On the evening of August 13, 2024 (morning of August 13, 2024 Eastern Time), Huya Corporation (NYSE: HUYA) announced its Q2 2024 financial report. According to the financial report, in the second quarter of 2024, Huya Company's total revenue reached 1.54 billion yuan. Among them, revenue from gaming related services, advertising, and other businesses increased by 152.7% year-on-year to 310 million yuan. Under non GAAP accounting standards, the net profit attributable to Huya Company for the quarter was 97 million yuan. In terms of user data, in the second quarter of 2024, Huya Live's mobile MAU (monthly average active users) increased to 83.5 million.
Huya Company also announced that its board of directors has approved the distribution of a special cash dividend of $1.08 per ordinary share or ADS (American Depositary Share), which will be paid in US dollars to ordinary shareholders and ADS holders registered during the market closure on October 9, 2024. The total amount of the special cash dividend distributed this time is expected to be approximately $250 million, which will be paid out through the company's surplus cash. The expected payment date is around October 25th, 2024.
Previously, the board of directors of Huya Company authorized a stock repurchase plan on August 15, 2023, to repurchase up to $100 million worth of stocks within the next 12 months. As of June 30, 2024, Huya has repurchased 17.1 million Huya shares worth a total of $56.7 million. In August 2024, the board of directors of Huya Company authorized the continued use of the remaining $43.3 million under the existing repurchase plan and extended the repurchase plan period until March 31, 2025.
Strategic transformation demonstrates effectiveness, overall operational performance improves
Huang Junhong, Co CEO and Senior Vice President of Huya Company, stated, "In the second quarter of 2024, thanks to Huya's excellent performance in multiple self-made esports events, Huya's mobile MAU for live streaming increased to 83.5 million. While continuously enriching content and improving user experience, we focus on building the Huya platform ecosystem and strengthening cooperation with multiple content platforms. We have begun to selectively deliver live and video content on the Huya platform to other platforms, thereby further enhancing the influence of Huya content and reaching a wider user base. At the same time, our strategic transformation measures of focusing on more game related services and expanding our influence in the gaming industry continue to make positive progress. As we strengthen our cooperation with more games in game promotion, distribution, and item sales, revenue from game related services, advertising, and other businesses increased by 152.7% year-on-year and 26.6% month on month in the second quarter of this year, reaching 310 million yuan, accounting for 20% of total revenue. Meanwhile, the expansion of gaming related services has also led to an increase in the number of paying users for Huya Live compared to the previous quarter, reaching 4.5 million in this quarter. In the future, we will continue to strengthen our foundation, promote development through content and platform ecosystem upgrades, technology and product innovation, and explore more long-term development opportunities in the gaming industry chain
Despite the ongoing uncertainty in the macro and industry environment, our total revenue in the second quarter recovered month on month growth, reaching 1.54 billion yuan, driven by gaming related services, advertising, and other businesses, "said Wu Xin, Co CEO and Vice President of Finance of Huya. After considering the company's financial condition, business plan, capital requirements, and funding situation, we are pleased to announce that we will distribute a special cash dividend of approximately $250 million to our shareholders. We believe that Huya's robust balance sheet and continuously improving financial fundamentals will continue to support us in achieving shareholder returns
According to the financial report, in the second quarter of 2024, Huya Company's total revenue was 1.542 billion yuan (212 million US dollars). Under non GAAP accounting standards, excluding non recurring gains and losses such as equity incentive expenses, investment impairment losses, and intangible asset amortization from business acquisitions, the net profit attributable to Huya Company is 97 million yuan (13.3 million US dollars).
In terms of revenue composition, in the second quarter of 2024, Huya Company's revenue from live streaming was 1.233 billion yuan (170 million US dollars), and revenue from gaming related services, advertising, and other businesses was 309 million yuan (42.5 million US dollars).
According to the US Generally Accepted Accounting Principles, in the second quarter of 2024, Huya Company's gross profit was 215 million yuan (29.6 million US dollars), with a gross profit margin of 13.9%. The net profit attributable to Huya Company was 29.6 million yuan (4.1 million US dollars), an increase of 45.9% compared to the same period last year.
As of June 30, 2024, Huya Company had cash, cash equivalents, short-term deposits, short-term investments, and long-term deposits totaling RMB 8.193 billion (USD 1.127 billion).