On November 30th, Huanju Group released its financial report for the third quarter of 2023. During the reporting period, Huanju Group achieved a revenue of 567.1 million US dollars, a year-on-year decrease of 3.3%. The net profit under non internationally recognized accounting standards was 81.2 million US dollars, a year-on-year increase of 5.5%.
Previously, when Huanju Group focused on overseas markets, it established a BIGO business segment that includes products such as Bigo Live, Likee, imo, etc., corresponding to live streaming, short video, and video communication fields.
At present, the BIGO business sector is also a pillar business of Huanju Group. During the reporting period, the revenue of the BIGO business segment was 494.1 million US dollars, a year-on-year increase of 2.2%, accounting for over 87% of the total revenue of Huanju Group. The operating profit was 81.9 million US dollars, a year-on-year increase of 11.7%, and the operating profit margin reached 16.6%.
In terms of user data, the total number of paid users in the BIGO sector increased by 6.6% year-on-year to 1.61 million, but the average income per paid user decreased by 2.4% year-on-year to $253.4.
The performance of several products under the BIGO sector also varies. Among them, Bigo Live maintained growth, with an average monthly active user count of 40.3 million, a year-on-year increase of 14%, while Likee's average monthly active user count decreased from 50.6 million in the same period last year to 41 million.
In addition, the average monthly active users of Hago, a small game social platform under the Huanju Group, decreased by 34% year-on-year to 5 million. The decline in users of these products partially offset the growth of other products. During the reporting period, the global average monthly active users of Huanju Group was 276.8 million, a year-on-year increase of 2.6%.
In the third quarter, the net cash generated from operating activities of Huanju Group was 72.9 million US dollars. As of September 30, 2023, Huanju Group has cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, and short-term investments of $3.8228 billion. As of the closing of the US stock market on November 29th, the stock price of Huanju Group was $38.47 per share, with a market value of approximately $2.385 billion.