실적분석 Bilibili ($BILI) Q2 2026 Earnings Analysis — Adjusted EPS and Revenue Both Beat; Modest After-Hours Rebound
Earnings Scorecard
Revenue: RMB 7.94 billion (about $1.17 billion) (+8% YoY, consensus RMB 7.919 billion) ✅ Beat
EPS (earnings per share): Adjusted basic RMB 1.69 (about $0.25) (RMB 1.34 YoY, consensus $1.53) ✅ Beat
Guidance: Not provided — no next-quarter or full-year revenue/EPS outlook
Stock Reaction: After-hours +2.11% ($16.49) — as of 20:52 KST, 08-27
What Went Well
Advertising revenue +28%: Q2 2026 advertising of RMB 3.13 billion (about $461.4 million) led overall growth
Gross margin 37.2%: Up from 36.5% YoY, improving for 16 consecutive quarters
Adjusted net income +25%: Adjusted net income of RMB 703.6 million (about $103.7 million); adjusted net margin of 8.9%
Profitability gains continued as the young-user community and ad-product efficiency reinforced each other. Average daily active users (DAUs) reached 116.5 million (+7%), and total time spent rose 14%.
What Fell Short
Mobile games -14%: Hit by tough year-ago comps from last year's hit title, came in at RMB 1.39 billion (about $205.1 million)
Revenue growth in single digits: Total net revenue growth slowed to 8%
No quarterly guidance: The company did not provide next-quarter revenue or profit forecasts
The games segment's decline largely reflects last year's high-performing title entering a maturity phase. Advertising has clearly stepped in to fill the gap, but single-digit growth caps upside expectations.
What Management Said
Management expressed medium- to long-term confidence, noting that its content- and interest-based communities deepen user engagement and that AI helps scale that further. On the financial side, the message stressed disciplined investment and returning capital to shareholders via buybacks.
Market Reaction and Key Things to Watch
A modest after-hours rebound followed as the slight revenue and adjusted-earnings beats — along with ad growth — were read as a defensive setup.
Whether advertising growth can hold in the mid-20% range next quarter
How much new and existing mobile games lift the tough year-ago comps
Pace of share buybacks and whether gross margin expands further
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
Today's 5 AI picks, all free