China-based video game livestreaming company Huya (NYSE: HUYA) published its latest set of quarterly results early Tuesday, notching beats on both the top and bottom lines. The following day, however, this clearly wasn't good enough for investors, who traded the company's American depositary shares (ADSes) down by almost 6%. Several downward adjustments from analysts contributed to this darkening sentiment.

That earnings release revealed that in its second quarter Huya booked total net revenue of 2.28 billion yuan ($336 million), which was down by 23% from the same period of 2021. Non-GAAP (adjusted) net income also fell, but more dramatically, landing at 5.9 million yuan ($869,000), or 0.02 yuan (less than $0.01) per ADS. The second quarter of last year saw the company net just over 250 million yuan ($37 million).

On average, analysts following the stock were expecting 2.27 billion yuan ($334 million) on the top line and an adjusted net loss of 0.48 yuan ($0.07) per ADS.

Continue reading

Source Fool.com