Bilibili (BILI,HK9626) announced its 3Q24 results before market open on November 14. The stock closed down 12.6% at $18.59 per ADS after the earnings. In 3Q24, revenue increased 26% y/y to US$1,005 Million. It achieved the first-ever quarterly non-GAAP profit. Revenue from gaming sector was in line with the consensus. Mobile gaming and advertising are still expected to be the major drivers in upcoming quarters. Traditionally, 4Q with Double 11 Shopping Festival will be the peak season on advertising. Three Kingdom style game San Mou showed resilient popularity and newly launched game “Jujutsu Kaisen Phantom Parade” could be the next catalyst in short term.
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