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BEIJING, November 29 (TMTPOST)— Bilibili Inc., a video and live streaming community popular among China’s young generations, defied the Wall Street estimates in a quarter that its home market loosened the Covid19 pandemic curbs.

Source: Visual China

Bilibili said on Tuesday that total net revenue rose 11% year-over-year (YoY) to RMB5.79 billion (US$814.5 million) in the quarter ended September 30, topping analysts’ forecast of RMB5.717 billion. The Shanghai-based company logged non-GAAP adjusted net loss of RMB1.765 billion, less than the estimated loss of RMB1.832 billion though worse than the quarterly loss of RMB1.622 billion a year earlier, while the net loss was RMB1.716 billion, decreasing 36.1% YoY. The adjusted basic and diluted net loss of RMB4.46 beats the market projection of RMB4.653, compared with RMB4.16 in the same period last year.

The third quarter witnessed average daily active users (DAUs) and average monthly active users (MAUs) of Bilibili each increased 25% YoY to 90.3 million and 332.6 million respectively. Average monthly paying users (MPUs) reached 28.5 million, up 19% YoY. Users remained highly engaged and the average daily time spent on Bilibili reached a 96-minute record high, the chief executive Rui Chen noted. Sales and marketing expenses as a percentage of overall revenue declined to 21%, compared with 24% in the prior quarter, and non-GAAP adjusted net loss ration narrowed by 10 percentage points sequentially, the chief financial officer Sam Fan showed as achievements by improving operating efficiency and controlling expenses. Chen vowed to accelerate monetization and further implement cost containment measures including rationalizing headcount planning and cutting sales and marketing expenses, aiming to improve margins and narrow losses.

American-listed shares of Bilibili settled 22.3% higher after up as much as 25% on Tuesday. Its U.S.-listed peers also outperformed. The Nasdaq Golden Dragon China Index, which tracks China-exposed firms listed in the United States, gained 5.1%, on the track to record its biggest monthly advance since debut in 2001. Shares of Pinduoduo climbed 5.9% on Tuesday, a day after the e-commerce giant posted much-better-than expected results in the third quarter. Its revenue increased 65% YoY and net income had a 546% YoY growth.