(Yicai Global) May 14 -- Tencent-backed video platform Bilibili has tripled its net loss to CNY195.6 million (USD28.4 million) in the first quarter of this year due to high marketing costs. 

Bilibili's sales and marketing expenses more than doubled from the previous year to CNY181.5 million, the Shanghai-based firm said in its latest earnings report. Cost of revenues increased by 81 percent to CNY1.2 billion (USD176.5 million), and within this category, revenue-sharing costs climbed 65 percent.

The company's total revenue rose 58 percent to CNY1.4 billion and the number of average monthly paying users more than doubled to 5.7 million.

Editor: Emmi Laine