This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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."

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs