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YY Reports First Quarter 2013 Unaudited Financial Results

1Q13 Net Revenues Up 130.5% YOY

1Q13 Gross Margin Expands to 53.7%

1Q13 Net Income of RMB63.9 Million

1Q13 Non-GAAP Net Income Up 164.2% YOY

GUANGZHOU, China, May 2, 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 first quarter ended March 31, 2013.

First Quarter 2013 Highlights
  • Net revenues increased by 130.5% to RMB315.0 million (US$50.7 million) from RMB136.7 million in the corresponding period of 2012 driven by a 143.8% increase in revenues from internet value-added services, or IVAS revenues.
  • Net income attributable to YY Inc. increased significantly to RMB63.9 million (US$10.3 million) from RMB3.5 million in the corresponding period of 2012.
  • Non-GAAP net income attributable to YY Inc. 1 increased by 164.2% to RMB82.1 million (US$13.2 million) from RMB31.1 million in the corresponding period of 2012.

Mr. David Xueling Li, Chief Executive Officer of YY, stated, "Building upon our Company's momentum in 2012, we delivered another solid quarter with total revenues and non-GAAP net income growing over 130% and 164% year-over-year, respectively. During our seasonally weakest quarter, we saw strength from our key operating metrics including user growth and user spending, demonstrating the increasing attractiveness of the YY brand to the 527 million registered user accounts on our large-scale online communication platform. In particular, the number of paying users on the YY platform grew by over 35.3% year-over-year to over 1 million, underscoring the rising consumption of the affordable interactive entertainment that our platform offers. We will continue to diversify and strengthen the content on the YY platform by expanding into new verticals and introducing new products across PC and mobile devices to address the increasing entertainment and real-time social demands in China."

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