Dow Jones Newswires: Bilibili shares jump in Hong Kong, extending Wall Street rally


Bilibili Inc.

shares jumped in Hong Kong on Wednesday, extending an overnight Wall Street rally as investors welcomed its better-than-expected quarterly results.

Shares of the Chinese internet giant have gained as much as 13% on Wednesday, and shares were last up 9.6% at 119.00 Hong Kong dollars (US$15.24). The company’s Nasdaq-listed stock

soared 22% overnight to settle at US$15.40.

The sharp upturn came after Bilibili posted a smaller-than-feared net loss for the third quarter, while revenue growth also beat expectations.

Analysts say the improvement trend in Bilibili’s bottom line could extend into the coming months, but revenue is likely to remain under pressure, given a worsening economy amid China’s winter COVID outbreaks.

Bilibili has said it will shift its strategic focus to narrowing losses amid a challenging environment, Citi analysts said in a note. “Thus, we expect loss to further narrow in the fourth quarter.”

However, Citi called the company’s fourth-quarter revenue guidance “unexciting” and flagged likely further deterioration in Bilibili’s advertising business into the year’s end, as businesses cut promotional budgets amid muted consumer spending. The bank cut its target price on Bilibili’s U.S.-traded shares to US$15.50 from US$12.00, and maintained a neutral rating.

: Kroger-Albertsons merger deal draws suspicion from lawmakers

Previous article

The Moneyist: My mother’s will leaves everything to her 3 children. My brother died suddenly — and his wife says she will receive her late husband’s share

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News