(Yicai Global) Aug. 20 -- Bilibili’s shares sank after the Chinese video-sharing platform’s net loss widened 96.5 percent in the second quarter from the same period last year.

Biilibili [HKG:9626] closed 5.2 percent lower in Hong Kong today at HKD494 (USD63.40), after earlier slumping as much as 6.5 percent to HKD487.20, a 52-week low. In New York yesterday, the firm’s stock [NASDAQ:BILI] finished 6 percent down at USD64.33.

The Shanghai-based company’s net loss was CNY1.12 billion (USD173.7 million) in the three months ended June 30, versus CNY570.8 million (USD87.8 million) a year ago, according to the financial results it released yesterday. Revenue jumped 72 percent to a record CNY4.5 billion (USD692.2 million).

For this quarter, the entertainment platform popular among young people expects revenue of between CNY5.1 billion and CNY5.2 billion.

Second-quarter income from mobile games fell 1.2 percent to CNY1.2 billion, while that from value-added services almost doubled to CNY1.6 billion, buoyed by increasing numbers of paying users. Advertising income stood at CNY1 billion after a three-fold increase.

Operating expenses doubled to CNY2.5 billion, while the loss from operations soared 150 percent to CNY1.5 billion. Sales and marketing expenses doubled to CNY1.40 billion, as did general and administrative spending to CNY436 million and outlays on research and development to CNY674 million.

Bilibili’s average monthly active users reached 237.1 million in the quarter, a gain of 38 percent, and its average monthly paying users soared 62 percent to 20.9 million.

“Our users remain sticky and engaged, with the average user time spent on Bilibili rising to an impressive 81 minutes per user per day, the most we have seen in the second quarter throughout our operating history,” said Chairman and Chief Executive Officer Chen Rui.

When asked on an earnings conference call about the impact of China’s regulatory changes, Chen said “there's no significant change of regulatory environment toward games or toward live broadcasting… we have kept a regular dialog with different government authorities and from the company's perspective, we actually haven't heard anything new.”

Regarding China’s new regulations to protect minors, he said Bilibili has been “implementing restrictions and rules to protect -- better protect our minors and follow the regulatory requirements.” He added that games revenue generated from users aged under 18 is just about 1 percent of the firm’s total income from games.

Editor: Futura Costaglione