DouYu International Holdings Limited (DOYU, Financial) has released its financial results for the third quarter ending September 30, 2024. The company's total net revenue was reported at RMB 1.0631 billion, marking a 21.8% decrease compared to the same period in 2023. The net profit stood at RMB 3.4 million, a significant drop from RMB 76.4 million in the previous year. On a non-GAAP basis, DouYu reported an adjusted net loss of RMB 39.8 million, contrasting with a net profit of RMB 71.9 million in 2023.
In terms of operational performance, DouYu's average mobile monthly active users (MAU) reached 42.1 million, down from 51.7 million in the third quarter of 2023. The average number of paying users also decreased to 3.4 million from 3.9 million.
Financially, live streaming revenue declined by 34.7% to RMB 752.1 million, while revenue from innovative businesses, advertising, and others increased by 49.4% to RMB 311 million. The cost of revenue decreased by 14.1%, totaling RMB 1.0023 billion. Revenue sharing fees and content costs dropped by 6.2%, and bandwidth costs decreased by 32.0%.
DouYu's gross profit was RMB 60.8 million, significantly lower than the RMB 192.4 million from the previous year, with a gross margin of 5.7%. Operating expenses saw declines across sales and marketing, R&D, and general administrative costs. The company reported an operating loss of RMB 94.2 million, compared to RMB 8.8 million in the prior year.
As of September 30, 2024, DouYu held RMB 4.3836 billion in cash and equivalents. The company executed a stock repurchase plan, buying back $20 million in American Depositary Shares by the end of the third quarter.
