Lei Jianping on May 13
Huya (NYSE:HUYA) today reported financial results for the first quarter of 2024. According to the financial report, Huya's revenue in the first quarter of 2024 was 1.5 billion yuan (about 208 million US dollars), down 23% from the same period last year.
Huang Junhong, Co-CEO and Senior Vice President of Huya, said: "In the first quarter of 2024, we upgraded the products of Huya Live, and the mobile MAU of Huya Live increased slightly to 82.6 million year-on-year. Benefiting from the rapid growth of game distribution and advertising services, as well as revenue from the sale of game props, Huya's game-related services, advertising and other revenues reached 244 million yuan in the first quarter, up 137.6% year-on-year and 30.7% quarter-on-quarter. In addition, the number of paid users of Huya Live also increased quarter-on-quarter to 4.4 million. The game-related services business with higher gross margins will contribute to the improvement of overall profitability. ”
Wu Xin, Co-CEO and Vice President of Finance of Huya, said: "Huya's total revenue in the first quarter was about 1.5 billion yuan, of which the revenue from game-related services, advertising and other businesses accounted for 16.2% of the total revenue, up from 5.2% in the same period last year. Gross margin improved to 14.7% in the first quarter due to the increased contribution of the higher gross margin business to overall revenue, coupled with continued efforts in cost optimization. With further improvements in operational efficiency, the company's total operating expenses decreased by 17.8% year-on-year. ”
"As of the end of March this year, we repurchased $48.5 million worth of Huya shares through a share repurchase program; It also announced in March this year that it would pay a special cash dividend totaling approximately $150 million. The moves are expected to bring a total return of nearly $200 million to Huya's shareholders. ”
Huya's Q1 revenue was 1.5 billion, down 23% year-on-year
Huya's total revenue for the first quarter of 2024 was 1.5 billion yuan, down 23% from 1.963 billion yuan in the same period last year. Huya's revenue has declined year-on-year for 10 consecutive quarters and quarter-on-quarter for 6 quarters.
Huya's revenue from live streaming was 1.260 billion yuan ($175 million) in the first quarter of 2024, and revenue from game-related services, advertising and other businesses was 244 million yuan ($33.7 million).
Huya's Q1 cost was 1.284 billion, down 24.2% year-on-year
Huya's cost in the first quarter of 2024 was 1.284 billion yuan (about 178 million US dollars), down 24.2% from 1.693 billion yuan in the same period last year.
Huya's Q1 gross profit was 221 million, and the gross profit margin was 14.7%
Huya's gross profit for the first quarter of 2024 was 221 million yuan (US$30.5 million), with a gross margin of 14.7%, compared to 13.7% in the same period last year.
Huya's Q1 expenses were 271 million, down 13% year-on-year
Huya's expenses for the first quarter of 2024 were 271 million yuan, down 13% from 310 million yuan in the same period last year.
Among them, Huya's R&D expenses in the first quarter of 2024 were 135 million yuan, down 11.9% from 153 million yuan in the same period last year; sales and marketing expenses were 76.2 million yuan, down 26.2% from 100 million yuan in the same period last year; Administrative expenses were $60 million, down 18.3% from $73.5 million in the same period last year.
Huya's Q1 operating loss was 38.5 million, and the operating profit margin was -2.6%
Huya's operating loss in the first quarter of 2024 was 38.5 million yuan, compared with an operating loss of 56.9 million yuan in the same period last year; Huya's operating margin for the first quarter of 2024 was -2.6%.
Huya's Q1 net profit was 71.03 million, an increase of 58% year-on-year
Huya's net profit in the first quarter of 2024 was 71.03 million yuan, an increase of 58% from 44.83 million yuan in the same period last year.
As of March 31, 2024, Huya had cash, cash equivalents, short-term deposits, short-term investments and long-term deposits totaling 9.420 billion yuan (US$1.305 billion).
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