On the evening of May 13, 2024 (morning of May 13, 2024 Eastern Time), Huya Company (NYSE: HUYA) released its first quarter financial report for 2024. According to the financial report, in the first quarter of 2024, Huya Company's total revenue was 1.5 billion yuan; Under non US GAAP, the net profit attributable to Huya Company for the quarter was 92.5 million yuan. In terms of user data, in the first quarter of 2024, Huya Live's mobile MAU (monthly active users) increased year-on-year to 82.6 million.
Strong execution of strategy promotes comprehensive progress, with promising prospects for new business development
Huang Junhong, Co CEO and Senior Vice President of Huya Company, said, "In the first quarter of 2024, in a constantly changing industry environment, we have driven comprehensive progress in the company through strong strategic execution. In that quarter, we upgraded Huya Live's products, held a series of innovative cross platform esports events and operations, further enhancing the content and brand influence of Huya Platform. As a result, the mobile MAU of Huya Live increased slightly year-on-year to 82.6 million. At the same time, we have also made positive progress in the commercialization of game related services. Benefiting from the rapid growth of game distribution and advertising services, as well as game prop sales revenue, Huya Company's game related services, advertising, and Other income reached 244 million yuan, a year-on-year increase of 137.6% and a month on month increase of 30.7%. In addition, the paid users of Huya Live also increased to 4.4 million compared to the previous quarter. These improvements reflect the strong and high-quality gaming user base of the Huya platform, and validate the development prospects of new business directions; More importantly, game related service businesses with higher gross profit margins will promote overall profitability improvement. Looking ahead to 2024, Huya will continue to embrace user needs and dynamic changes in the industry, continuously upgrading in content, platform ecology, technology, products, and commercialization, and deepening cooperation with industry partners and content creators to seize opportunities and achieve future business growth
Wu Xin, Co CEO and Vice President of Finance of Huya Company, said, "Huya Company's total revenue in the first quarter was about 1.5 billion yuan, with revenue from gaming related services, advertising, and other businesses accounting for 16.2% of the total revenue, which is higher than 5.2% in the same period last year. Due to the increased contribution of this high gross profit margin business to overall revenue and our continuous efforts in cost optimization, the gross profit margin in the first quarter increased to 14.7%. With further improvement in operational efficiency, the company's total operating expenses decreased by 17.8% year-on-year. In addition, Huya continues to create value for shareholders. As of the end of March this year, we repurchased $48.5 million worth of Huya shares through a stock repurchase program, and announced in March this year that we will repurchase $48.5 million worth of Huya shares." Distribute a special cash dividend with a total amount of approximately $150 million. These measures are expected to bring a total value of nearly $200 million in returns to shareholders of Huya. Looking ahead to the future, Huya will continue to focus on improving financial and operational performance, and creating long-term value for shareholders
The financial report shows that in the first quarter of 2024, Huya Company's total revenue was 1.504 billion yuan (208 million US dollars). Under non US GAAP accounting standards, excluding non recurring gains and losses such as equity incentive expenses and amortization of intangible assets arising from business acquisitions, the net profit attributable to Huya Company is 92.5 million yuan (12.8 million US dollars).
In terms of revenue composition, in the first quarter of 2024, Huya Company's revenue from live streaming was 1.26 billion yuan ($175 million), and its revenue from game related services, advertising, and other businesses was 244 million yuan ($33.7 million).
According to US GAAP, in the first quarter of 2024, Huya Company's gross profit was 221 million yuan (30.5 million US dollars), with a gross profit margin of 14.7% compared to the same period last year. The net profit attributable to Huya Company was 71 million yuan (9.8 million US dollars), an increase of 79.3% compared to the same period last year.
As of March 31, 2024, Huya Company had a total of 9.42 billion yuan (1.305 billion US dollars) in cash, cash equivalents, short-term deposits, short-term investments, and long-term deposits. (CIS)