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YY Reports Second Quarter 2013 Unaudited Financial Results

Stocks in this article: YY

2Q13 Net Revenues Up 117.8% YOY

2Q13 Gross Margin Expands to 53.3%

2Q13 Net Income of RMB92.8 Million

2Q13 Non-GAAP Net Income Up 184.1% YOY

GUANGZHOU, China, Aug. 1, 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 second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Net revenues increased by 117.8% to RMB409.0 million (US$66.6 million) from RMB187.8 million in the corresponding period of 2012, primarily driven by a 132.0% increase in revenues from internet value-added services, or IVAS, revenues.
  • Net income attributable to YY Inc. increased by 436.7% to RMB92.8 million (US$15.1 million) from RMB17.3 million in the corresponding period of 2012.
  • Non-GAAP net income attributable to YY Inc. [1] increased by 184.1% to RMB125.1 million (US$20.4 million) from RMB44.0 million in the corresponding period of 2012.

Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We are very proud of our strong operational performance this quarter, which lead to robust top line growth and continued margin expansion. Driven by 170% year-over-year growth in the number of paying users on our YY Music platform, revenues exceeded our expectations and our total paying user numbers grew more than 50% year-over-year. These results demonstrate the unique and growing value proposition that our platform provides our large audience base, as more Chinese internet users increasingly embrace real-time online interactive entertainment."

"As we head into the second half of 2013, we're excited about our strategic initiatives designed to further leverage our large scale interactive online platform and our large and expanding user base. Opportunities like our exclusive partnership with Hunan Satellite Television in China to bring one of China's most popular entertainment shows, Happy Boy, also known as Super Boy, to our interactive platform, creates a new level of real-time interactive reality TV. Coupled with our continuing initiatives to diversify our verticals and enrich our content and product offerings, we aim to further broaden our user demographics, grow our brand recognition and strengthen our monetization capabilities," added Mr. Li.

Mr. Eric He, Chief Financial Officer of YY, commented, "Because of the growing scale and leverage in YY's business operations, we have been able to significantly increase our top and bottom lines as we continue to develop our offerings. Going forward, we will continue to invest in initiatives and opportunities that can expand and diversify our entertainment offerings and audience, helping us to create new and innovative ways of leveraging and monetizing our large user base."

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