Bilibili Inc. (NASDAQ:BILI) Q1 2024 Earnings Conference Call May 23, 2024 8:00 AM ET
Company Participants
Juliet Yang - Executive Director, IR, Piacente Financial Communications
Xin Fan - CFO
Rui Chen - Chairman of the Board & CEO
Ni Li - Vice Chairwoman and COO
Conference Call Participants
Thomas Chong - Jefferies
Lei Zhang - Bank of America Securities
Xueqing Zhang - CICC
Felix Liu - UBS
Lincoln Kong - Goldman Sachs
Operator
Good day and welcome to Bilibili First Quarter 2024 Financial Results and Business Update Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Executive Director of Investor Relations. Please go ahead.
Juliet Yang
Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filing with SEC and the Hong Kong Stock Exchange. The non-GAAP financial measures we'll provide are for comparison purpose only. The definition of these measures and our reconciliation table are available in the news release we issued earlier today.
As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili IR website at ir.bilibili.com. Joining us today from Bilibili’s Senior Management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer; Ms. Carly Lee, Vice Chairwoman of the Board and Chief Operating Officer; and Mr. Xin Fan, Chief Financial Officer.
I will now turn the call over to Mr. Fan, who will read the prepared remarks on behalf of Mr. Chen.
Xin Fan
Thank you, Juliet. And thank you, everyone for participating in our first quarter 2024 conference call to discuss our financial and operating results. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen. 2024 will be a turning point in our journey toward profitability. We are already steadily on this path, advancing both our financial profile and community growth in the first quarter.
Total revenues for the quarter came in at RMB5.7 billion, up 12% year-over-year. Growth in advertising and VAS revenue in particular, accelerated at 31% and 17% year-over-year respectively. With increasing revenue contribution from the higher margin-ad business and our continued efficient operations, we achieved a notable 45% year-over-year increase in our gross profit. And our gross profit margin reached 28.3% in the first quarter compared with 21.8% in the same period last year, marking the seventh consecutive quarter of margin improvement.