Shares of Chinese online entertainment company Bilibili (BILI) soared Thursday, following a first-quarter earnings report that showed a doubling of sales, double-digit growth in its mobile business and a sharp reduction in its net losses.

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Another China-based company that felt the impact of an earnings report Thursday was 58.com (WUBA). The company, which runs an online classifieds market, said late Wednesday that it beat analyst estimates on the top and bottom line, but the stock fell.

Bilibili shares, however, surged 11% to close at 13.85 on the stock market today.

Before Thursday’s market open, Bilibili reported first-quarter revenue of $138.4 million, up 105% from the year-ago period, in local currency. Its adjusted net loss was $501,000, compared with a loss of $9.3 million in the year-ago period.

35% User Gain

Bilibili reported having 77.5 million monthly average users at the end of the first quarter. That’s up 35% from the year-ago quarter, with mobile representing 82% of the total. Average monthly paying users reached 2.5 million, a 190% increase from the same period last year.

The company held its initial public offering on March 28. It raised $483 million by offering 42 million shares at 11.50.

We have seen a substantial increase in the number of paying users, demonstrating our strong momentum driven by the implementation of our monetization strategies,” Rui Chen, Bilibili chairman and chief executive, said in a press release. “As the hub for China’s distinct and thriving Generation Z culture, we believe we are uniquely positioned to capture the future of online entertainment market in China.”

Bilibili provides an online entertainment platform serving young generations in China. The platform covers a range of genres and media formats, including videos, live broadcasting, and mobile games.

58.com Results

58.com reported first-quarter revenue of $393 million, beating the consensus estimate of $372 million. That was up 24% in local currency from the year-ago period. Adjusted earnings, per American depositary share, of 33 cents beat the consensus of 21 cents.

The company is China’s largest online marketplace for classifieds, comparable to Craigslist. Shares of 58.com were down 5%, near 80.20. The stock is up 81% in the past 12 months.

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