HUYA Inc. Earnings Call Transcripts
Fiscal Year 2026
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Net revenues rose 15% year-over-year to RMB 1.73 billion, with game-related services and advertising up 69%. Gross margin improved to 14.6%, and non-GAAP net income reached RMB 21 million. Goose Goose Duck Mobile and new game launches are driving growth.
Fiscal Year 2025
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Achieved record annual revenue with strong Q4 growth, driven by game-related services and in-game item sales. Gross margin improved significantly, and high-margin segments are expected to drive further profitability. One-off provisions and investment impairments impacted Q4 profit.
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Q3 net revenues grew 10% year-over-year to RMB 1.7 billion, with game-related services and in-game item sales driving a 30% segment increase. Live streaming returned to growth, and non-GAAP net income reached RMB 36 million, with further acceleration expected in 2026.
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Q2 2025 saw net revenues rise to RMB 1.57 billion, with game-related services and advertising up 34.1% year-over-year and live streaming revenues stabilizing. Gross margin improved to 13.5%, and non-GAAP net income reached RMB 48 million, marking the sixth consecutive profitable quarter.
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Total net revenues stabilized year-over-year at RMB 1.51 billion, with game-related services and advertising up 52.1%. Overseas business and in-game item sales drove growth, while live streaming revenues declined. Non-GAAP net income reached RMB 24 million.
Fiscal Year 2024
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2024 saw strong growth in game-related services and advertising, offsetting declines in live streaming revenue. Profitability improved with higher gross margins and positive operating cash flow, while a major dividend plan and share repurchases were announced.
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Game-related services and advertising revenues surged 209% year-over-year, now comprising 26.7% of total revenue, while live streaming faced macroeconomic headwinds. Operating expenses dropped 20.9%, and non-GAAP net profit reached RMB 78 million.
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Q2 2024 saw sequential revenue growth to RMB 1.54 billion, with game-related services and advertising surging 152.7% year-over-year and now comprising 20% of total revenue. Profitability was maintained, a $250 million special dividend was declared, and double-digit growth in game-related services is expected for Q3.