YY Reports Fourth Quarter And Full Year 2012 Unaudited Financial Results

4Q12 Net Revenues Up 136.3% YOY 4Q12 Net Income of RMB33.2Million 4Q12 Non-GAAP Net Income Up 80.9% YOY

GUANGZHOU, China, March 7, 2013 (GLOBE NEWSWIRE) -- YY Inc. (Nasdaq:YY) ("YY" or the "Company"), a revolutionary rich communication social platform, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Highlights

• Net revenues increased by 136.3% year-over-year to RMB266.8 million (US$42.8 million) from RMB112.9 million in the corresponding period of 2011 driven by a 169.1% increase in revenues from internet value-added services, or IVAS revenues.
• Net income attributable to YY increased significantly to RMB33.2 million (US$5.3 million) from RMB4.0 million in the corresponding period of 2011.
• Non-GAAP net income attributable to YY ¹ increased by 80.9% year-over-year to RMB58.8 million (US$9.4 million) from RMB32.5 million.

Full Year 2012 Highlights

• Net revenues increased by 156.5% to RMB820.0 million (US$131.6 million) in 2012 from RMB319.7 million in 2011.
• Net income attributable to YY was RMB89.2 million (US$14.3 million) in 2012, compared to a net loss of RMB83.2 million in 2011.
• Non-GAAP net income attributable to YY increased by 265.8% to RMB189.5 million (US$30.4 million) in 2012 from RMB51.8 million in 2011.

Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We are very pleased to report that for our first quarter as a U.S. publicly listed company we exceeded consensus for both fourth quarter and full year 2012. During the fourth quarter of 2012, we grew net revenues by more than 136% year-over-year, and our registered user accounts increased to over 457 million, up over 72% from a year ago. In addition, our YY mobile app was downloaded over 9.8 million times during this quarter, an increase of over 26% from the third quarter of 2012, bringing our total mobile app downloads to over 27.8 million in 2012. We believe these accomplishments highlight the uniqueness of our real-time, scalable and sticky ecosystem that we have created around our YY Client. Looking ahead, we aim to continue penetrating the music and entertainment arenas on our platform, further developing new verticals like education and conference calls, expand our current game platform as well as building upon our mobile footprint. By providing a fully integrated, multi-device, real-time platform we seek to further leverage our strong technology and large user base throughout China."

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