Bilibili (NASDAQ:BILI) stock is taking off on Tuesday as investors react to the company’s earnings report for the third quarter of 2022.
That earnings report starts with the company bringing in adjusted earnings per share of -63 cents. For the record, that’s better than the -65 cents per share Wall Street had expected, even if it’s wider than the EPS reported in the same period last year.
Adding to the exciting news for BILI stock investors today is revenue of $814.5 million for Q3 2022. That’s another beat for the Chinese company compared to the analyst estimate of $798.03 million. It also represents year-over-year (YOY) growth of 11%.
Rui Chen, Chairman and CEO of Bilibili, said the following in the earnings report:
“Our DAUs and MAUs each increased by 25% year-over-year to over 90 million and nearly 333 million, respectively. Users remained highly engaged and the average daily time spent on Bilibili reached a 96-minute record high.”
BILI’s Outlook Is Underwhelming
Despite the positive Q3 earnings report, the company’s revenue outlook for Q4 2022 isn’t the best. That has the company expecting revenue to range from $843.47 million to $871.58 million. This would see it missing Wall Street’s Q4 revenue estimate of $877.1 million.
Even so, heavy trading is sending shares of BILI stock higher today. As of this writing, more than 20 million shares have changed hands. That’s a massive surge compared to the daily average trading volume of about 8.4 million shares.
BILI stock is up 23.3% as of Tuesday morning.
Investors seeking more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.