GUANGZHOU - HUYA Inc. (NYSE: HUYA), a prominent game live streaming platform in China, disclosed its financial results for the fourth quarter and the full year that ended on December 31, 2023. The company saw a decrease in net losses for both the quarter and the year, alongside a stable user base.
For the fourth quarter of 2023, HUYA reported total net revenues of $215.5 million, a decline from the previous year's $298.7 million. The net loss for the quarter was reduced to $38.7 million from $79.2 million in the same period of 2022. The full-year net revenues reached approximately $985.1 million, down from $1.3 billion in 2022. The net loss for the year decreased to $28.8 million from $77.3 million in the previous year.
The company's average mobile monthly active users (MAUs) remained unchanged at 85.5 million for the quarter. For the full year, the average mobile MAUs saw a slight decrease to 84.1 million from 84.3 million in 2022.
HUYA's acting Co-CEO, Junhong Huang, highlighted the company's efforts to engage audiences with game and e-sports content and to innovate in technology and services, which resulted in stable user numbers and a marginal increase in paying users to 4.3 million for the quarter.
The company's acting Co-CEO and VP of Finance, Ashley Xin Wu, acknowledged a contraction in live streaming revenues due to challenging market conditions but noted a significant increase in advertising and other revenues, attributed to game advertising and distribution services.
Cost efficiencies and operational improvements led to a year-over-year margin expansion across the board, and HUYA declared a special cash dividend of approximately $150 million for shareholders, funded by surplus cash on the balance sheet.
The company's board authorized a share repurchase program last year, under which HUYA repurchased $28.8 million of its shares. A special cash dividend of $0.66 per ordinary share or American depositary share (ADS) has been declared, payable around May 24, 2024, to shareholders of record as of May 10, 2024.
In a recent appointment, Junhong Huang joined the company's board of directors, effective March 13, 2024.
These financial results are based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.