Bilibili’s Stock Price Drops After First-Quarter Gaming Revenue Falls
Summary
Bilibili's shares fell after the company reported a 12% decline in first-quarter mobile gaming revenue, closing down 4.7% in Hong Kong and down about 5.4% pre-market in New York. Net profit for the quarter was CNY202 million versus a loss a year earlier, and total revenue rose 7% to CNY7.5 billion, while mobile games revenue dropped to CNY1.5 billion. Management said the decline reflected a high prior-year base driven by the 2024 hit San Guo, which has now entered a mature lifecycle. CEO Chen Rui outlined three strategies—maintaining long-term operations, focusing on leading IPs, and rejuvenating the brand—and said Bilibili will launch several San Guo-themed titles and explore the console market. Investors remain concerned about momentum for new games despite strong growth in advertising, premium membership and record user engagement metrics.