(HUYA) – HUYA beats on first quarter profits, margins remain stable

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  • HUYA Inc (NYSE: HUYA) reported 8% year-on-year revenue growth in the first quarter of FY21 to $ 397.6 million (RMB 2.6 billion), beating analyst consensus of 395, $ 85 million.
  • Huya Live’s average mobile MAUs grew 1.1% year-on-year to 75.5 million, but the total number of paid Huya Live users declined 3.3% year-on-year to 5.9 million.
  • Live streaming revenue increased 5.2% year on year to $ 365.1 million due to higher average spend per paying user on Huya Live.
  • Advertising and other revenue increased 54.6% year-on-year to $ 32.4 million, driven by content licensing revenue.
  • Revenue cost increased 7.9% year on year to $ 319.1 million (RMB 2.1 billion) due to higher revenue sharing fees and content costs, but gross margin remained stable at 19.7%.
  • Non-GAAP operating income increased 6.7% year-on-year to $ 37 million, with the margin remaining stable at 9.3%.
  • Non-GAAP net profit rose 0.9% year on year to $ 40.6 million (RMB 265.9 million), resulting in adjusted EPS of $ 0.17, beating analyst consensus of $ 0.13.
  • HUYA held $ 1.6 billion (RMB 10.7 billion) in cash and cash equivalents and generated $ 25.4 million (RMB 166.3 million) in operating cash flow.
  • Price action: HUYA shares traded up 0.78% to $ 15.59 in the pre-market session on the last check on Tuesday.
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