YY +5% AH on big Q4 beat, strong guidance

YY expects Q1 revenue of RB625M-RMB635M ($101.8M-$103.4M), well above a $91.7M consensus.

Q4 results blew away estimates in large part due to a 49% Q/Q and 217% Y/Y increase in online music/entertainment revenue to $55.6M (now 55% of total revenue). Paid users +17% Q/Q to 902K, ARPU +26% to RMB373.

Online game revenue +6% Q/Q and +66% Y/Y to $26.9M. Paid users fell by 10K Q/Q to 433K, but ARPU rose 8% to RMB376. Games operated by YY rose by 15 to 126.

Online ads -3% Q/Q and +29% Y/Y to $7.2M. Other revenue (membership fees, live game broadcasting) +21% Q/Q and +141% Y/Y to $11.5M.

Gross margin rose 250 bps Q/Q and 360 bps Y/Y to 51.5%. Opex rose 37% Y/Y to $21.2M.

Shares rose 14.9% in regular trading. After accounting for AH gains, they're up nearly 9x from a Nov. '12 IPO price of $10.50.

Q4 results, PR

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