Huya Inc. (HUYA, Financial) has released its financial results for the third quarter of 2024, showcasing robust growth driven by its gaming-related services. The company reported total revenue of CNY 15.4 billion, with a significant contribution from gaming services, advertising, and other businesses, which rose 209.3% year-on-year to CNY 4.1 billion. The non-GAAP net income attributable to Huya stood at CNY 78 million.
Huya's mobile monthly active users (MAU) reached 84 million, while its paying user base grew by 9.5% year-on-year to 4.6 million. The company attributes its success to enhanced collaborations with game publishers and increased engagement from streamers on its platform. The revenue from gaming services now accounts for a record 26.7% of the total revenue.
During this period, Huya streamlined its business structure, resulting in a 20.9% reduction in operational expenses, and maintained stable operating performance. The company's strategic pivot towards gaming services and advertising has paid off, contributing significantly to its overall revenue. Huya has also repurchased $61.1 million worth of its shares as part of its stock buyback program and returned approximately $400 million to shareholders through special cash dividends this year.
Looking forward, Huya plans to bolster its in-house content production capabilities and develop strategic partnerships to capitalize on its potential in gaming services and live streaming. These efforts are aimed at ensuring long-term growth and delivering greater value to shareholders.
For the third quarter, Huya reported total revenue of CNY 15.38 billion ($2.19 billion). Non-GAAP net income was CNY 78 million ($11.1 million), excluding stock-based compensation, impairment losses, and amortization of intangible assets from acquisitions. Revenue from live streaming amounted to CNY 11.27 billion ($1.61 billion), while gaming-related services, advertising, and other revenues were CNY 4.10 billion ($584 million).
Under GAAP, Huya's gross profit was CNY 2.04 billion ($290 million) with a gross margin of 13.2%. Net income attributable to Huya was CNY 23.6 million ($3.4 million), showing a 124.0% increase compared to the same period last year. As of September 30, 2024, Huya's cash, cash equivalents, short-term deposits, short-term investments, and long-term deposits totaled CNY 80.78 billion ($11.51 billion).
