Technology
HUYA Inc. Reports Third Quarter 2024 Unaudited Financial Results
Published
1 year agoon
By
GUANGZHOU, China, Nov. 12, 2024 /PRNewswire/ — HUYA Inc. (“Huya” or the “Company”) (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights[1]
Total net revenues were RMB1,537.7 million (US$219.1 million) for the third quarter of 2024, compared with RMB1,664.3 million for the same period of 2023.Game-related services, advertising and other revenues (formerly known as advertising and other revenues) were RMB410.2 million (US$58.4 million) for the third quarter of 2024, compared with RMB132.6 million for the same period of 2023.Net income attributable to HUYA Inc. was RMB23.6 million (US$3.4 million) for the third quarter of 2024, compared with RMB10.5 million for the same period of 2023.Non-GAAP net income attributable to HUYA Inc.[2] was RMB78.0 million (US$11.1 million) for the third quarter of 2024, compared with RMB106.7 million for the same period of 2023.Average mobile MAUs[3] for the third quarter of 2024 was 84.0 million, compared with 86.0 million for the same period of 2023.
“In the third quarter of 2024, our game-related services business achieved robust growth thanks to our continuous efforts to enhance cooperation with game studios and deepen broadcasters’ engagement on our platform. Revenues from game-related services, advertising, and others grew by 209.3% year-over-year in the third quarter, reaching RMB410.2 million and contributing a record high of 26.7% of our total net revenues,” said Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya. “We also maintained stable engagement across our high-quality user base. Our paying users[4] rose by 9.5% year-over-year to 4.6 million in the third quarter, driven by the increase in users paying for game-related services. Furthermore, our growing collaborations with various content platforms brought our compelling game live streaming and video content to a wider audience, unlocking new commercialization opportunities. Going forward, we will continue to foster in-house content initiatives and develop productive partnerships, unleashing our potential across game-related services and live streaming and propelling our long-term business development.”
Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, continued, “We recorded total net revenues of RMB1.54 billion in the third quarter. While the macroeconomic and industry environment continued to weigh on our live streaming revenues, we proactively adjusted our business structure to support our strategic transformation. Game-related services, advertising and other businesses maintained strong growth momentum and made a more meaningful contribution to our topline. Overall, we delivered a stable year-over-year operating performance by improving efficiency and reducing total operating expenses by 20.9% year-over-year. Regarding shareholder returns, as of the end of September 2024, we had repurchased US$61.1 million of Huya shares through our share repurchase program. We have also returned an aggregate value of approximately US$400 million through two rounds of special cash dividends this year. As always, we remain committed to enhancing our financial and operating performance and creating greater value for shareholders.”
Third Quarter 2024 Financial Results
Total net revenues for the third quarter of 2024 were RMB1,537.7 million (US$219.1 million), compared with RMB1,664.3 million for the same period of 2023.
Live streaming revenues were RMB1,127.5 million (US$160.7 million) for the third quarter of 2024, compared with RMB1,531.7 million for the same period of 2023, primarily due to the continued impact of the macroeconomic and industry environment and the Company’s proactive business adjustments in support of its strategic transformation and prudent operations.
Game-related services, advertising and other revenues were RMB410.2 million (US$58.4 million) for the third quarter of 2024, compared with RMB132.6 million for the same period of 2023, primarily due to increased revenues from game distribution and advertising services and in-game item sales, which was mainly attributable to the Company’s deepened cooperation with Tencent and other game companies.
Cost of revenues decreased by 6.1% to RMB1,334.1 million (US$190.1 million) for the third quarter of 2024 from RMB1,421.5 million for the same period of 2023, primarily due to decreased revenue sharing fees and content costs, as well as bandwidth and server custody fees.
Revenue sharing fees and content costs decreased by 4.9% to RMB1,172.7 million (US$167.1 million) for the third quarter of 2024 from RMB1,233.2 million for the same period of 2023, primarily due to decreased live streaming revenue sharing fees associated with the decline in live streaming revenues as well as lower costs related to licensed e-sports content, partially offset by increased game-related services, advertising and other revenue sharing fees.
Bandwidth and server custody fees decreased by 26.4% to RMB61.4 million (US$8.8 million) for the third quarter of 2024 from RMB83.4 million for the same period of 2023, primarily due to continued technology and management enhancement efforts, as well as favorable pricing terms.
