Livestreaming social media company YY recorded substantial increases in net revenues and active users but almost doubled operating expenses in the first quarter.
Net revenues increased 47% year-on-year to RMB 4.78 billion ($705 million), primarily driven by increases in live-streaming revenues and the acquisition of tech company Bigo in March 2019. Close to 94% of net revenue came from YY’s live-streaming service portfolio, with YY Live and Huya the top two contributors.
Net income rocketed 224% year-on-year, reaching RMB 3.12 billion. YY attributed this increase to remeasurement gains of its previously held interests in Bigo, which amounted to RMB 2.67 billion.
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