Douyu reported unaudited results for the second quarter of 2026 on August 20, with total revenue of RMB 981.1 million (USD 145.8 million), up 19.4% from the previous quarter but down 6.9% year-on-year (YoY). The game-focused live streaming platform posted a GAAP net loss of RMB 72.4 million (USD 10.8 million), while adjusted net loss, a non-GAAP measure, was RMB 13.5 million (USD 2 million).
Gross profit reached RMB 159 million (USD 23.6 million), up 12% YoY, while gross margin increased to 16.2% from 13.5% a year earlier. Sales and marketing expenses more than doubled to RMB 124.8 million (USD 18.5 million), which Douyu attributed mainly to higher branding and promotional spending related to major brand and content initiatives.
Revenue from innovative business, advertising, and other sources reached RMB 478.1 million (USD 71 million), accounting for 48.7% of total revenue. The segment grew 0.4% YoY and 32.2% from the previous quarter. Based on Douyu’s quarterly disclosures, it has accounted for more than 40% of total revenue for six consecutive quarters.
Live streaming revenue totaled RMB 503 million (USD 74.7 million), up 9.3% sequentially but down 13% YoY. CEO Simin Ren said live streaming revenue had returned to sequential growth and user engagement improved during the quarter. She also pointed to continued growth in newer revenue streams and the Douyu Carnival as evidence of the company’s efforts to strengthen relationships with streamers and game studios while maintaining a focused approach to investment.
Douyu’s voice-based social networking business generated RMB 272.3 million (USD 40.5 million) in revenue during the quarter. It averaged 314,300 monthly active users and 66,200 monthly average paying users. The company said it continued to refine the service’s user experience and resource allocation to balance profitability with what it described as a healthy community ecosystem.
Average monthly active live streaming users reached 45.4 million, up 2.6% sequentially. Douyu attributed the increase to its content and event offerings while acknowledging continued pressure on user retention and engagement.
Douyu increased investment in proprietary events during the quarter, including the return of the Douyu Carnival after a seven-year hiatus. The four-day event was held from June 25 to June 28 at the Wuhan International Expo Center. A report published on the Wuhan Commerce Bureau’s website said the event covered more than 100,000 square meters and combined esports, music, and interactive experiences.
Douyu’s SEC-filed results said the carnival brought together game studios and other industry partners and featured esports events, streamer meet-and-greets, and other offline activities. The company said the event was intended to strengthen its connections with game studios, streamers, partners, and users.
Organizer data cited by the Wuhan municipal government showed that the carnival drew more than 226,000 visits over four days, with visitors from outside Wuhan accounting for 75% of attendance. The government report also said dozens of game and consumer brands participated.
Vice president Hao Cao said the 19.4% sequential increase in total revenue came as the company’s YoY revenue decline continued to narrow. He attributed the 12% increase in gross profit and higher gross margin to a more favorable revenue mix and improved cost efficiency, while noting that concentrated spending on major brand and content initiatives pushed operating expenses higher during the quarter.
Cao said Douyu plans to maintain a disciplined investment approach while supporting its core content ecosystem and newer businesses, with a focus on operating quality, financial resilience, and improving profitability.
Note: RMB figures are converted to USD at rates of RMB 6.73 = USD 1 based on estimates as of August 24, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.