Boston, MA 05/23/2014 (wallstreetpr) – YY Inc (ADR) (NASDAQ:YY), founded in 2008, is a real time interactive social platform, which connects the users in real time group activities through text, voice and video. The company on May 5, 2014 revealed its first quarter unaudited economic status of 2014.
Increase In Net Income:
The unaudited financial report of 1Q2014 ended March 31, 2014 was placed by the company that. YY Inc (ADR) (NASDAQ:YY) reported an increase in net income by 111.6% compared to the prior year. The company touched a magic figure of net income in the first quarter, which has been reported as RMB666.3 million ($107.2 million). The preceding year’s corresponding period’s net income was RMB315.0 million. The net income was influenced by 127.1% hike of the revenue from IVAS (Internet Value Added Services).
The CEO of YY, David Xueling Li stated:
The attributable net income of YY climbed by 187.2% to RMB183.6 million ($29.5 million) from the corresponding period’s attributable net income of 2013, RMB63.9 million. However, the non-GAAP net income attributable to YY increased 153% from RMB82.1 million to RMB207.6 million. The Chief Executive Officer of YY, David Xueling Li, stated that the robust performance will give charge the company to achieve a better score in 2014.
Revenue Generated In Different Segments:
The online music and entertainment showed excellent performance for which the revenue increased 228% year over year. The revenue margin for online music and entertainment rose from RMB116.8 to RMB383.1 million within a span of 12 months. The revenues from online gaming even witnessed a hike by 36.3%, due to which the figure changed from RMB132.3 to RMB180.3 million. YY reported that other IVA’s revenues also witnessed a hike of 133.7% compared to 1Q2013.
Gross profit:
YY Inc (ADR) (NASDAQ:YY) also stated that the gross profit has observed an increase of 106.4% in the first quarter of 2014. As a result, the gross profit of the company leaped from RMB169.3 to RMB349.3 million. It should be mentioned that due to various activities, the operating expenses also increased 37.9% in this quarter.
