Bilibili Inc. (BILI) Q3 2024 Earnings Call Transcript
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good day, and welcome to Bilibili Third 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 the SEC and Hong Kong Stock Exchange.
The non-GAAP financial measures we provide are for comparison purposes only. The definition of these measures and a 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 senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer; Ms. Carly Li, Vice Chairwoman of the Board and Chief Operating Officer; and Mr. Sam Fan, Chief Financial Officer.
I will now turn the call to Mr. Chen.
Rui Chen
Thank you, Juliet and thank you, everyone for participating in our third quarter 2024 conference call to discuss our financial and operating results. I'm pleased to deliver today's opening remarks.
The third quarter of 2024 was a landmark quarter for Bilibili. We are excited to share that we achieved our first quarterly adjusted net profit, while setting new records across our community metrics. These milestones are a strong testament to our ability to deliver profitable growth and the unique community value that we continue to unlock.
Looking at our financials in more detail. Total revenues in the third quarter accelerated, rising by 26% year-over-year, reaching RMB7.3 billion, driven by our successful diversification into the strategy game genre.
Games revenue led our growth, surging by 84% year-over-year. Meanwhile, our advertising business maintained its strong performance in the third quarter, recording a 28% year-over-year increase.
The increasing top line contribution from our high-margin games and advertising business propelled our gross profit, up by 76% year-over-year, driving our gross profit margin jumped to 34.9% from 25.0% in the same period last year.