Huanju Group released its first quarter financial report for 2024 on the 29th. In the first quarter, Huanju Group's revenue was 564.6 million US dollars, of which the core sector's BIGO revenue was 505.2 million US dollars. Under non US GAAP accounting standards, the group's net profit increased by 34.8% year-on-year to $67.2 million, with a net profit margin of 11.9%, a year-on-year increase of 3.4 percentage points. The group continued to record healthy positive operating cash flows of $75 million.
Li Xueling, Chairman and CEO of Huanju, stated that in the first quarter, Huanju insisted on promoting targeted operational strategies and its business performance exceeded expectations. BIGO's revenue increased by 8% year-on-year, continuing the trend of revenue recovery. In addition, the group is steadily promoting diversified monetization, BIGO's non live streaming revenue increased significantly year-on-year.
In the first quarter, the core business sector BIGO of Huanju Group showed a positive upward trend, BIGO's revenue continued to recover for three consecutive quarters year-on-year, achieving an 8% year-on-year growth and a 6.9% year-on-year increase in the number of paying users, Developed countries in the BIGO sector achieved double-digit year-on-year growth in live streaming revenue. In the first quarter, the performance of various product lines of the group was stable, Likee's advertising revenue increased by 1.1 times year-on-year and continues to maintain profitability, Hago's operating cash flow continues to be positive.
The global localization operation team of Huanju Group continues to carry out various online and offline integration and innovative market operation activities. In the first quarter, Bigo Live has launched an intelligent management backend for broadcasters and brokerage companies, greatly improving the efficiency of KOL signing and cooperation management through automated business operations. In the first quarter, the number of signed broadcasters increased by 4.9% compared to the previous quarter; Likee has iterated and upgraded around social interaction mechanisms and creator incentive measures, and has achieved positive results; Hago further integrates gamification into interactive and paid gameplay, promoting user social and paid activity. In the first quarter, The social activity of users on Hago has further increased, with an average stay time of 2.8% to 102 minutes on social media channels and a 2.9% increase in average stay time for multi person voice rooms.
In March, Huanju Group launched regional special events with multiple products in the Middle East, Southeast Asia and other regions to help users celebrate holidays and convey blessings. At the same time, it collaborated with multiple international charity organizations to launch multiple charitable donation activities, led by the platform, encouraging users to provide donations and assistance to local impoverished, sick families, and children.
Huanju Group was established in Guangzhou in 2005 and went public in November 2012. Huanju Group has entered the entertainment live streaming industry and deeply laid out industries such as e-commerce and finance, incubating Bigo Live Likee, Hago and other Internet products in different fields.