the changing market environment calls for increased adaptability. As such, we have taken steps to tighten our expenses and streamline our organization to further prioritize commercialization. Moving through 2023, we will elevate our execution in these core areas, ensuring we achieve our financial goals while continuing to foster a welcoming and inclusive community for our users."
Outlook: Bilibili sees FY23 revenues of RMB24.0 billion - RMB26.0 billion.
Price Action: BILI shares traded lower by 6.20% at $18.45 in the premarket session on the last check Thursday.

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