DouYu Revenue Declines Over 23% In Q3 As Economic And Macro Headwinds Weigh

  • DouYu International Holdings Limited (NASDAQ: DOYU) reported a third-quarter FY22 revenue decline of 23.4% to $252.8 million year-on-year, beating the consensus of $249 million.
  • Segments: DouYu's Livestreaming revenues decreased by 22.9% Y/Y to $239.7 million due to prudent operating strategies in anticipation of a tightening regulatory environment.
  • Advertising and other revenues declined by 32.1% Y/Y to $13.1 million due to the challenging macro environment and exploration of new commercialization models.
  • Gross margin rose by 210 bps to 14%.
  • Adjusted EPS per ADS of $0.01 missed the consensus of $0.02. 
  • DouYu held $966.2 million in cash and equivalents.
  • Drivers: DouYu's quarterly average mobile MAUs fell 7.7% Y/Y to 57.1 million. The quarterly average paying user count decreased 22.2% Y/Y to 5.6 million.
  • Shaojie Chen, Chief Executive Officer of DouYu, commented, "During the third quarter, we achieved stable and holistic business development as we navigated through a challenging macro environment. We stabilized our user base through continuous innovation and investment in our content and service offerings while further improving revenue quality and augmenting our cost control initiatives."
  • Price Action: DOYU shares closed higher by 0.76% at $1.32 on Friday.
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