(Yicai) May 24 -- Bilibili's shares plunged after the Chinese video streaming platform said its net loss widened 21 percent in the first quarter, mainly due to a gain from debt offset a year earlier.

Shares of Bilibili [HKG: 9626] tumbled 11.27 percent to HKD106.30 (USD13.61) apiece in Hong Kong today.

Net loss was CNY765 million (USD105 million) in the first three months of the year, the Shanghai-based company said in an earnings report released yesterday. Bilibili gained CNY336 million from an offset in the first quarter of last year, and if adjusted for this, the loss narrowed 56 percent year on year.

Revenue jumped 12 percent to CNY5.7 billion (USD780 million), driven by improved gross profit margin and user engagement, Bilibili noted. Advertising income surged 31 percent to CNY1.7 billion, while revenue from value-added services rose 17 percent to CNY2.5 billion.

The gross profit margin soared 45 percent in the three months ended March 31 from a year ago and 28 percent from the prior quarter, a seventh consecutive quarter-on-quarter jump. Bilibili's operating cash flow was CNY638 million (USD88.1 million), compared with a cash outflow of CNY630 million a year earlier.

The number of daily active users rose 9 percent to 102 million in the first quarter, Bilibili said.

Editor: Martin Kadiev