Bilibili Inc. ("Bilibili" or the "Company") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced that it has updated its net revenues guidance for the first quarter of 2022 and provided an update on the Company's recent developments.
With macro-economic disruption caused by the unexpected Covid-19 resurgence nationwide in China, and the increased Covid-19 restrictions and lockdowns in major cities including Shanghai since mid-March, the Company currently expects net revenues for the first quarter of 2022 to be in the range of RMB5.0 billion to RMB5.1 billion. This compares with the range of RMB5.3 billion to RMB5.5 billion, as previously stated in the 2021 fourth quarter and fiscal year financial results press release issued on March 3, 2022, which reflected the best information available at the time.
While the near-term financial impact of Covid-19 is rapidly evolving and difficult to predict, our business fundamentals remain strong and our vibrant community continues to grow. Driven by expanding content and the unique community experience, average monthly active users were 293.6 million in the first quarter of 2022, an increase of 31.5% year over year. Average daily active users were 79.4 million, representing an increase of 32.0% year over year. Average daily time spent per user in the first quarter reached 95 minutes, the highest in the Company's operating history.
As our communities have joined together in the battle against Covid-19, the Company is closely monitoring the evolving situation. Our top priority remains the health and safety of our employees, partners, and communities. We are committed to undertaking the required actions to maintain our business while doing our utmost to help protect our employees in accordance with the local health authorities' recommendations. We deeply appreciate the commitment of the people as we remain united in working through this challenge together.