Gross profit was RMB203.6 million (US$29.0 million) for the third quarter of 2024, compared with RMB242.8 million for the same period of 2023. Gross margin was 13.2% for the third quarter of 2024, compared with 14.6% for the same period of 2023. This change was primarily attributable to increased revenue sharing fees and content costs as a percentage of total net revenues, which rose mainly because the decrease in live streaming revenues outpaced the decrease in content costs.
Research and development expenses decreased by 12.1% to RMB125.5 million (US$17.9 million) for the third quarter of 2024 from RMB142.8 million for the same period of 2023, primarily due to decreased personnel-related expenses and share-based compensation expenses.
Sales and marketing expenses decreased by 30.4% to RMB73.3 million (US$10.4 million) for the third quarter of 2024 from RMB105.4 million for the same period of 2023, primarily due to decreased marketing and promotion fees, as well as personnel-related expenses.
General and administrative expenses decreased by 24.7% to RMB50.0 million (US$7.1 million) for the third quarter of 2024 from RMB66.4 million for the same period of 2023, primarily due to decreased professional service fees and personnel-related expenses.
Other income was RMB13.0 million (US$1.8 million) for the third quarter of 2024, compared with RMB40.2 million for the same period of 2023, primarily attributable to realized damages received in the third quarter of 2023 from a favorable outcome in a broadcaster-related lawsuit and lower government subsidies.
Operating loss was RMB32.3 million (US$4.6 million) for the third quarter of 2024, compared with RMB31.6 million for the same period of 2023.
Interest income was RMB96.6 million (US$13.8 million) for the third quarter of 2024, compared with RMB128.5 million for the same period of 2023, primarily due to lower time deposit balance, which was mainly attributable to the special cash dividends paid in May 2024 and October 2024.
Net income attributable to HUYA Inc. was RMB23.6 million (US$3.4 million) for the third quarter of 2024, compared with RMB10.5 million for the same period of 2023.
Non-GAAP net income attributable to HUYA Inc. was RMB78.0 million (US$11.1 million) for the third quarter of 2024, compared with RMB106.7 million for the same period of 2023.
Basic and diluted net income per American depositary share (“ADS”) were each RMB0.10 (US$0.01) for the third quarter of 2024. Basic and diluted net income per ADS were each RMB0.04 for the third quarter of 2023. Each ADS represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net income per ADS were each RMB0.34 (US$0.05) for the third quarter of 2024. Non-GAAP basic and diluted net income per ADS were RMB0.44 and RMB0.43, respectively, for the third quarter of 2023.
As of September 30, 2024, the Company had cash and cash equivalents, short-term deposits, short-term investment and long-term deposits of RMB8,078.4 million (US$1,151.2 million), compared with RMB8,193.3 million as of June 30, 2024.
Share Repurchase Program
The board of directors of the Company authorized a share repurchase program in August 2023, under which the Company may repurchase up to US$100 million of its ADSs or ordinary shares over a 12-month period. In August 2024, the board of directors of the Company authorized an extension of the expiry date of the share repurchase program to March 31, 2025. As of September 30, 2024, the Company had repurchased 18.2 million ADSs with a total aggregate consideration of US$61.1 million under this program.
Earnings Webinar
The Company’s management will host a Tencent Meeting Webinar at 7:00 a.m. U.S. Eastern Time on November 12, 2024 (8:00 p.m. Beijing/Hong Kong time on November 12, 2024), to review and discuss the Company’s business and financial performance.
For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.
Participant Online Registration:
Chinese Mainland[5]: https://meeting.tencent.com/dw/6WRc9Ojhmp5c
International: https://voovmeeting.com/dw/6WRc9Ojhmp5c
A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.
[1] In December 2023, the Company acquired a global mobile application service provider from Tencent Holdings Limited for an aggregate cash consideration of US$81 million, the principal terms of which were previously disclosed. As a result of this business combination under common control, in accordance with ASC 805, Business Combinations, the Company has consolidated the financial results of this mobile application service provider on a retrospective basis since the first quarter of 2022. Accordingly, retrospective adjustments have been made to the Company’s consolidated historical financial information presented herein, reflecting the consolidation of this mobile application service provider. The Company does not believe the retrospective adjustments to the Company’s results to be material, as compared to the historical financial information previously presented. Given that this was a transaction that involved entities under common control of Tencent Holdings Limited, all assets and assumed liabilities transferred have been recognized at the historical cost of the parent.
