Bilibili, Inc. (BILI, BUY) - Model Update

Bilibili, Inc. (BILI, BUY) - Model Update

We lower our 3Q26 and 4Q26 advertising revenue growth estimates to reflect a softer macroeconomic backdrop weighing on advertiser spending. We now expect Bilibili’s full-year 2026 advertising revenue growth to be in the low-20% range, modestly below the previously anticipated ~23%, and have adjusted our model accordingly.