Technology
HUYA Inc. Reports Third Quarter 2024 Unaudited Financial Results
Published
2 years 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.
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SOURCE HUYA Inc.
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This release has been updated to include new information provided by TrendAI. The complete, corrected release follows, with additional details at the end:
TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization and Virtual Patching
As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments
DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.
As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.
The work extends to TrendAI Threat Research, where frontier AI models are combined with our proprietary frontier intelligence engine and human expertise to generate pre-disclosure intelligence. Those insights power TrendAI Vision One™, delivering stronger detection, deeper forensic insights, and proactive protection through virtual patching.
Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”
These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.
About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com
About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.
Update: The latest version of this release includes additional statements from TrendAI related to the original announcement.
View original content to download multimedia:https://www.prnewswire.com/news-releases/trendai-adopts-claude-opus-5-to-advance-vulnerability-prioritization-assessment-and-virtual-patching-302834362.html
SOURCE TrendAI
Technology
Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure
Published
12 minutes agoon
July 24, 2026By
NEW YORK, July 24, 2026 /PRNewswire/ — As CASEKOO approaches its 10th anniversary, founder Ralph Ye says the company’s biggest achievement isn’t measured by units sold, but by how its philosophy has evolved.
Ten years ago, Ye found himself frustrated by a simple problem: his phone wouldn’t stand upright on a fast-food table. Instead of accepting the inconvenience, he saw an opportunity to rethink what a phone case could do.
Today, CASEKOO has sold more than 20 million phone cases across 32 countries. Over the past decade, the company has evolved from creating protective accessories into designing products that fit naturally into everyday life.
“Innovation isn’t about changing identities,” Ye said. “It’s about making meaningful habits easier to keep.”
From Q Line to LinKOO
The evolution of CASEKOO’s product portfolio reflects a broader shift in the company’s design philosophy.
The journey began with the Q Line (Quality Line), a collection of crystal-clear phone cases engineered to deliver premium protection without compromising aesthetics. In 2021, CASEKOO introduced the E Line (Innovation Line), the world’s first phone case with an integrated ring stand. The product earned an iF Design Award and became an Amazon bestseller, demonstrating the market’s appetite for accessories that combined protection with everyday functionality. The X Line (Expression Line) followed, expanding the brand’s focus on personalization and expressive design.
Each product generation introduced new capabilities, but each also reinforced an important insight.
“We moved from Q Line to E Line to X Line, and every generation taught us something about what people actually need,” said Ye. “By the time we introduced The KOO series, we weren’t designing features anymore. We were designing around everyday behaviors.”
Today, the portfolio gives each rhythm a clear name: LinKOO — Link Your Way for hands-free carry, StandKOO — Elevate Your Day for hands-free viewing and grip, and X-LINE — Fit Your Vibe for expressive personalization.
It represents CASEKOO’s transition from designing accessories with added functions to creating products that support everyday habits. For the company, the future of consumer technology lies not in how many features a product offers, but in how seamlessly it integrates into the way people live.
A Philosophy Born from Everyday Life
The inspiration behind LinKOO came from one of Ye’s longest-standing habits.
For nearly two decades, he has left home every day holding his wife’s hand. One evening, while carrying his phone, keys, and wallet in his other hand, he realized how often everyday essentials compete with life’s simplest moments.
That observation inspired ClipSafe™, a foldable clasp integrated into the LinKOO series. Hidden when not in use and deployable with a single press, it allows users to carry everyday essentials without sacrificing comfort or aesthetics.
For CASEKOO, LinKOO is more than a product launch. It represents the company’s belief that technology should adapt to people—not the other way around.
“Ten years ago, we asked how to better protect a phone,” Ye said. “Today, we’re asking how to protect a moment.”
That is what designed to fit you means. That is Less Effort, More Living. And after a decade of iteration, failure, and quiet persistence, CASEKOO has finally arrived—not at an answer, but at a better question.
About CASEKOO
CASEKOO is a design-led lifestyle accessories brand built around a simple idea: freeing your hands in everyday life. Through thoughtful hands-free solutions, we help people move seamlessly between different moments of the day—from active, on-the-go moments to times of focus and connection.
What makes CASEKOO different from a regular phone case? We believe technology should support life, not interrupt it. By designing products that adapt naturally to how people live, work, and move, CASEKOO reduces everyday friction and creates a more effortless experience—making room for freedom, connection, and the moments that truly matter.
For more information, visit: casekoo.com.
