Tencent-backed Huya doubles net revenue in Q1 2019

Huya’s monthly active users also grew by 33.3%

credit: DFIC

Game live streaming platform Huya had a fantastic quarter – the company booked USD 243.1 million net revenue in the first quarter of 2019, registering  93.4% growth from the same period last year.

Huya’s average active monthly users (MAUs) have also increased 33.3% from 92.9 million in the first quarter of 2018 to 123.8 million last quarter, among which 5.4 million users have purchased virtual items on Huya’s platform at least once during the period, according to its latest quarterly financial report.

“We are pleased to deliver another record-setting quarter as our business continued the strong momentum from last year. Our overall traffic increased to record high levels,” said Huya’s CEO Dong Rongjie in the report, adding “we will execute aggressively on our monetization capabilities across multiple fronts to fortify our leadership in China’s game live streaming industry”

The company seems to have achieved a turnaround after booking significant losses in 2018. Diluted net income per American Depositary Share (“ADS”) was RMB0.29 (US$0.04) for the first quarter of 2019, compared with a diluted net loss per ADS of RMB4.96 for the same period of 2018, it says in its most recent report.

The Guangzhou-based company was set up in 2014. It’s backed by Chinese streaming pioneer YY and tech titan Tencent. Huya went public on Nasdaq in May 2018. Earlier last month, it raised USD 326.4 billion from public investors by issuing 13.6 million new American Depositary Shares.

Editor: Nadine Freischlad