Bilibili stock (NASDAQ:BILI) was sliding late in the day Tuesday as the company reported its latest quarterly earnings results, which included a loss that met analysts’ expectations, but this loss was much wider than what the company posted during the same period a year ago.
The China-based video game publisher said that for its third quarter of fiscal 2018, it brought in an adjusted net loss of 202.7 million yuan (roughly $29.5 million), which was considerably wider than the company’s loss of 2.9 million yuan from its third quarter of its fiscal 2017. Its adjusted loss of 10 cents per share was in line with Wall Street’s expectations.
Bilibili did impress in the revenue front as the company’s sales increased by 48% compared to the year-ago quarter, but this improvement was offset by higher costs for personnel and marketing to propel the brand’s growth. Revenue came in at 1.079 billion yuan (about $157.1 million).
The company added that its revenue from mobile games reached 744 million yuan, a 24% surge year-over-year thanks to an increase in its number of paying users. Bilibili added that its average monthly paying users surged 202% year-over-year to 3.5 million.
For its fourth quarter, the company is projecting revenue in the range of 1.04 billion yuan to 1.08 billion yuan.
Bilibili stock was down about 7.5% after hours Tuesday as the company’s quarterly earnings results included a wider loss than it accrued during the year-ago quarter. BILI shares had been gaining about 4.4% during regular trading hours in anticipation of the company’s results.