=Huya (HUYA) reported earnings on Tue 13 Aug 2019 (a/h)

China livestreaming company Huya (HUYA) reported second-quarter results that beat Wall Street consensus on the top and bottom lines, pushing Huya stock higher on Wednesday.

Huya, a spinoff of YY (YY), reported an adjusted profit of 11 cents per share on revenue of $292.9 million. Wall Street expected earnings of 8 cents a share on revenue of $251.7 million. It posted the results late Tuesday. Revenue soared 93% from the year-ago period in China currency.

Huya initially jumped 4%, then gave back most of those gains. The stock edged up 0.3%, closing at 21.39 on the stock market today.

The company spun out of YY with an initial public offering in May 2018 that priced Huya stock at $12 per share.

Huya boasts the largest livestreaming gaming community in China, covering video games and esports. YY offers video streaming and chat features for concerts, fashion events and sports.

Huya User Growth Soars 57%
Total monthly average users climbed 57% to 144 million. Mobile monthly average users in the second quarter reached 55.9 million, up 31%. Huya reported having 4.9 million paying users, up 47%.

The company said user growth was driven by "enhanced partnership with several leading game studios and increased integration in the esports value chain."