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JOYY Inc. (NASDAQ: YY) is a premier global technology company that has established itself as a leader in the online social entertainment industry. Founded in 2005 and headquartered in Guangzhou, China, JOYY Inc. began as an online games web portal and has since evolved into a multifaceted social media platform. The company engages over 117 million monthly active users through various interactive and immersive applications, including audio, video, and text-based content.
JOYY's core businesses include Bigo Live, a live streaming platform; Likee, a short-form video application; and Hago, a multiplayer social networking app. These platforms allow users to participate in diverse activities such as music shows, online game streaming, and dating programs, offering a richer and more engaging entertainment experience.
In the fiscal year 2023, JOYY reported net revenues of $2.27 billion, with a significant contribution from Bigo Live, which alone generated $1.92 billion. The company has been consistently profitable, demonstrating robust financial health with net profits of $301.8 million for 2023. The company's operating income for the same year was $28.8 million, and it achieved a net income margin of 13.3%.
JOYY continues to prioritize technological innovation, as evidenced by its numerous patent applications and licenses. The company is also expanding its global commerce Software-as-a-Service (SaaS) and solutions sector, continually exploring new growth opportunities to diversify its revenue streams. In 2023, JOYY maintained a disciplined approach toward operational efficiency, which contributed to its sustained profitability.
Recent achievements include the successful hosting of the BIGO Awards Gala in Las Vegas, which attracted over 1.2 million viewers. Bigo Live also recorded a 4.5% year-over-year increase in monthly active users, reaching 38.4 million. Likee achieved profitability for the first time in 2023 thanks to strategic operational and product optimizations, while Hago achieved its first positive operating cash inflow.
The company remains committed to its globalization strategy through localization, focusing on enhancing user experience and engagement across its platforms. JOYY's management continues to drive innovations and optimize operations to ensure long-term sustainable growth. Additionally, the company has executed an extensive share repurchase program, reflecting its confidence in its long-term prospects.
For more detailed and updated information, visit the company’s investor relations website at https://ir.joyy.com.
JOYY Inc. (NASDAQ: YY) has announced it will release its third quarter 2024 financial results after the U.S. market closes on November 26, 2024. The company will host an earnings conference call at 9:00 PM U.S. Eastern Time on the same day (10:00 AM Singapore/Hong Kong Time on November 27, 2024). A live and archived webcast will be available on JOYY's investor relations website, with replay access through December 4, 2024.
JOYY Inc. (NASDAQ: YY) reported strong Q2 2024 financial results, with total revenues up 3.3% year-over-year to $565.1 million. The company's core business segment, BIGO, continued its growth trend for the fourth consecutive quarter, generating revenues of $507.2 million, a 7.7% increase year-over-year. JOYY recorded a net profit of $52.1 million and non-GAAP net profit of $74.0 million, representing sequential increases of 15.0% and 10.2%, respectively. The company generated $71.1 million in operating cash flows and repurchased 2.3 million ADS for $71.4 million. BIGO's advertising business emerged as a key driver behind the topline recovery, while Bigo Live's MAUs increased by 1.6% quarter-over-quarter to 37.7 million.
JOYY Inc. (NASDAQ: YY) reported its Q2 2024 financial results, showing net revenues of US$565.1 million, up from US$547.3 million in Q2 2023. Net income attributable to controlling interest was US$52.1 million, down from US$155.1 million in Q2 2023. BIGO revenue reached US$507.2 million, a 7.7% year-over-year increase. The company's advertising business showed rapid growth, contributing to topline recovery. JOYY repurchased US$71.4 million worth of shares during the quarter. Global average mobile MAUs were 275.2 million, slightly down from 275.6 million in Q2 2023. For Q3 2024, JOYY expects net revenues between US$555 million and US$569 million.
JOYY Inc. (NASDAQ: YY), a global technology company, has announced its plans to release second quarter 2024 financial results on August 27, 2024, after the U.S. market closes. The company will host an earnings conference call at 9:00 PM U.S. Eastern Time on the same day (9:00 AM Singapore/Hong Kong Time on August 28, 2024).
Participants can pre-register for the call using the provided link to receive dial-in numbers, a passcode, and a unique PIN. A live and archived webcast will be available on JOYY's investor relations website. The replay will be accessible until September 4, 2024, via specific dial-in numbers for the United States, Singapore, and Hong Kong.
JOYY Inc. (Nasdaq: YY) announced a leadership transition, with Ms. Ting Li succeeding Mr. David Xueling Li as Chairperson and CEO, effective immediately. Mr. Li will remain on the Board to support ongoing business momentum. Ms. Li, previously Director and COO, has been with JOYY since 2011 and joined the Board in November 2023. She aims to continue nurturing content and social entertainment ecosystems, reinforcing market position, and driving product innovations. The transition is part of JOYY's strategy to further diversify revenue streams and seize new growth opportunities in its highly globalized operations.
On June 14, 2024, JOYY announced the results of its repurchase right offer for its 1.375% Convertible Senior Notes due 2026. The offer, which expired on June 13, 2024, saw US$405,445,000 worth of notes surrendered. JOYY accepted all surrendered notes and forwarded cash payments to Citibank for distribution. Payments will be made by June 17, 2024, as June 15 falls on a Saturday. Documents related to this offer are available on the SEC's website and JOYY's investor relations website.
JOYY (NASDAQ: YY) announced its unaudited financial results for Q1 2024, reporting revenues of $564.6 million. The BIGO segment showed strong performance with revenues of $505.2 million, a year-over-year increase of 8.0%, and a 6.9% rise in paying users. JOYY's net profit reached $45.3 million, a 34.8% increase from the previous year. Non-GAAP net profit was $67.2 million, with net margins of 8.0% and 11.9%, respectively. The company generated $75.0 million in positive operating cash flows and repurchased $54.5 million in shares. Various strategic initiatives, including innovations and community events, contributed to these results. Looking ahead, JOYY aims to enhance product experience and drive sustainable growth.
JOYY (NASDAQ: YY) announced its unaudited financial results for Q1 2024. Net revenues were $564.6M, down from $583.6M in Q1 2023. Net income attributable to JOYY was $45.3M, up from $28.0M. Non-GAAP net income was $67.2M, compared to $49.9M in Q1 2023. Average mobile MAUs for Bigo Live, Likee, and Hago saw declines, while global MAUs slightly increased to 277.3M. The number of paying users grew to 1.67M. The company repurchased $54.5M worth of shares in Q1 2024. For Q2 2024, JOYY expects net revenues between $538M and $569M.
JOYY (NASDAQ: YY), a global technology company, announced it will release its Q1 2024 financial results on May 28, 2024, after the U.S. market closes.
A subsequent earnings conference call is scheduled for 9:00 PM U.S. Eastern Time on the same day, which corresponds to 9:00 AM Singapore/Hong Kong Time on May 29, 2024.
Participants are required to pre-register via a provided link to receive dial-in details and a unique PIN for access.
The live and archived webcast of the call will be available on JOYY's investor relations website.
The replay will be accessible until June 5, 2024.
JOYY Inc. (NASDAQ: YY), a global technology company, filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission. Shareholders can access the report on the Company's investor relations website. Hard copies are available upon request.
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