Shares of DouYu International Holdings Limited (NASDAQ: DOYU), a leading Chinese game-centric live streaming platform, plunged by 5.32% on September 12, 2024, after the company reported disappointing financial results for the second quarter of 2024.
DouYu reported a 25.9% year-over-year decline in revenue to $142.01 million, missing analyst estimates of $186.96 million. The company's livestreaming revenue, which accounts for a significant portion of its total revenue, dropped by a staggering 37.2% compared to the same period last year, attributed to the soft macroeconomic environment and product discounting.
The company's user metrics also painted a gloomy picture. DouYu's average mobile monthly active users (MAUs) fell to 44.1 million in Q2 2024, down from 50.3 million in the same period of 2023. Similarly, the number of quarterly average paying users declined to 3.4 million from 4.0 million a year ago, indicating a decrease in user engagement and monetization.
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