Huya (HUYA) stock wavered Wednesday after the company reported third-quarter results that topped Wall Street estimates. The Huya earnings report came late Tuesday, after the market close.

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The China-based social media company reported adjusted earnings of 12 cents per share on revenue of $316.9 million. Wall Street expected adjusted earnings of 11 cents per share on revenue of $305 million.

Huya stock dipped 0.3%, closing at 24.18 on the stock market today. The stock was initially up 4.7% in premarket action.

The company was spun out of YY (YY) with an initial public offering in May 2018 that priced Huya stock at $12 per share. Third-quarter revenue jumped 77% from the year-ago period.

Huya said average mobile monthly active users in the third quarter reached 63.8 million, up 29% from the year-ago period. Total average monthly active users topped 146 million, up 48%. The total number of paying users climbed 29% to 5.3 million.

Huya boasts the largest livestreaming gaming community in China, covering video games and e-sports. YY offers video streaming and chat features for concerts, fashion events and sports.

“We are confident that Huya will sustain growth of its core business, setting a firm foundation to explore more diversified opportunities in both domestic and overseas markets over the long term,” Chief Executive Rongjie Dong said in written remarks with the Huya earnings release.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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