Tencent-backed game-centric livestreamer DouYu reported staggering profit growth in the first quarter of 2020, as its paying user base expanded significantly during the Covid-19 outbreak.

For the three months through March, DouYu’s revenue grew 53% year-on-year to 2.28 billion yuan ($321 million), more than 90% of which came from its livestreaming business. Its net profits skyrocketed to 254.5 million yuan from 18.2 million yuan a year earlier, according to the company’s latest earnings report released Tuesday.

The Nasdaq-listed company attributed the results mainly to its efficient operational strategy and strong growth in paying users.

During the period, the average number of paying users increased 26.2% year-on-year to 7.6 million, DouYu said.

In the earnings report, DouYu also projected that its second-quarter net revenue will reach between 2.36 billion yuan and 2.41 billion yuan, representing more modest year-on-year growth of between 26% and 28.7%.

Tencent is also a major financial backer and the biggest shareholder of DouYu’s domestic rival Huya, which is listed on the New York Stock Exchange.

Contact reporter Ding Yi (yiding@caixin.com)

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