Chinese gaming giant Bilibili’s loss widens as costs spiral

Bilibili had 202 million average monthly active users in the fourth quarter, with 17.9 million paying users.

Nasdaq-listed Bilibili Inc. saw a widening loss in the first quarter this year, as the Chinese video-streaming and mobile gaming giant spent big to lure users in an ultra-competitive market depressed by the Covid-19 pandemic.

The company reported a 2.3 billion yuan ($343 million) net loss in the first quarter, widening 152% year-on-year, more than double the increase in the same period last year, according to its latest earnings report. Revenues grew 30% to 5.1 billion yuan, much slower than 68% in the same period in 2021.

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