Bilibili reported revenue of $1.02 billion, a 20% year-over-year increase, and adjusted earnings per ADS of $0.19, well above estimates. Average daily active users rose 7% to 109.4 million and first-half MAUs reached 365.2 million, with average daily usage increasing to 106 minutes. Monthly paying users grew 10% to 31.8 million. Mobile gaming revenue jumped 60% to $225.1 million, value-added services grew 11% to $396 million, and advertising advanced 20% to $341.9 million, while IP-derived revenue declined. Gross margin expanded to 36.5%, adjusted net income reached $78.4 million, operating cash flow was $277.7 million, and cash totaled $3.11 billion. The company plans to focus on premium content appealing to younger users.
Revenue rose 20% year-over-year to $1.02 billion (7.34 billion yuan), in line with analyst forecasts. Adjusted earnings per ADS came in at 19 cents, more than double the consensus estimate of 8 cents. By segment, mobile gaming revenue surged 60% to $225.1 million, while value-added services climbed 11% to $396 million. Advertising revenue advanced 20% to $341.9 million. Revenue from IP derivatives and other businesses declined 15% to $61.4 million.
The Chinese video-sharing platform also saw continued momentum in user engagement. Average daily active users climbed 7% to 109.4 million during the quarter. For the first half of 2025, DAUs averaged 108 million, while monthly active users reached 365.2 million, representing year-over-year gains of 6% and 8%, respectively. Time spent per user also rose, with average daily usage reaching 106 minutes in the first half, up from 102 minutes a year earlier. Monthly paying users grew 10% to 31.8 million.
Profitability also improved. Gross margin expanded to 36.5%, up from 29.9% a year earlier. Adjusted net income reached $78.4 million (561.3 million yuan), compared with an adjusted net loss of 271 million yuan in the prior year. Operating cash flow stood at $277.7 million for the quarter. As of June 30, 2025, Bilibili held $3.11 billion in cash and equivalents.
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