Why Bilibili Stock Was a Winner Today
Bilibili (NASDAQ: BILI) shares eked out a win on the stock market Thursday, rising to close 1.3% higher while the S&P 500 index booked a less than 1% rise. The reason why was simple -- the China-based tech company posted quarterly earnings that exceeded analysts' bottom-line expectations.
For its first quarter, Bilibili earned 5.1 billion yuan ($718 million) in revenue, which was marginally higher than its take in the same period of 2022. Improvement was also seen on the bottom line, as the tech company managed to narrow its net loss to slightly over 1 billion yuan ($141 million), equating to 2.51 yuan ($0.35) per share, against the year-ago shortfall of 1.65 billion yuan ($232 million).
On average, prognosticators following the stock were expecting a slightly higher top-line figure of 5.15 billion yuan ($725 million). Yet they underestimated Bilibili's ability to trim its net loss, since they collectively expected a deficit of 2.84 yuan ($0.40) per share for that metric.
Source Fool.com
