BRIEF: DouYu returns to revenue growth, profits
Livestream gaming company DouYu International Holdings Ltd. (DOYU.US) on Monday reported its first quarterly revenue growth in more than three years, as its business stabilized after a difficult period for many Chinese online game operators.
DouYu reported its revenue rose 2.1% year-on-year to 1.05 billion yuan ($146 million) in the three months to June from 1.03 billion yuan a year earlier. That marked the company’s first year-on-year quarterly revenue growth since the fourth quarter of 2021. Equally important, the company returned to the black with a 37.8 million profit for the quarter, marking its first profitable quarter in nearly two years.
DouYu credited the improvements to its recent attempts at revenue diversification, combined with efforts to strengthen its cost efficiency.
DouYu shares rose 15% on Monday to close at $8.26. The stock is down 27% this year.
By Doug Young
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