Okay, you probably will believe today’s China news. But that title was too good not to use, so let us have this one. 🤷
With unrest among China’s citizens continuing, there’s a lot to keep up with. 📰
The broader news item is that the protests and disruption to its economy have gotten the government’s attention. As a result, speculation is that many of the harsh covid-19 containment measures implemented will be relaxed.
That sent Chinese stocks soaring today. However, many remain skeptical because these rumors have been flying back and forth for weeks, saying they’ll believe it when they see it.
Video-sharing website Bilibili reported earnings and revenues that topped estimates. 💪
Average daily active users rose 25% YoY to 90.3 million, with monthly active users increasing 25% to 332.6 million. Average monthly paying users rose 19% to 28.5 million.
Like other tech companies, it’s rationalizing its costs and is taking initiatives to accelerate its monetization. The earnings beat and rumors of lockdown rules easing sent $BILI shares rising 22%.
Meanwhile, e-commerce solutions provider Baozun dropped despite beating earnings and revenue expectations.
The company reported adjusted earnings of $0.03 per share vs. the $0.02 expected. And revenues of $244.8 million beat estimates of $244 million. 👍
Like its peers, the company is prioritizing cost optimization and efficiency. These efforts drove higher product sales gross margin, lower operating expenses, and better operating cash flows.
With that said, $BZUN shares faded after an initial pop, closing down 3.60%. 🔻
