(Yicai Global) May 19 -- Chinese video platform Bilibili forecasts net revenues of between CNY2.5 billion and CNY2.55 billion in the second quarter after its revenue vaulted 69 percent on a 70 percent surge in users that pushed its shares [NASDAQ: BILI] up 9 percent to USD33.66.

Higher costs widened the company’s first-quarter net losses by almost three times to nearly CNY540 million (USD76 million) from some CNY196 million in the same period last year.

The Shanghai-based firm’s first-quarter net revenues reached CNY2.32 billion (USD330 million) in an almost 70 percent rise from the same period last year, average monthly active users reached 172.4 million and mobile MAUs hit 156.4 million, representing 70 percent and 77 percent growth from last year’s same time, respectively, whereas average monthly paying users reached 13.4 million, a 134 percent jump from a year earlier, the leading online entertainment platform for China's youth announced today.

Revenue costs for the video streamer, in which Chinese tech titans Baidu and its archrivals Alibaba Group Holdings and Tencent Holdings are all major shareholders, were CNY1.8 billion, a rise of over half on the year, while total operating expenses were CNY1.07 billion, up 117 percent.

Sales and marketing expenses were CNY6.1 billion in an over threefold annual rise, general and administrative expenses were CNY1.71 billion, 33 percent higher.
The firm’s net revenues were CNY15.4 billion in last year’s second quarter, up by half on the year.

Editor: Ben Armour