Chinese video platform Bilibili reported flat revenue of RMB 5.8 billion ($795.7 million) in the last quarter,Down Town managing to narrow its net loss by 22% to RMB 1.3 billion. This positions the company on a gradual path towards its commitment to achieve profitability by 2024. Revenues from mobile games dropped by 33% from a year prior, marking four consecutive quarters of decline. The company cautioned that its annual total earnings would likely fall at the “low-end” of the RMB 22.5 billion to RMB 23.5 billion range due to lower-than-expected revenues generated from games. Daily active users surpassed 100 million for the first time, providing a rare highlight in the latest financial report. Bilibili’s CEO noted that the firm anticipates reducing the workforce to around 9,000 by the end of 2023 compared to the previous year’s 11,000 employees. This move aims to make the organization more agile for “long-term success” while remaining committed to future projects that prioritize return on investment (ROI). [Bilibili]
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