[2] “Non-GAAP net income attributable to HUYA Inc.” is defined as net income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[3] Refers to the average mobile monthly active users who accessed the Company’s domestic Huya Live platform and related services. Average mobile MAUs for any period is calculated by dividing (i) the sum of mobile active users for each month during such relevant period, by (ii) the number of months during such relevant period.
[4] Refers to the sum of user accounts that purchased various products and services on the Company’s domestic Huya Live platform and related services at least once during such relevant period.
[5] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People’s Republic of China, and Taiwan.
About HUYA Inc.
HUYA Inc. is a leading game live streaming platform in China. As a technology-driven company, Huya offers rich and dynamic content across games, e-sports, and other entertainment genres where it has cultivated a large, highly engaged, interactive, immersive community of game enthusiasts. Building on its success in game live streaming and through close collaboration with game companies, e-sports tournament organizers, broadcasters and talent agencies, Huya is expanding its presence in the game industry, both domestically and internationally. By providing more innovative game-related services, the Company is committed to meeting the evolving needs of game enthusiasts, content creators, and industry partners.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that the consolidated statement of changes in shareholders’ equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating loss, non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary shares, and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ADS is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ADS used in the calculation of non-GAAP basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results” at the end of this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the noon buying rate in effect on September 30, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this announcement, as well as Huya’s strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya’s goals and strategies; Huya’s future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya’s ability to monetize the user base; Huya’s efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
As of December 31,
As of September 30,
2023
2024
2024
RMB
RMB
US$
Assets
Current assets
Cash and cash equivalents
511,973
1,095,785
156,148
Restricted cash
18,137
17,840
2,542
Short-term deposits
6,851,160
5,472,648
779,846
Accounts receivable, net
64,258
89,927
12,814
Prepaid assets and amounts due from related
parties, net
148,648
337,175
48,047
Prepayments and other current assets, net
556,435
689,311
98,226
Total current assets
8,150,611
7,702,686
1,097,623
Non-current assets
Long-term deposits
2,553,293
1,510,000
215,173
Investments
751,844
606,455
86,419
Goodwill
456,976
452,118
64,426
Property and equipment, net
326,765
447,592
63,781
Intangible assets, net
161,739
134,063
19,104
Right-of-use assets, net
379,006
348,001
49,590
Prepayments and other non-current assets
144,120
123,461
17,593
Total non-current assets
4,773,743
3,621,690
516,086
Total assets
12,924,354
11,324,376
1,613,709
Liabilities and shareholders’ equity
Current liabilities
Accounts payable
14,961
68,337
9,738
Advances from customers and deferred revenue
412,257
265,491
37,832
Income taxes payable
49,914
54,923
7,826
Accrued liabilities and other current liabilities
1,474,827
1,294,164
184,414
Amounts due to related parties
177,714
150,096
21,389
Lease liabilities due within one year
31,832
29,558
4,212
Dividends payable
–
1,744,867
248,642
Total current liabilities
2,161,505
3,607,436
514,053
Non-current liabilities
Lease liabilities
48,069
24,658
3,514
Deferred tax liabilities
42,317
29,267
4,171
Deferred revenue
47,864
37,843
5,393
Total non-current liabilities
138,250
91,768
13,078
Total liabilities
2,299,755
3,699,204
527,131
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
As of December 31,
As of September 30,
2023
2024
2024
RMB
RMB
US$
Shareholders’ equity
Class A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2023 and September 30, 2024, respectively;
82,696,852 and 75,455,486 shares issued and
outstanding as of December 31, 2023 and
September 30, 2024, respectively)
61
52
7
Class B ordinary shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2022 and September 30, 2023, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2023 and
