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GUANGZHOU – HUYA Inc. (NYSE:HUYA), a prominent Chinese game live streaming platform, announced its financial results for the fourth quarter and full year ended December 31, 2023. The company decreased both net losses. Throughout the quarter and throughout the year, with a stable user base.
HUYA's total net revenue for the fourth quarter of 2023 was $215.5 million, down from $298.7 million in the prior year. Net loss for the quarter decreased to $38.7 million from $79.2 million in the same period in 2022. Full-year net revenue was approximately $985.1 million, down from $1.3 billion in 2022. Net loss for the year decreased to $28.8 million for the same period in 2022. The previous year was $77.3 million.
The company's average mobile monthly active users (MAUs) remained unchanged at 85.5 million during the quarter. For the full year, average mobile MAU decreased slightly from 84.3 million to 84.1 million in 2022.
Junhong Huang, acting co-CEO of HUYA, said the company's efforts to engage viewers with gaming and esports content and innovate its technology and services resulted in stable user numbers and increased paid user numbers in the quarter. He emphasized that the number of people increased slightly to 4.3 million. .
Ashley Shin Wu, the company's acting co-chief executive officer and vice president of finance, acknowledged that live streaming revenue has shrunk due to difficult market conditions, but advertising and other revenues from gaming advertising and distribution services have declined. pointed out a significant increase in
Cost efficiencies and operational improvements led to overall margin expansion year-over-year, and HUYA announced a special cash dividend of approximately $150 million to shareholders, funded by excess cash on its balance sheet.
The company's board of directors approved a stock repurchase program last year, under which HUYA repurchased $28.8 million in stock. A special cash dividend of $0.66 per common share or American Depositary Share (ADS) has been declared and is expected to be paid on or about May 24, 2024 to shareholders of record as of May 10, 2024.
With the recent appointment, Junhong Huang joined the Company's Board of Directors effective March 13, 2024.
These financial results are based on the press release.
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