YY Inc. Q1 Profit Rises - Quick Facts

(RTTNews) - YY Inc. (YY) reported that its first-quarter net income attributable to company increased by 187.2% to RMB 183.6 million from RMB 63.9 million in the corresponding period of 2013. Net income per ADS was RMB 3.06 compared to RMB 1.11.

Non-GAAP net income attributable to YY Inc. increased to RMB 207.6 million from RMB 82.1 million, a year ago. Non-GAAP net income per ADS in the first quarter of 2014 was RMB 3.46 compared to RMB 1.42.

Net revenues increased by 111.6% to RMB 666.3 million from RMB 315.0 million in the corresponding period of 2013, primarily driven by a 127.1% increase in revenues from internet value-added services, or IVAS revenues, the company said.

For the second quarter of 2014, the company expects its net revenues to be between RMB 745 million and RMB 755 million, representing a year-over-year growth of approximately 82% to 85%.

On May 4, 2014, the company's Board approved a share repurchase program. Under the program, the company may repurchase up to US$100 million worth of its outstanding ADSs from time to time for a period not to exceed twelve months.