HUYA Inc. (NYSE:HUYA) Q2 2024 Earnings Conference Call August 13, 2024 8:00 AM ET
Company Participants
Hanyu Liu - Investor Relations
Junhong Huang - Acting Co-CEO & Senior Vice President
Ashley Xin Wu - Acting Co-CEO & Vice President, Finance
Conference Call Participants
Maggie Ye - CLSA
Ritchie Sun - HSBC
Yiwen Zhang - China Renaissance
Hanyu Liu
Good day and good evening, and thank you for standing bye. Welcome to Huya's Second Quarter 2024 Earnings Webinar. I am Hanyu Liu from Huya's Investor Relations. At this time, all participants are in listen-only mode. Please be advised that today's webinar is being recorded.
The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website in a few hours.
Participants of management on today's call will be Mr. Junhong Huang, Acting Co-CEO and Senior Vice President of Huya; and Ms. Ashley Xin Wu, Acting Co-CEO and Vice President of Finance. Management will begin with prepared remarks and the call will conclude with a Q&A session.
Before we continue please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.
Please also note that Huya's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. Huya's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
With that, I'm pleased to turn the call over to our Co-CEO and SVP, Mr. Huang. Please go ahead.
Junhong Huang
Okay. Hello, everyone. Thank you for joining our earning conference today,
Against the backdrop of persistent uncertainty in the macro environment and industry landscape, we were pleased to resume quarter-over-quarter growth in total net revenues in the second quarter, up 2.5% from the previous quarter to reach RMB1.54 billion, driven by the rapid revenue growth of our game-related services, advertising and other businesses. Notably, game-related services, advertising and other revenues reached a milestone, contributing 20% of our total net revenues for the first time. We also sustained our profitability, with non-GAAP net income of approximately RMB97 million. Solid strategic execution across business and commercialization transformation, content and platform ecology upgrades, and technology and product advancement supported this quarter's positive outcomes.