September 30, 2024, respectively)
98
98
14
Treasury shares
(206,345)
(90,042)
(12,831)
Additional paid-in capital
12,000,100
8,849,094
1,260,986
Statutory reserves
122,429
122,429
17,446
Accumulated deficit
(2,052,336)
(1,928,088)
(274,750)
Accumulated other comprehensive income
760,592
671,629
95,706
Total shareholders’ equity
10,624,599
7,625,172
1,086,578
Total liabilities and shareholders’ equity
12,924,354
11,324,376
1,613,709
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2023*
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023*
September 30,
2024
September 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Live streaming
1,531,711
1,233,064
1,127,499
160,667
5,107,319
3,621,007
515,989
Game-related services, advertising and other
revenues
132,591
308,518
410,160
58,447
357,196
962,281
137,124
Total net revenues
1,664,302
1,541,582
1,537,659
219,114
5,464,515
4,583,288
653,113
Cost of revenues(1)
(1,421,460)
(1,326,710)
(1,334,085)
(190,106)
(4,664,521)
(3,944,297)
(562,058)
Gross profit
242,842
214,872
203,574
29,008
799,994
638,991
91,055
Operating expenses(1)
Research and development expenses
(142,832)
(128,710)
(125,508)
(17,885)
(441,610)
(389,324)
(55,478)
Sales and marketing expenses
(105,354)
(61,689)
(73,330)
(10,449)
(327,262)
(211,251)
(30,103)
General and administrative expenses
(66,417)
(63,729)
(50,025)
(7,129)
(220,600)
(173,786)
(24,764)
Total operating expenses
(314,603)
(254,128)
(248,863)
(35,463)
(989,472)
(774,361)
(110,345)
Other income, net
40,185
13,219
12,958
1,847
68,153
38,486
5,484
Operating loss
(31,576)
(26,037)
(32,331)
(4,608)
(121,325)
(96,884)
(13,806)
Interest income
128,480
102,523
96,580
13,763
350,201
316,155
45,052
Impairment loss of investments
(80,774)
(45,079)
(36,298)
(5,172)
(145,889)
(81,377)
(11,596)
Foreign currency exchange (losses)/gains, net
(1,765)
364
(1,225)
(175)
(3,817)
(3,280)
(467)
Income before income tax expenses
14,365
31,771
26,726
3,808
79,170
134,614
19,183
Income tax expenses
(3,822)
(2,169)
(3,113)
(444)
(8,718)
(10,366)
(1,477)
Net income attributable to HUYA Inc.
10,543
29,602
23,613
3,364
70,452
124,248
17,706
Net income attributable to ordinary
shareholders
10,543
29,602
23,613
3,364
70,452
124,248
17,706
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2023*
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023*
September 30,
2024
September 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income per ADS**
—Basic
0.04
0.13
0.10
0.01
0.29
0.54
0.08
—Diluted
0.04
0.13
0.10
0.01
0.29
0.53
0.08
Net income per ordinary share
—Basic
0.04
0.13
0.10
0.01
0.29
0.54
0.08
—Diluted
0.04
0.13
0.10
0.01
0.29
0.53
0.08
Weighted average number of ADS used in
calculating net income per ADS
—Basic
244,651,286
231,022,644
231,366,502
231,366,502
243,736,441
231,852,981
231,852,981
—Diluted
246,437,179
234,167,978
232,948,154
232,948,154
246,529,235
234,514,598
234,514,598
* HUYA Inc. Unaudited Condensed Consolidated Statements of Operations for three months ended September 30, 2023 and nine months ended September
30, 2023 have been retrospectively adjusted due to the business combination under common control as stated in footnote 1 of this press release.
** Each ADS represents one Class A ordinary share.
(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended
Nine Months Ended
September 30,
2023
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Cost of revenues
2,543
4,492
3,521
502
16,154
12,298
1,752
Research and development expenses
7,296
7,873
5,497
783
40,133
20,986
2,990
Sales and marketing expenses
651
446
171
24
2,594
983
140
General and administrative expenses
(68)
4,573
4,014
572
19,000
12,855
1,832
HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
Three Months Ended
Nine Months Ended
September 30,
2023*
June 30,
2024
September 30,
2024
September 30,
2024
September 30,
2023*
September 30,
2024
September 30,
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Gross profit
242,842
214,872
203,574
29,008
799,994
638,991
91,055
Share-based compensation expenses allocated
in cost of revenues
2,543
4,492
3,521
502
16,154
12,298
1,752
Non-GAAP gross profit
245,385
219,364
207,095
29,510
816,148
651,289
92,807
Operating loss
(31,576)
(26,037)
(32,331)
(4,608)
(121,325)
(96,884)
(13,806)
Share-based compensation expenses
10,422
17,384
13,203
1,881
77,881
47,122
6,714
Amortization of intangible assets from
business acquisitions
5,993
5,941
5,937
846
17,605
17,808
2,538
Non-GAAP operating loss
(15,161)
(2,712)
(13,191)
(1,881)
(25,839)
(31,954)
(4,554)
Net income attributable to HUYA Inc.
