The following is a summary of the HUYA Inc. (HUYA) Q1 2024 Earnings Call Transcript:
Financial Performance:
HUYA reported Q1 revenue of approximately RMB 1.5 billion, down from RMB 1.96 billion during the same period last year.
Live streaming revenues accounted for RMB 1.26 billion for Q1, while revenues from game-related services, advertising and other sources were RMB 244 million for Q1, marking a 137.6% year-over-year increase.
The gross profit was RMB 221 million, with a gross margin of 14.7%, noting an improvement over earlier periods due to increased performance of game-related services.
The company managed a significant reduction in total operating expenses by 17.8% year-over-year, with net income attributable to HUYA Inc. at RMB 71 million for Q1, up from RMB 40 million during the same period last year.
Business Progress:
The company experienced notable user-based expansion, with average mobile MAUs reaching 82.6 million for the first quarter.
Strategic transformation to focus on game-related services like game distribution services, in-game virtual items, and innovative broadcaster promotions are in progress, and the company is expanding its service coverage and enhancing cooperation with Tencent Group.
HUYA has made substantial strides to strengthen its revenue mix and scale profit levels, with expectations for gross profit margins to improve in 2024 due to changes in the revenue mix and ongoing business growth.
The company also returned nearly $200 million to its shareholders through a share repurchase program and a special cash dividend, and has highlighted strong ties with Tencent Group and other platform cooperations as a key strategy moving forward.
More details: HUYA Inc IR
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