DouYu International Holdings Limited (NASDAQ: DOYU) reported a third-quarter FY23 revenue decline of 24.4% to $186.3 million year-on-year, beating the consensus of $184.8 million.
The leading game-centric live streaming platform in China's adjusted earnings per ADS of $0.03 was in line with the consensus.
Segments: DouYu's Livestreaming revenues decreased by 32.5% Y/Y to $157.8 million due to the soft macroeconomic environment.
Advertising and other revenues increased by 123.2% Y/Y to $28.5 million, primarily attributable to the increase in other revenues contributed by other innovative business.
Gross margin remained stable Y/Y at 14.2%. DouYu held $978.5 million in cash and equivalents.
Drivers: DouYu's quarterly average mobile MAUs fell to 51.7 million, down from 57.1 million a year ago. The quarterly average paying user count decreased to 3.9 million from 5.6 million a year ago.
The stock has lost 47% year-to-date.
Price Action: DOYU shares closed higher by 1.55% at $0.72 on Wednesday.
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