By Will Feuer


American depositary receipts tied to Bilibili Inc. dropped in premarket trading after the Chinese e-commerce and gaming company reported first-quarter results.

The company posted a net loss of 2.28 billion yuan, or around $360 million, compared with a loss of CNY904.9 million a year earlier. Per-share loss widened to CNY5.80, or 91 U.S. cents per ADR, compared with CNY2.54 a year earlier.

Stripping out one-time items, the company's adjusted loss was 66 cents a share. Analysts surveyed by FactSet had been expecting adjusted earnings of 61 cents a share.

Total net revenue for the quarter rose 30% to $797.3 million, or CNY5.05 billion. Analysts surveyed by FactSet had been looking for sales of $759.8 million.

Bilibili also forecast that current-quarter revenue will fall sequentially from the first quarter. The company said it expects net revenue for the second quarter to come in between CNY4.85 billion and CNY4.95 billion.

ADRs tied to Bilibili fell more than 11% to $26.38 in premarket trading.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

06-09-22 0701ET