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WUHAN, China -On Friday, DouYu International Holdings Limited (NASDAQ:DOYU) reported fourth quarter results that missed expectations.
The company’s shares were down -1.26% in premarket trading following the earnings release.
The Chinese game-centric live streaming platform posted revenue of RMB1.14 billion ($155.6 million) in Q4, down 12.3% YoY and below analyst estimates. Adjusted net loss widened to RMB68.8 million ($9.4 million) compared to a loss of RMB5.0 million in the year-ago quarter.
DouYu’s adjusted loss per ADS came in at RMB2.28 ($0.31), worse than the RMB0.16 loss per ADS reported in Q4 2023.
The company attributed the revenue decline primarily to a 28.4% drop in livestreaming revenues, which fell to RMB730.9 million ($100.1 million). This was partially offset by a 47.2% jump in innovative business, advertising and other revenues to RMB405.1 million ($55.5 million).
"Navigating the ongoing macroeconomic headwinds, we focused on optimizing resource allocation while further diversifying our revenue streams," said Simin Ren, Co-CEO of DouYu.
Average mobile monthly active users decreased to 44.5 million in Q4 from 51.7 million a year earlier. Quarterly average paying users also declined to 3.3 million from 3.7 million.
For the full year 2024, DouYu reported total net revenues of RMB4.27 billion ($585.1 million), down 22.8% from 2023. The company posted a net loss of RMB297.4 million ($40.8 million) for 2024, compared to net income of RMB35.5 million in 2023.
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