Bilibili lowered Q1 financial guidance amid Covid-19 resurgence in China, dual-primary listing approved for Oct.3
Bilibili updated its net revenues guidance for Q1 of 2022 wherein it expects net revenues to be in the range of RMB5B to RMB5.1B compared to earlier guidance of RMB5.3B to RMB5.3B provided in Q4 results in early March.
The guidance was lowered led due to the unexpected Covid-19 resurgence nationwide in China, and the increased Covid-19 restrictions and lockdowns in major cities including Shanghai since mid-March.
Driven by expanding content and the unique community experience, average monthly active users stood at 293.6M in Q1, an increase of 31.5% Y/Y.
Average daily active users were 79.4M (+32% Y/Y); average daily time spent per user reached 95 minutes, highest in its operating history.
Earnings are scheduled for June 9, before market opens.
Separately, the company received the acknowledgement from the Hong Kong Stock Exchange for its proposed conversion of its secondary listing status on The Main Board of The Stock Exchange of Hong Kong to dual-primary listing.
Effective date on which the proposed conversion will become effective, is expected to be Oct.3, 2022 wherein the company will be listed dually on – Hong Kong Stock Exchange and Nasdaq.
Shares trading 5.5% down premarket.
Author: Khyathi Dalal, Seeking Alpha