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1Q14 Net Revenues Up 111.6% YOY to RMB666.3 Million
1Q14 Net Income Up 187.2% YOY to RMB183.6 Million1Q14 Non-GAAP Net Income Up 153.0% YOY to RMB207.6 MillionAnnounces US$100 Million Share Repurchase Program
GUANGZHOU, China, May 5, 2014 (GLOBE NEWSWIRE) -- YY Inc. (Nasdaq:YY) ("YY" or the "Company"), a revolutionary real-time interactive social platform, today announced its unaudited financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Highlights
Net revenues increased by 111.6% to RMB666.3 million (US$107.2 million) from RMB315.0 million in the corresponding period of 2013, primarily driven by a 127.1% increase in revenues from internet value-added services, or IVAS revenues.
Net income attributable to YY Inc. increased by 187.2% to RMB183.6 million (US$29.5 million) from RMB63.9 million in the corresponding period of 2013.
Non-GAAP net income attributable to YY Inc. 1 increased by 153.0% to RMB207.6 million (US$33.4 million) from RMB82.1 million in the corresponding period of 2013.
Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We are excited to have achieved robust performance and continued strong momentum heading into 2014, even during our seasonally slow first quarter. Once again, online music and entertainment outperformed our expectations, with revenues growing by 228.0% and paying users increasing by over 103.2% year-over-year. In addition, we are very excited about the launch of our online education platform,
100 Education, in February followed by the introduction of the PC and mobile branded client last month. By providing a real-time interactive setting for students and teachers, which utilizes our powerful audio and video communication technologies with massive real-time hosting capabilities, we will continue to broaden our diverse online community and user base. The increasingly rich user-generated content on our scalable platform has enhanced user engagement and stickiness, and helped drive our average monthly active users to reach 95.5 million in the first quarter of 2014. With the strong foundation we have established, we will continue to attract users, enhance our offering and monetize traffic by further developing our online entertainment, live broadcasting, education, and other verticals, and enabling services which cater to users' dynamic and ever-changing demands."
Mr. Eric He, Chief Financial Officer of YY, commented, "In the first quarter, we were once again able to achieve results that exceeded our expectations on the top line, driven by increased user engagement and spending. Moreover, we also saw net income attributable to YY almost triple year-over-year due to the expanding scale and leverage of YY's business operations. As we continue to scale our business, our unique business model, coupled with the economies of scale inherent in our technology platform, will strengthen our operating leverage and enhance our ability to diversify and expand our services."