Chinese online video sharing and entertainment service Bilibili Inc. reported 67 percent annual revenue growth in 2018 on the back of strong rise in user numbers.
Revenues reached 4.13 billion yuan (618.1 million U. S. dollars) in 2018, the NASDAQ-listed company announced Thursday in its unaudited financial report for the forth quarter and the overall year of 2018.
Adjusted net loss for 2018 was 377.4 million yuan, compared to 101.3 million yuan in 2017.
Sam Fan, chief financial officer of Bilibili, said the company is pleased to see a more balanced revenue mix with increased revenue contribution from its advertising, live broadcasts and value-added services businesses (VAS).
In 2018, revenue from mobile games rose 43 percent year on year to 2.9 billion yuan. Live broadcasting and VAS revenues soared 232 percent to 585.6 million yuan, while advertising revenue surged 191 percent to 463.5 million yuan.
Bilibili's monthly active users in the last quarter of 2018 reached a record 92.8 million, with 79.5 million active mobile users. The two numbers were up 29 percent and 37 percent year on year, respectively.
"We considerably strengthened our anime, mobile games content and commercialization capabilities by securing relationships with market leaders Tencent and Alibaba during the period," said Chen Rui, chairman and CEO of Bilibili.
The company expects revenue to be 1.27-1.29 billion yuan in the first quarter of 2019.
Established in June 2009, Bilibili is one of China's leading streaming platforms. Alibaba's e-commerce retail platform Taobao bought 24 million shares of Bilibili earlier this month, owning an 8-percent stake in the company.
