Shares of Chinese video streaming firm Bilibili fell 8% during US trading on Thursday after reporting its results for the fourth quarter of 2021, reported Technode.
The company’s Hong Kong shares also dropped by over 10% in early Friday trading. Bilibili expects net revenue to be in the range of US$839 million to US$870 million for the first quarter of 2022, down from the market forecast of US$898 million.
The firm’s net loss widened by nearly 2.5x to US$329 million in Q4 2021, which was a bigger loss than analysts expected. However, its revenue grew by 51% to US$907 million in the same quarter.
Bilibili said it will buy back shares worth up to US$500 million over the next two years. Its chairman and CEO Chen Rui plans to use his own money to buy US$10 million worth of shares during the same period.
Brokerage firm Jefferies views the share repurchase program as a sign of confidence in Bilibili’s long-term outlook.
See also: The rise, fall, and pivot of multichannel networks
Editing by Collin Furtado and Lorenzo Kyle Subido
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