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YY Reports Third Quarter 2013 Unaudited Financial Results

Stocks in this article: YY

3Q13 Net Revenues Up 113.0% YOY to RMB487.2 Million 3Q13 Net Income Up 267.1% YOY to RMB129.0 Million 3Q13 Non-GAAP Net Income Up 207.1% YOY to RMB170.8 Million

GUANGZHOU, China, Nov. 6, 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 third quarter ended September 30, 2013.

Third Quarter 2013 Highlights

  • Net revenues increased by 113.0% to RMB487.2 million (US$79.6 million) from RMB228.8 million in the corresponding period of 2012, primarily driven by a 126.2% increase in revenues from internet value-added services, or IVAS revenues.
  • Net income attributable to YY Inc. increased by 267.1% to RMB129.0 million (US$21.1 million) from RMB35.1 million in the corresponding period of 2012.
  • Non-GAAP net income attributable to YY Inc. 1 increased by 207.1% to RMB170.8 million (US$27.9 million) from RMB55.6 million in the corresponding period of 2012.

Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We are happy to see continued expansion of our platform and robust financial performance on both the top and bottom line driven by strong growth momentum across the board during the third quarter. We were especially successful in developing and monetizing our YY Music offering where we were able to grow our YY Music revenues by over 160% year-over-year. By creating a unique and compelling entertainment experience for our users that includes innovative free and paid features such as casting votes and interaction with singers, we continue to broaden our ability to entertain and monetize our growing user base of over 87.2 million aggregate monthly active users for the three months ended September 30, 2013.

"As our recent initiatives suggest, we are committed to exploring and pursuing opportunities to scale our platform by expanding beyond the Chinese domestic market and spreading into a larger number of vertical activities where rich communication capabilities are required. Recently, we established a strategic partnership with Asiasoft and S2 Games, which allows us to expand our user-base and brand internationally through offering the global market an unprecedented interactive and integrated multiplayer gaming experience. Going forward, we will expand our focus on leveraging the YY technology platform internally and externally through partnerships, broadening further into a number of emerging verticals both domestically and internationally," added Mr. Li.

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