DouYu reports Q2 2024 financial results in Wuhan

DouYu International Holdings Limited reported its financial results for the second quarter of 2024 on September 12, 2024, revealing a significant decline in performance compared to the same period in 2023. The company experienced a net loss of RMB49.2 million (US$6.8 million), a stark contrast to the net income of RMB6.8 million reported in Q2 2023. This downturn was attributed to a 25.9% decrease in total net revenues, which fell to RMB1,032.0 million (US$142.0 million) from RMB1,392.2 million in the previous year. The decline in revenue was primarily driven by reduced livestreaming revenues and a decrease in revenue-sharing fees. Additionally, the average mobile monthly active users (MAUs) dropped to 44.1 million from 50.3 million year-over-year. The company also reported an adjusted net loss of RMB45.5 million (US$6.3 million), compared to an adjusted net income of RMB61.4 million in Q2 2023, indicating a broader trend of financial challenges. DouYu's operational expenses also increased, with a loss from operations amounting to RMB119.6 million (US$16.5 million), compared to a loss of RMB7.5 million in the same quarter of the previous year. Other operating expenses turned into a net loss of RMB28.2 million (US$3.9 million), contrasting with other operating income of RMB8.6 million in Q2 2023. In response to these challenges, DouYu plans to adapt its operating strategies to address the evolving macroeconomic landscape and industry shifts, focusing on optimizing its content ecosystem to achieve sustainable growth in the long term.