On the evening of November 12, 2024 Beijing time (morning of November 12, 2024 Eastern Time), Huya Corporation (NYSE: HUYA) announced its Q3 2024 financial report. According to the financial report, in the third quarter of 2024, Huya Company's total revenue reached 1.54 billion yuan. Among them, revenue from gaming related services, advertising, and other businesses increased by 209.3% year-on-year to 410 million yuan. Under non GAAP accounting standards, the net profit attributable to Huya Company for the quarter was 78 million yuan. In terms of user data, in the third quarter of 2024, Huya Mobile's MAU (monthly average active users) reached 84 million, with a year-on-year increase of 9.5% to 4.6 million paying users.
The gaming related service business has seen significant growth, improving operational efficiency and consolidating the foundation of performance
Huang Junhong, Co CEO and Senior Vice President of Huya Company, stated, "In the third quarter of 2024, thanks to the continuous strengthening of cooperation with game manufacturers and the deepening of anchor participation on the platform, the game related service business has significantly grown. This quarter, game related services, advertising, and other revenue increased by 209.3% year-on-year to 410 million yuan, accounting for a historic high of 26.7% of total revenue. Huya has maintained a stable high-quality user base, and with the increase in payment for game related services, the number of paid users in the third quarter increased by 9.5% year-on-year to 4.6 million. At the same time, we continue to strengthen cooperation with multiple content platforms to bring Huya's attractive game live streaming and video content to a wider audience, in order to explore new commercial opportunities. Opportunity. Looking ahead to the future, Huya will continue to strengthen its ability to produce self-produced content and establish effective cooperative relationships to explore its potential in gaming related services and live streaming, and promote the long-term development of its business
Lei Peng, Co CEO and CFO of Huya Company, stated, "In the third quarter, Huya Company's total revenue was 1.54 billion yuan. Live streaming revenue continued to be affected by macro and industry environments. At the same time, in order to support strategic transformation, the company proactively adjusted its business structure, and game related services, advertising, and other revenue maintained a positive growth trend, making a more meaningful contribution to overall revenue. By improving efficiency, total operating expenses decreased by 20.9% year-on-year, and operating performance remained stable year-on-year. In terms of shareholder returns, as of the end of September 2024, we have repurchased $61.1 million worth of Huya stock through a stock repurchase plan. This year, Huya Company also returned approximately $400 million to shareholders through two special cash dividends. Ya will be committed to consolidating financial and operational performance, and creating greater value for shareholders
According to the financial report, in the third quarter of 2024, Huya Company's total revenue was 1.538 billion yuan (219 million US dollars). Under non GAAP accounting standards, excluding non recurring gains and losses such as equity incentive expenses, investment impairment losses, and intangible asset amortization from business acquisitions, the net profit attributable to Huya Company is 78 million yuan (11.1 million US dollars).
In terms of revenue composition, in the third quarter of 2024, Huya Company's revenue from live streaming was 1.127 billion yuan (161 million US dollars), and revenue from gaming related services, advertising, and other businesses was 410 million yuan (58.4 million US dollars).
According to the US Generally Accepted Accounting Principles, in the third quarter of 2024, Huya Company's gross profit was 204 million yuan (29 million US dollars), with a gross profit margin of 13.2%. The net profit attributable to Huya Company was 23.6 million yuan (3.4 million US dollars), an increase of 124.0% compared to the same period last year.
As of September 30, 2024, Huya Company had cash, cash equivalents, short-term deposits, short-term investments, and long-term deposits totaling 8.078 billion yuan (1.151 billion US dollars).