BRIEF: Huya reports second quarter of revenue growth
Livestream gaming company Huya Inc. (HUYA.US) on Tuesday reported a second consecutive quarter of revenue growth, ending three years of declines, as strong gains for its newer game-related services offset continuing declines for its core livestreaming services.
The company said its revenue rose slightly in the second quarter to 1.57 billion yuan from 1.54 billion yuan a year earlier. Its livestreaming revenue for the quarter dropped 6.5% year-on-year to 1.15 billion yuan, accounting for about three-quarters of its total. But its game-related services revenue rose 34% to 414 million yuan from 309 million yuan a year earlier.
The company reported a net loss of 5.5 million yuan for the period, reversing a profit of 29.6 million yuan a year earlier. It was profitable on an adjusted basis, though its adjusted profit also fell by about half to 47.5 million yuan from 97 million yuan a year earlier.
Huya’s shares rose 4.5% on Tuesday after the results came out. The stock is up about 18% year-to-date.
By Doug Young
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