BILI
GOOGL
The short version: mixed, but leaning better
Bilibili just dropped its fiscal Q1 2026 results, and the vibe was basically: not perfect, but definitely not a disaster. Revenue rose 7% to $1.08 billion, landing a hair below expectations, while adjusted earnings came in at 19 cents per ADS, comfortably ahead of Wall Street’s 12-cent guess.
The real story is the attention economy
If you’re wondering why investors still care about Bilibili, it’s this: people are spending more time there, not less. Average daily active users climbed 8% to 115.2 million, and average daily time spent hit 119 minutes — up 11 minutes from a year ago. That’s a lot of doomscrolling, anime, gaming, and livestream energy.
And advertisers noticed. Ad revenue jumped 30% to $375.3 million, helped by better ad products and efficiency. In other words, Bilibili is getting better at turning eyeballs into actual money, which is the whole game.
The one pesky laggard
Not everything was humming. Gaming revenue fell 12% to $220.7 million, mainly because last year’s comparison was a tough one. Still, the broader mix improved: value-added services grew 4%, gross margin expanded to 37.1%, and adjusted net income more than doubled to $84.9 million.
Cash wasn’t exactly a problem either. Bilibili ended March with $3.51 billion in cash, cash equivalents, time deposits, and short-term investments. So the company has plenty of runway to keep throwing fuel on its AI, content, and monetization plans.
Big picture
Bilibili is still doing the one thing platforms dream about: keeping Gen Z glued to the screen. If it can keep engagement high and convert that attention into more ad dollars, the stock story gets a lot more interesting than just a gaming slowdown.