BlueCity has published its earnings report for the First Quarter, revealing total revenue that beat analyst estimates.
The LGBTQ social company prophesied back in March that the growth rate of this report would be slightly lower. This is due to the implications of COVID-19 lockdowns causing 2020’s Q1 base to be higher than normal.
However, BlueCity’s reported revenue of $41.4 million, a year-on-year growth of 30.7%, managed to surpass the consensus estimate by approximately $3.82 million.
The number of monthly active users (MAUs) reached 8.3 million across the portfolio and the revenue from membership services experienced an impressive 75.9% increase. The company primarily attributes these numbers to a “rapid” continued development of membership services.
Founder, chairman and CEO, Baoli Ma explained in a release: “2021 is off to a great start for BlueCity, with our relentless focus on execution and product innovation bringing in solid topline growth and user engagement.
“The success of our portfolio strategy is also illustrated by our integration with Finka and Lesdo, with both brands reaching new record high MAU numbers. With the great potential for more monetization and user growth behind BlueCity’s brands, we will continue to accelerate the development of each app with a focus on quality and improved monetization capability.”
The team maintains that it is aiming for a total revenue growth for 2021 of somewhere between 37% and 42%.
He Health, BlueCity’s dedicated health platform, obtained an internet hospital license during the quarter and the company is working towards expanding the full suite of services by next month.
Visit the BlueCity website here.