Bilibili (NASDAQ:BILI) reported its latest quarterly earnings results on Tuesday, which sent the company’s stock soaring as the company crushed Wall Street’s earnings and revenue expectations.
The Chinese video game company said that for its second quarter of fiscal 2018, it posted and adjusted loss of a penny per share. Analysts were calling for the company to post an adjusted loss of 9 cents per share, according to data compiled by a FactSet survey.
Bilibili posted revenue of $150.6 million for the period, which was also stronger than the Wall Street consensus estimate of $149.6 million, according to data compiled by FactSet. The company is an online platform that’s designed to offer entertainment to the youth in China.
The platform offers a variety of genres and forms of media to young people in the form of videos, live broadcasting and mobile games. Bilibili only went public back on March 28.
The company managed to raise $483 million in its initial public offering by offering 42 million shares at $11.50 apiece. Its average monthly active users on the company’s platform reached 85 million, which is a 30% improvement over the year-ago period.
Bilibili’s total operating expenses were up by 88% to $54 million compared to the company’s results in the year-ago period.
BILI stock was up about 15.7% on Tuesday following its strong quarterly earnings showing.