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HUYA Inc (NYSE:HUYA) shares are trading lower after it reported fourth-quarter FY23 revenue of $215.5 million, beating the consensus of $210.04 million.
The Chinese game live-streaming platform’s adjusted loss per ADS of $(0.11) was better than the consensus loss of $(0.12).
Live streaming revenues declined to RMB1.34 billion ($189.2 million) from RMB1.98 billion the prior year quarter, owing to the soft macro and industry environment and proactive business adjustments.
Meanwhile, advertising and other revenues increased by 40.5% Q/Q and 29.2% Y/Y to $26.2 million, led by game advertising and distribution revenue growth.
Also Read: Huya Revenues Sag 30%, Looks Ahead To Diversification Plan
Huya Live’s user base remained stable in the quarter, with average mobile MAUs reaching 85.5 million.
Paying users on Huya Live increased Q/Q, rising marginally to 4.3 million on more users paying for the platform’s new game-related service offerings.
The gross margin was 1.0% for the quarter vs. negative (12.6%), mainly due to lower revenue sharing fees and content costs ratio.
As of December 31, 2023, the company had cash and cash equivalents, short-term and long-term deposits of RMB9.9 billion ($1.40 billion).
HUYA’s board of directors has declared a special cash dividend of $0.66 per ordinary share, or ADS, to holders of record as of the close of business on May 10, 2024, with a payment date on or around May 24, 2024.
Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President, said, “As we enter 2024, despite the rapidly changing market conditions, we will continue to solidify our core live streaming business while propelling the development of game-related services to expand our business horizons and unlock new revenue streams. We remain confident in our future business prospects as we steadily implement our strategic transformation.”
Also Read: Out With The Old… Tencent Sells App Store To Huya
Price Action: HUYA shares are down 2.58% at $4.59 premarket on the last check Tuesday.
Posted In: HUYA
