Zhitong Finance learned that Huanju (YY.US) released financial results for the first quarter of 2024. In the first quarter, Huanju Group's revenue was US$564.6 million, down 3.3% year on year, higher than market expectations. Among them, the core sector BIGO generated revenue of US$505.2 million. Under non-US GAAP, the Group's net profit increased by 34.8% year on year to US$67.2 million, and net interest rate reached 11.9%, up 3.4 percentage points year on year. Non-GAAP earnings per ADS were $1.02, which was higher than market expectations. The Group continued to record a healthy positive operating cash flow of $75 million.

BIGO's revenue continued to recover for three consecutive quarters, achieving an 8% year-on-year increase, and the number of paying users achieved a 6.9% year-on-year increase. Bigo Live continued the year-on-year revenue recovery trend in the first quarter. Among them, developed regions performed well. Revenue increased 14.8% year over year, paid subscribers increased 17.2% year over year, and MAU increased 8.9% year over year. Likee advertising revenue increased 1.1 times year over year and continues to be profitable. Hago's operating cash flow continues to be positive.

In the first quarter, Huanju continued to actively promote repurchases, adding a total of 54.5 million US dollars to repurchase shares. According to the current share repurchase plan, as of March 31, 2024, Huanju still has a share repurchase limit of US$472 million. According to statistics, since 2020, Huanju has accumulated returns to shareholders of nearly US$1.43 billion through stock repurchases and dividends.

Looking ahead to the second quarter, the company expects revenue of between $538 million and $569 million compared to market expectations of $565 million.

As of press release, Huanju's stock price fell 9.65% in the premarket to $29.5.