YY spends big to grow overseas user base in Q1

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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