What happened: Nasdaq-listed Chinese video streaming and gaming platform Bilibili reported a net loss of RMB 70.3 million in the second quarter, compared with RMB 50.4 million in the same period last year. The total revenue increased 76 percent to RMB 1026.5 million, compared with that of last year. Revenues from mobile games increased 61 percent to RMB 791 million and those from live broadcasting and value-added services increased 186 percent to RMB 118.6 million.
Why it’s important: Earlier this month, Bilibili was removed from app stores in China’s newest wave of online content clean-up. However, according to Chen Rui, CEO of Bilibili, the 30-day suspension would not have an influence on the company’s overall growth. Despite the company’s statement earlier that it would pivot its business revenues away from mobile games, gaming revenues are still Bilibili’s biggest source of income. Popular game titles include Fate/Grand Order developed by Japanese developer Delightworks and Azure Lane by Chinese developers Manjuu and Yongshi .