By Sabela Ojea
Shares of Bilibili Inc. jumped Tuesday after the Chinese video-sharing platform operator beat market expectations for the third quarter.
As of 11:25 E.T., shares were up roughly 22% to $15.41.
The online entertainment company posted a narrowed net loss and a rise in revenue for the quarter, both ahead of consensus estimates, according to FactSet.
Additionally, the company said it continues to expect further revenue growth for the fourth quarter, even if it would represent one of the company's slowest rates of top-line growth since going public in March 2021.
To protect its profitability, Bilibili noted it is cutting sales and marketing expenses amid China's weak consumer sentiment and slowing economy.
"We will continue to implement strict cost control measures, while actively managing our liabilities," Bilibili's Chief Financial Officer Sam Fan said.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
(END) Dow Jones Newswires