Huya Inc. (NYSE: HUYA), a Chinese game live streaming platform, today reported its unaudited fourth quarter and fiscal year 2024 financial results, highlighting key strategic shifts amid challenging market conditions.
In the fourth quarter of 2024, Huya posted total net revenues of ¥1,495.8 million RMB ($207.0 million USD), a slight decline from ¥1,529.8 million ($211.7 million) during the same period in 2023. However, the company’s game-related services, advertising, and other revenues surged to ¥371.6 million ($51.4 million) compared with ¥186.3 million ($25.8 million) a year earlier—a 145% year-over-year increase that now accounts for 21.9% of total net revenues, up from just 7.8% in 2023.
Despite macroeconomic headwinds impacting its live streaming segment, Huya narrowed its net loss attributable to the company to ¥172.2 million ($23.8 million) in Q4 2024, down from ¥275.0 million ($38.1 million) in Q4 2023. On a non-GAAP basis, the company swung to a modest net income of RMB1.2 million ($166,032), reversing a non-GAAP net loss of ¥189.7 million ($26.3 million) in the prior year. Average mobile monthly active users (MAUs) for the quarter were 82.6 million, a slight decrease from 85.5 million a year ago.
For the full fiscal year 2024, Huya generated total net revenues of ¥6,079.1 million ($841.1 million), down from ¥6,994.3 million ($967.7 million) in 2023. Nonetheless, the year marked a significant turnaround for the company. Game-related services revenue climbed to ¥1,333.9 million ($184.6 million) from ¥543.5 million ($75.2 million) in the previous year. Overall net loss attributable to Huya narrowed sharply to ¥48.0 million ($6.6 million) from ¥204.5 million ($28.3 million), while non-GAAP net income nearly doubled to ¥268.8 million ($37.2 million) compared with ¥119.1 million ($16.5 million) in 2023.
Acting Co-Chief Executive Officer and Senior Vice President Junhong Huang attributed these improvements to a robust strategic transformation. “By capitalizing on new game launches and enhancing our live streaming content ecosystem, we’ve expanded our game distribution and advertising services significantly,” Huang said. “These initiatives have not only improved our revenue mix but have also positioned us well for future commercialization opportunities.”
Acting Co-Chief Executive Officer and Chief Financial Officer Raymond Peng Lei emphasized the company’s operational efficiency gains. “Through proactive cost management, we boosted our gross margin to 11.4% in Q4 2024—up from 1.0% a year ago—and reduced our operating expenses by 23.8% year-over-year,” Peng Lei noted. “Our focus on operational discipline is central to our commitment to delivering enhanced shareholder value.”
In a further demonstration of confidence, Huya’s board approved a 2025-2027 Dividend Plan aimed at distributing at least $400 million in cash dividends over the next three years. The plan includes a 2025 cash dividend of $1.47 per ordinary share (or ADS), with an expected payout of approximately $340 million, alongside anticipated dividends of no less than $30 million each in 2026 and 2027. The board also extended its share repurchase program through March 31, 2026, having repurchased 19.1 million ADSs for a total of $63.6 million to date.
Looking ahead, Huya is doubling down on its technology investments. The company recently became the first game live streaming platform to deploy the DeepSeek-R1 AI model—an innovation expected to enhance content creation efficiency, spur digital IP innovation, and deliver a more engaging experience for both broadcasters and viewers.