DouYu International Holdings Limited (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Financial and Operational Highlights
- Total net revenues in the second quarter of 2022 were RMB1,833.2 million (US$273.7 million), compared with RMB2,336.8 million in the same period of 2021.
- Gross profit in the second quarter of 2022 was RMB309.0 million (US$46.1 million), compared with RMB306.5 million in the same period of 2021.
- Net loss in the second quarter of 2022 was RMB38.8 million (US$5.8 million), compared with RMB181.7 million in the same period of 2021.
- Adjusted net income in the second quarter of 2022 was RMB23.5 million (US$3.5 million), compared with adjusted net loss of RMB145.1 million in the same period of 2021.
- Average mobile MAUs in the second quarter of 2022 were 55.7 million, compared with 60.7 million in the same period of 2021.
- Quarterly average paying user count in the second quarter of 2022 was 6.6 million, compared with 7.2 million in the same period of 2021.
Mr. Shaojie Chen, Chief Executive Officer of DouYu, commented, “During the second quarter, we maintained our focus on enriching our platform’s content ecosystem and increased our investment and innovation in self-produced content. At the same time, we optimized our cost control mechanisms and carried out structural adjustments to enhance the quality of our revenue streams. We achieved substantial progress in this quarter, as demonstrated by our stable average mobile MAUs of 55.7 million and our improved financial performance, as our adjusted net income1 reached RMB23.5 million. Going forward, we will remain committed to executing our business strategy in developing our game-centric comprehensive content platform by leveraging our deeper understanding of the preferences and characteristics of different user categories. Furthermore, we will continue to enrich our innovative tailor-made content in livestreaming, videos, graphics, and interactive communities. We will maintain our leading position in the traditional livestreaming industry by augmenting and developing our game-centric ecosystem and exploring new growth drivers to achieve sustainable and healthy growth.”
Mr. Hao Cao, Vice President of DouYu, commented, “Our total revenue in the second quarter reached RMB1.83 billion and gross profit was RMB309.0 million, representing a gross margin of 16.9%. We also achieved adjusted net income of RMB23.5 million. During this quarter, while we further invested into new business initiatives and selfproduced content, we continued to optimize our operational efficiency and successfully implemented additional cost control measures. Our attention to operating efficiency has delivered tangible results with improved returns for each game, generating a sequential improvement of gross margin and a turnaround in our adjusted net profit in this quarter. As of the end of the second quarter, we have cash and cash equivalents, restricted cash, short-term and long-term bank deposits of RMB6,685 million. These abundant cash reserves will provide us with ample support to stabilize our core business operations as we navigate through the challenging macro environment. Looking ahead, we remain focused on enhancing our monetization capabilities and developing our operating model to improve operating efficiency as we strive to deliver long-term value to our shareholders.”
DouYu shares climbed 2% in premarket trading.
