Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results

Core Viewpoint - Bilibili Inc. reported a 3% increase in total net revenues for both the fourth quarter and fiscal year 2023, highlighting growth in advertising and value-added services despite a net loss that narrowed significantly compared to the previous year [2][11][15]. Financial Performance - Total net revenues for Q4 2023 were RMB6.3 billion (US$894.3 million) and RMB22.5 billion (US$3.2 billion) for the full year, both reflecting a 3% increase year-over-year [2][11]. - Advertising revenues reached RMB1.9 billion (US$271.7 million) in Q4 2023, up 28$903.1 million) for the year, up 27% [2][11]. - Value-added services (VAS) revenues were RMB2.9 billion (US$402.4 million) in Q4 2023, a 22$1.4 billion) for the year, a 14% increase [2][11]. - Gross profit for Q4 2023 was RMB1.7 billion (US$233.8 million), up 33$182.6 million) in Q4 2023, a 13% improvement, and RMB4.8 billion (US$677.7 million) for the year, a 36$90.2 million) in Q4 2023, compared to negative RMB707.3 million in the same period last year [10][12]. - The company reduced operating expenses by 17% year-over-year in Q4 2023 and 14% for the full year, contributing to improved financial metrics [3][12][13]. User Engagement - Average daily active users (DAUs) exceeded 100 million in Q4 2023, representing an 8% increase from the same period in 2022, with users spending over 95 minutes daily on the platform [3][11]. - Over 3 million content creators earned income on Bilibili in 2023, a 30% increase compared to 2022, indicating a strengthening community ecosystem [3][11]. Future Outlook - The company aims to continue enhancing its commercialization strategy and monetization products in 2024, focusing on creating value for users, creators, and shareholders [3][11].