Saturday, December 5, 2020
Financial Results News

HUYA Net Revenues For The Second Quarter Of 2020 Increased By 34.2% To $381.8 Million

HUYA Inc. (“Huya” or the “Company”) (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

  • Total net revenues for the second quarter of 2020 increased by 34.2% to RMB2,697.2 million (US$381.8 million), from RMB2,010.5 million for the same period of 2019.
  • Net income attributable to HUYA Inc. was RMB226.8 million (US$32.1 million) for the second quarter of 2020, representing an increase of 86.2% from RMB121.8 million for the same period of 2019.
  • Non-GAAP net income attributable to HUYA Inc. was RMB351.0 million (US$49.7 million) for the second quarter of 2020, representing an increase of 106.0% from RMB170.4 million for the same period of 2019.
  • Average mobile MAUs of Huya Live in the second quarter of 2020 reached 75.6 million, representing an increase of 35.2% from 55.9 million in the second quarter of 2019.
  • Average MAUs of Huya Live in the second quarter of 2020 reached 168.5 million, representing an increase of 17.1% from 143.9 million in the second quarter of 2019.
  • Total number of paying users of Huya Live in the second quarter of 2020 reached 6.2 million, representing an increase of 26.5% from 4.9 million in the second quarter of 2019.

Second Quarter 2020 Financial Results

Total net revenues for the second quarter of 2020 increased by 34.2% to RMB2,697.2 million (US$381.8 million), from RMB2,010.5 million for the same period of 2019.

Live streaming revenues increased by 33.5% to RMB2,565.1 million (US$363.1 million) for the second quarter of 2020, from RMB1,921.5 million for the same period of 2019, primarily due to the increase in the number of paying users and the average spending per paying user on Huya Live. The increase in the number of paying users was primarily driven by the Company’s user growth. The increase in the average spending per paying user was primarily driven by the enrichment and enhancement of content, products and services.

Advertising and other revenues increased by 48.6% to RMB132.2 million (US$18.7 million) for the second quarter of 2020, from RMB89.0 million for the same period of 2019, primarily driven by the increasing and diversifying advertiser base, mainly attributable to strengthened recognition of Huya’s brand name in China’s online advertising market.

Cost of revenues increased by 26.7% to RMB2,122.2 million (US$300.4 million) for the second quarter of 2020 from RMB1,674.8 million for the same period of 2019, primarily attributable to the increase in revenue sharing fees and content costs, bandwidth costs and personnel-related costs.

Revenue sharing fees and content costs increased by 24.1% to RMB1,682.9 million (US$238.2 million) for the second quarter of 2020 from RMB1,355.6 million for the same period of 2019, primarily due to the increase in revenue sharing fees in relation to higher live streaming revenues, and increased spending in content creators, e-sports and self-produced content. The year-over-year increase was partially offset by benefits from economies of scale.

Bandwidth costs increased by 35.3% to RMB264.8 million (US$37.5 million) for the second quarter of 2020 from RMB195.7 million for the same period of 2019, primarily due to an increase in bandwidth usage as a result of the Company’s larger user base and enhanced live streaming video quality, partially offset by improved efficiency in bandwidth utilization through continued technology enhancement efforts.

Gross profit increased by 71.3% to RMB575.0 million (US$81.4 million) for the second quarter of 2020 from RMB335.7 million for the same period of 2019. Gross margin increased to 21.3% for the second quarter of 2020 from 16.7% for the same period of 2019.

Research and development expenses increased by 70.6% to RMB179.9 million (US$25.5 million) for the second quarter of 2020 from RMB105.4 million for the same period of 2019, mainly attributable to increased personnel-related expenses.

Sales and marketing expenses decreased by 4.2% to RMB114.5 million (US$16.2 million) for the second quarter of 2020 from RMB119.6 million for the same period of 2019. The decrease was primarily attributable to lower spending in marketing activities due to the impact of COVID-19, and partially offset by the increased personnel-related expenses. 

General and administrative expenses increased by 61.5% to RMB120.0 million (US$17.0 million) for the second quarter of 2020 from RMB74.3 million for the same period of 2019, mainly due to the accelerated share-based compensation expenses recognized in April 2020 in the event of a change of control.

Operating income increased by 197.6% to RMB201.4 million (US$28.5 million) for the second quarter of 2020 from RMB67.7 million for the same period of 2019. Operating margin increased to 7.5% for the second quarter of 2020 from 3.4% for the same period of 2019.

Non-GAAP operating income, which excludes share-based compensation expenses, increased by 180.0% to RMB325.6 million (US$46.1 million) for the second quarter of 2020 from RMB116.3 million for the same period of 2019. Non-GAAP operating margin increased to 12.1% for the second quarter of 2020 from 5.8% for the same period of 2019.

Income tax expenses increased by 137.1% to RMB51.3 million (US$7.3 million) for the second quarter of 2020 from RMB21.6 million for the same period of 2019.

Net income attributable to HUYA Inc. for the second quarter of 2020 increased by 86.2% to RMB226.8 million (US$32.1 million), from RMB121.8 million for the same period of 2019.

Non-GAAP net income attributable to HUYA Inc. for the second quarter of 2020, which excludes share-based compensation expenses, increased by 106.0% to RMB351.0 million (US$49.7 million), from RMB170.4 million for the same period of 2019.

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