Money

Huya Reports $15.9M Net Profits for Q2 2023, a Year-Over-Year 1850% Increase

Published by

Hongyu Chen

9 months ago

China-based live streaming platform Huya reported its financial results for the second quarter of 2023. The company generated total revenue of ￥1.82B RMB ($252.5M USD) for the period, which marks a decrease of 20% year-over-year (YoY) compared to ￥2.27B ($315M) in Q2 2022. In total, Huya ended the Q2 of 2023 with a net profit of ￥115M ($15.9M), marking a 1,850% increase compared to ￥5.9M ($818K) in Q2 2022. In addition, the monthly active users (MAU) of Huya have reached 82.9 million.

Huya noted that it had streamed over 75 large-scale esports competitions in Q2 2023, including Valorant Champions Tour (VCT) Masters Japan, League of Legends Pro League (LPL), King Pro League (KPL), and CS:GO Paris Major.

Huya Acting Co-CEO and VP of Finance Ashley Wu commented that “Huya continued to make progress in optimizing costs and expenses…and we are confident about Huya’s long-term prospects as we are forging a more balanced development pathway with a more diverse revenue mix.”

On Aug. 7, now-former Huya CEO Rongjie Dong left a message on his personal WeChat Moment (private Instagram) that it was his last day, ending his 17-year journey leading the company. Following that announcement, Wu and Huya Senior Vice President Junhong Huang named acting Co-CEOs of the company until the company board confirms a new and permanent CEO. On Aug. 1, Huya officially announced that Dong would leave the company for personal reasons.

Editor’s Note: This article used a conversion rate RMB 7.2513 = $1 USD, the noon buying rate in effect on June 30, 2023.

Hongyu Chen

Hongyu "Eddie" Chen serves as conduit from China to the rest of global esports scene as the only Chinese journalist living in China while writing for Western media outlets. For the last four years Eddie served as the China esports correspondent for The Esports Observer and Sports Business Journal. He is a bilingual graduate of MA Business and Marketing and a certified BEng Electronic and Communication Engineer.