Contact:
Charlotte Yu
brandteam@casekoo.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/ralph-ye-on-10-years-of-entrepreneurship-at-casekoo-less-identity-shift-more-habits-that-endure-302831896.html
SOURCE CASEKOO
Technology
Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers
Published
12 minutes agoon
July 24, 2026By
LOS ANGELES and NEW YORK, July 24, 2026 /PRNewswire/ — Paramount Skydance Corporation (NASDAQ: PSKY) (“Paramount”) today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the “Tender Offers” and each, a “Tender Offer”) for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the “Offer to Purchase”), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the “DGH Issuer”) and Discovery Communications, LLC (the “DCL Issuer” and together with the DGH Issuer, each a “WBD Issuer” and collectively the “WBD Issuers”), as applicable, and (ii) offers to exchange (the “Exchange Offers” and each, an “Exchange Offer” and, together with the Tender Offers, the “Offers” and each, an “Offer”), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the “Offering Memorandum”), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the “Offer Notes”) issued by the applicable WBD Issuer for notes to be newly issued by Paramount.
The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on August 7, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the “Acquisition”) by Paramount of Warner Bros. Discovery, Inc. (“WBD”). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, and July 17, 2026.
As of 5:00 p.m., New York City time, on July 23, 2026, approximately 66.17% and 76.38% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.
Information about each series of Offer Notes eligible to participate in the Offers is summarized below.
Type of Offer
Offer Notes to be Tendered
or Exchanged, as
Applicable
Issuer of Offer Notes
CUSIP No. / Common Code
/ ISIN Eligible to
Participate in the Offers (1)
Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)
Tender Offer
3.950% Senior Notes due 2028
DCL Issuer
25470D CP2
US25470DCP24
$1,234,458,000
Exchange Offer
4.125% Senior Notes due 2029
DCL Issuer
25470D CQ0
US25470DCQ07
$655,825,000
Exchange Offer
3.625% Senior Notes due 2030
DCL Issuer
25470D CR8
US25470DCR89
$914,183,000
Exchange Offer
5.000% Senior Notes due 2037
DCL Issuer
25470D CS6
US25470DCS62
$453,281,000
Exchange Offer
6.350% Senior Notes due 2040
DCL Issuer
25470D CT4
US25470DCT46
$438,102,000
Exchange Offer
4.950% Senior Notes due 2042
DCL Issuer
25470D CU1
US25470DCU19
$130,366,000
Exchange Offer
4.875% Senior Notes due 2043
DCL Issuer
25470D V91 CV9US25470DC
$141,584,000
Exchange Offer
5.200% Senior Notes due 2047
DCL Issuer
25470D W74 CW7US25470DC
$3,161,000
Exchange Offer
5.300% Senior Notes due 2049
DCL Issuer
25470D X57 CX5US25470DC
$247,860,000
Tender Offer
3.755% Senior Notes due 2027
DGH Issuer
254948 AH5
US254948AH58
254948 AN2
US254948AN27
U25483 AA3
USU25483AA38
$1,189,336,000
Exchange Offer
4.054% Senior Notes due 2029
DGH Issuer
254948 AJ1
US254948AJ15
254948 AP7
US254948AP74
U25483 AB1
USU25483AB11
$1,353,828,000
Exchange Offer
4.279% Senior Notes due 2032
DGH Issuer
254948 AK8
US254948AK87
254948 AQ5
US254948AQ57
$2,691,764,000
Exchange Offer
5.050% Senior Notes due 2042
DGH Issuer
254948 AL6
US254948AL60
254948 AR3
US254948AR31
U25483 AD7
USU25483AD76
$4,104,687,000
Exchange Offer
5.141% Senior Notes due 2052
DGH Issuer
254948 AM4
US254948AM44
254948 AS1
US254948AS14
$949,883,000
Exchange Offer
4.302% Senior Notes due 2030
DGH Issuer
XS3393993285
339399328
€234,382,000
Exchange Offer
4.693% Senior Notes due 2033
DGH Issuer
XS3393994507
339399450
€316,641,000
1
No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.
2
Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.
The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act or (b) not “U.S. persons,” as defined in Rule 902 of Regulation S under the Securities Act (such holders, “Eligible Holders”), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.
General
Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount’s sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.
The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder’s Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.
Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the “Exchange Agent”) and information agent (in such capacity, the “Information Agent”) for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.
Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the “Dealer Managers”) for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Paramount, a Skydance Corporation
Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.
PSKY-IR
Cautionary Note Concerning Forward-Looking Statements
This communication contains “forward-looking statements” regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the “Combined Company”); the adverse impact on the Combined Company’s advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company’s decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company’s business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company’s content; damage to the Combined Company’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company’s intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company’s business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company’s operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount’s ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company’s holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” Paramount’s most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” and Paramount’s subsequent filings with the SEC, and in WBD’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned “Item 1A. Risk Factors,” WBD’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD’s subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.
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SOURCE Paramount Skydance Corporation
/U P D A T E — TrendAI/
Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure
Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers
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