Why Huya Stock Was Rocketing Higher Today
Shares of Huya (NYSE: HUYA) were rallying 33.4% as of 12:30 p.m. EDT on Tuesday, on the back of better-than-feared earnings, as well as more-general optimism that China's economy could be bottoming out.
The livestreaming esports platform has had a rough go of it in China, with its stock down 67% on the year even after today's massive rally. Despite widespread lockdowns tied to China's zero-COVID policy, which one might think would increase engagement in esports, Huya's financials have suffered as China's economy struggled under the weight of those lockdowns, the bust in the property sector, and other headwinds.
In that light, today's "less bad" results, along with some optimism for a change in China's zero-COVID policy, helped shares rally in a big way.
Source Fool.com
