"Burning money" but not making money!In the first half of station B, a huge loss of 4.3 billion yuan, 25 billion in hand in hand

In the first half of this year, the income increase in Internet companies, including long video platforms, generally slowed down, and cost reduction and efficiency became the common choice of many companies. But Bilibili (station B) seems to be a special case.

On September 8, Station B announced the unaudited financial results in the second quarter of 2022. The company's revenue, number of users, and the number of paid users have increased significantly.

However, the company's net loss in the second quarter expanded significantly compared with 1.12 billion yuan in the same period in 2021 to 2.01 billion yuan. In the first half of the year, the cumulative loss of Station B was nearly 4.3 billion yuan, and the loss of 6.8 billion yuan last year was 6.8 billion yuan.

Lost 2 billion in the second quarter

The income of station B mainly comes from 4 parts: mobile games, value -added services, advertising and e -commerce. In the second quarter of 2022, the operating income of Station B reached 4.9 billion yuan, an increase of 9%over the same period in 2021.

Among them, the income from value -added services from large members and live broadcasts was 2.1 billion yuan, an increase of 29%over the same period last year, and it is still the company's main source of income. Station B stated that the main reason for this part of income is that the company has strengthened the construction of commercialization capacity, and the number of paid users has increased.

In the first half of the advertisement and mobile gaming business, the revenue of 1.158 billion yuan and 1.046 billion yuan, respectively. Among them, advertising revenue increased by 10%compared with the same period last year, but the game business decreased by about 15%compared with the same period last year, mainly due to the lack of game products in the market in the first half of the year.

In the first quarter of this year, the operating income of station B increased by 30%, while the income increase in the second quarter declined significantly. During the same period, the operating cost of station B increased by 19%compared with the same period last year, exceeding the income increase.

Station B said that the increase in costs is mainly due to income division and increased content costs. In the first half of the year, its income was divided into 2.07 billion yuan.

In addition, although the sales and marketing expenditures in the first half of Station B decreased by 16%year -on -year, the expenditure was still as high as 1.17 billion yuan; and its R & D expenses, general and administrative expenses increased significantly by 68%and 44%, respectively.

The increase in costs and expenses has led to further expanding the losses in the second quarter of Station B to 2.01 billion yuan, which is a significant increase from the same period in 2021. In the first quarter of this year, the net loss of station B also reached 2.284 billion yuan, a significant increase of 152%from the same period in 2021.

Monthly active users exceed 300 million

In addition to income, the growth of users has attracted much attention from the outside world.

At present, the competition of users on long video platforms has already entered the era of stock, but relying on differentiated routes and continuous investment, the number of users at station B has remained steady growth in the past few years.

According to the financial report, the number of monthly active users in Station B in the second quarter reached 306 million, a record high, a record high of 29%year -on -year; daily active users reached 83.5 million, a year -on -year increase of 33%. The average monthly paid users in the second quarter reached 27.5 million, an increase of 32%over the same period last year.

As of the end of 2021, the average monthly active households at Station B were 272 million. This means that the monthly use households have increased by more than 30 million.

In the financial report, the company said that in the second quarter, under the huge challenge brought by the macro environment and epidemic, the company maintained high -quality user growth and effectively controlled expenses. The company has done a good job of regaining growth in the second half of 2022, and full preparations for increasing profit margins.

Chen Rui, the CEO of Station B, said in the reasons for the growth of user data in the second quarter that in the second quarter, the content of various forms was continuously enriched, driving the growth of platform user growth and activity.

Do you want to grow or increase?

Since the beginning of this year, Internet companies have opened the road of cost reduction and efficiency, the most obvious performance is that the expenses of various expenses have shrunk significantly. In the second quarter, the marketing expenditure of Station B also decreased significantly, but the overall cost decreased limited.

At the performance exchange meeting on September 8, how to invest in station B and the views on business and user growth also attracted market attention.

In this regard, Chen Rui said, "The focus of cost reduction and efficiency is not to reduce costs, but to increase efficiency, or to spend money on the place and spend money smarter and more efficiently."

Chen Rui said that the current environment is very challenging, so the company particularly emphasizes that focusing less but more important things, and non -core things can be done without doing it. The core of station B is video, user growth and revenue growth, so in the first half of this year, the company spent resources and funds in these aspects.

“增长是B站最重要的工作。B站是非常典型的互联网平台型经济，它的所有价值都来自用户价值，公司非常重视用户增长工作。但是同时我们也非常重视提升用户增长的效率、降低The cost of user acquisition. In the first half of the year, our new users' acquisition costs are indeed declining, while the user's retention and activity is rising. "Chen Rui said.

At the business level, Chen Rui explained the logic of the business growth of station B at the exchange meeting. He believes that on the one hand, videoization is a wave of global, and it will last for at least three years, which will make Station B grow. In addition, consumption upgrade is the current general trend, and content consumption is also an important part of consumption upgrade. Therefore, Station B is still a "windplace type" business, which is the basic factor for the continuous growth of the company's business.

In the second quarter financial report, Station B predicts that the company's revenue in the third quarter of 2022 will reach 5.6 billion yuan.

Some opinions believe that sufficient funds are also an important factor to support the selection of current business strategies to support the choice of current business strategies.

According to the financial report, as of June 30, the cash and cash equivalents held by station B, regular deposits and short -term investment were 24.9 billion yuan, an increase of 24.7 billion yuan at the end of the first quarter.This means that there is sufficient funds to invest in various businesses.However, Chen Rui also said that with the improvement of the macro environment, the company will continue to implement the strategy of healthy growth. While accelerating the commercialization, it will continue to control costs, increase gross profit margin, and narrow losses.

Source: Securities Times Network

Edit: Xing Zhibin

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