10,543
29,602
23,613
3,364
70,452
124,248
17,706
Impairment loss of investments
80,774
45,079
36,298
5,172
145,889
81,377
11,596
Share-based compensation expenses
10,422
17,384
13,203
1,881
77,881
47,122
6,714
Amortization of intangible assets from
business acquisitions, net of income taxes
4,974
4,931
4,928
702
14,612
14,781
2,106
Non-GAAP net income attributable to
HUYA Inc.
106,713
96,996
78,042
11,119
308,834
267,528
38,122
Net income attributable to ordinary
shareholders
10,543
29,602
23,613
3,364
70,452
124,248
17,706
Impairment loss of investments
80,774
45,079
36,298
5,172
145,889
81,377
11,596
Share-based compensation expenses
10,422
17,384
13,203
1,881
77,881
47,122
6,714
Amortization of intangible assets from
business acquisitions, net of income taxes
4,974
4,931
4,928
702
14,612
14,781
2,106
Non-GAAP net income attributable to
ordinary shareholders
106,713
96,996
78,042
11,119
308,834
267,528
38,122
Non-GAAP net income per ordinary share
—Basic
0.44
0.42
0.34
0.05
1.27
1.15
0.16
—Diluted
0.43
0.41
0.34
0.05
1.25
1.14
0.16
Non-GAAP net income per ADS
—Basic
0.44
0.42
0.34
0.05
1.27
1.15
0.16
—Diluted
0.43
0.41
0.34
0.05
1.25
1.14
0.16
Weighted average number of ADS used in
calculating Non-GAAP net income per
ADS
—Basic
244,651,286
231,022,644
231,366,502
231,366,502
243,736,441
231,852,981
231,852,981
—Diluted
246,437,179
234,167,978
232,948,154
232,948,154
246,529,235
234,514,598
234,514,598
* HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results for three months ended September 30, 2023 and nine months ended September
30, 2023 have been retrospectively adjusted due to the business combination under common control as stated in footnote 1 of this press release.
View original content:https://www.prnewswire.com/news-releases/huya-inc-reports-third-quarter-2024-unaudited-financial-results-302302343.html
SOURCE HUYA Inc.
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Technology
Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365
Published
1 hour agoon
May 9, 2026By
NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.
Best Accounting Software for Medium-Sized Business UK
QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.
Growing Demand for Scalable Financial Systems in the UK Mid-Market
Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.
Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.
QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.
QuickBooks Positioned as a Scalable Financial Platform
QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.
A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.
The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.
Financial Visibility, Automation, and Operational Control
One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.
Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.
Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.
Integration, Compliance, and System Connectivity
QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.
Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.
By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.
Operational Impact and Long-Term Financial Structure
As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.
QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.
The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.
This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.
Market Context and Financial Management Trends
The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.
Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.
QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.
The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.
Conclusion
Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.
The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.
As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.
To read the full review, please visit the Consumer365 website.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.
Disclaimer
Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.
General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.
Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.
SOURCE Consumer365.org
Technology
BOE continues to launch new products and solutions in the field of high-end displays
Published
2 hours agoon
May 9, 2026By
LOS ANGELES, May 9, 2026 /PRNewswire/ —
1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience
With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.
Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.
In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.
At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.
Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.
Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.
2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend
In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.
BNL & Visual Health
Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.
Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.
Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.
Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.
SID 2026: BOE Launches New BNL Display Products
At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.
As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.
View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html
SOURCE BOE Technology Group Co., Ltd.
Technology
BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT
Published
5 hours agoon
May 9, 2026By
LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.
While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.
According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.
This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.
BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.
The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.
The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.
View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html
SOURCE BitradeX Capital
Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365
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