Why Bilibili Stock Plunged Today

Shares of Bilibili (NASDAQ: BILI) have plunged today, down by 8% as of 11:10 a.m. EDT, after the company reported second-quarter earnings. Investors were disappointed even though the results beat expectations.

Revenue in the second quarter increased 70% to 2.62 billion yuan ($370.5 million), ahead of the 2.55 billion yuan that analysts were modeling for. That resulted in an adjusted net loss of 475.7 million yuan ($67.3 million), or 1.35 yuan ($0.19) per share. The consensus estimate had called for an adjusted net loss of 1.5 yuan per share. The Chinese social media tech company said average monthly paying users more than doubled to 12.9 million.

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Source Fool.com