JOYY Reports Second Quarter 2024 Financial Results: Total Revenues up 3.3% Year Over Year, BIGO Achieves Fourth Consecutive Quarter of Growth
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) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con ricavi totali in aumento del 3,3% rispetto all'anno precedente, pari a 565,1 milioni di dollari. Il segmento di business principale dell'azienda, BIGO, ha continuato la sua tendenza al rialzo per il quarto trimestre consecutivo, generando ricavi di 507,2 milioni di dollari, un aumento del 7,7% su base annua. JOYY ha registrato un utile netto di 52,1 milioni di dollari e un utile netto non GAAP di 74,0 milioni di dollari, con incrementi sequenziali rispettivamente del 15,0% e del 10,2%. L'azienda ha generato 71,1 milioni di dollari in flussi di cassa operativi e ha riacquistato 2,3 milioni di ADS per 71,4 milioni di dollari. Il business pubblicitario di BIGO si è rivelato un motore chiave per la ripresa dei ricavi, mentre gli utenti attivi mensili di Bigo Live sono aumentati dell'1,6% trimestre su trimestre, raggiungendo 37,7 milioni.
JOYY Inc. (NASDAQ: YY) informó resultados financieros sólidos para el segundo trimestre de 2024, con ingresos totales que aumentaron un 3.3% interanual, alcanzando 565.1 millones de dólares. El segmento de negocio principal de la empresa, BIGO, continuó su tendencia de crecimiento por cuarto trimestre consecutivo, generando ingresos de 507.2 millones de dólares, un aumento del 7.7% interanual. JOYY registró una ganancia neta de 52.1 millones de dólares y una ganancia neta no GAAP de 74.0 millones de dólares, lo que representa aumentos secuenciales del 15.0% y 10.2%, respectivamente. La empresa generó 71.1 millones de dólares en flujos de efectivo operativo y recompró 2.3 millones de ADS por 71.4 millones de dólares. El negocio publicitario de BIGO se destacó como un motor clave detrás de la recuperación de los ingresos, mientras que los MAUs de Bigo Live aumentaron un 1.6% trimestre a trimestre, alcanzando 37.7 millones.
JOYY Inc. (NASDAQ: YY)는 2024년 2분기 강력한 재무 실적을 보고하며, 총 수익이 전년 대비 3.3% 증가한 5억 6,510만 달러에 달했다고 발표했습니다. 회사의 핵심 사업 부문인 BIGO는 4분기 연속 성장세를 유지하며 5억 720만 달러의 수익을 창출했으며, 이는 전년 대비 7.7% 증가한 수치입니다. JOYY는 5,210만 달러의 순이익과 7,400만 달러의 비 GAAP 순이익을 기록하며, 각각 15.0%와 10.2%의 순증가를 보였습니다. 회사는 7,110만 달러의 운영 현금 흐름을 생성하였고, 7,140만 달러에 230만 ADS를 재구매했습니다. BIGO의 광고 사업은 매출 회복의 주요 동력으로 부각되었으며, Bigo Live의 월간 활성 사용자 수(MAU)는 분기 대비 1.6% 증가하여 3,770만에 이르렀습니다.
JOYY Inc. (NASDAQ: YY) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec un chiffre d'affaires total en hausse de 3,3 % par rapport à l'année précédente, atteignant 565,1 millions de dollars. Le segment d'activité principal de l'entreprise, BIGO, a poursuivi sa tendance à la hausse pour le quatrième trimestre consécutif, générant des revenus de 507,2 millions de dollars, soit une augmentation de 7,7 % d'une année sur l'autre. JOYY a enregistré un bénéfice net de 52,1 millions de dollars et un bénéfice net non-GAAP de 74,0 millions de dollars, représentant des augmentations séquentielles de 15,0 % et 10,2 % respectivement. L'entreprise a généré 71,1 millions de dollars de flux de trésorerie d'exploitation et a racheté 2,3 millions d'ADS pour 71,4 millions de dollars. L'activité publicitaire de BIGO s'est avérée être un moteur clé derrière la reprise du chiffre d'affaires, tandis que les MAU de Bigo Live ont augmenté de 1,6 % d'un trimestre à l'autre, atteignant 37,7 millions.
JOYY Inc. (NASDAQ: YY) hat im zweiten Quartal 2024 starke Finanzzahlen veröffentlicht, mit einem Anstieg der Gesamtumsätze um 3,3% im Vergleich zum Vorjahr auf 565,1 Millionen USD. Das Kernsegment des Unternehmens, BIGO, setzte seinen Wachstumstrend im vierten Quartal in Folge fort und erzielte Umsätze von 507,2 Millionen USD, was einem Anstieg von 7,7% im Jahresvergleich entspricht. JOYY erzielte einen Nettogewinn von 52,1 Millionen USD und einen Nicht-GAAP-Nettogewinn von 74,0 Millionen USD, was sequenzielle Zuwächse von 15,0% bzw. 10,2% darstellt. Das Unternehmen generierte 71,1 Millionen USD an operativem Cashflow und kaufte 2,3 Millionen ADS für 71,4 Millionen USD zurück. Das Werbegeschäft von BIGO erwies sich als wichtiger Motor hinter der Umsatzrückgewinnung, während die monatlich aktiven Nutzer von Bigo Live im Vergleich zum Vorquartal um 1,6% auf 37,7 Millionen anstiegen.
- Total revenues increased by 3.3% year-over-year to $565.1 million
- BIGO segment revenues grew 7.7% year-over-year to $507.2 million
- Net profit increased 15.0% sequentially to $52.1 million
- Non-GAAP net profit rose 10.2% sequentially to $74.0 million
- Generated $71.1 million in operating cash flows
- Bigo Live's MAUs increased by 1.6% quarter-over-quarter to 37.7 million
- Bigo Live achieved 9.4% year-over-year growth in MAUs in developed countries
- Likee's advertising revenue increased 34.7% year-over-year
- None.
Insights
JOYY's Q2 2024 results show modest growth and continued profitability. Total revenues increased by
However, the growth rate is relatively slow and JOYY heavily relies on BIGO for revenue. The company's commitment to shareholder returns through share repurchases (
JOYY's strategic focus on "globalization through localization" is yielding results, particularly for BIGO Live. The platform's MAUs grew
The company's investment in product features like Real Match and partnerships with events like the Esports World Cup show a keen understanding of user engagement drivers. However, the modest overall growth suggests JOYY faces stiff competition in the saturated social media landscape. The company's ability to continue innovating and adapting to local markets will be important for maintaining its growth trajectory.
JOYY's Q2 results reflect a company navigating a competitive digital entertainment landscape. The success of localized initiatives, such as Bigo Live's partnership with the Esports World Cup and Likee's Fantasy Fest in Europe, demonstrates the effectiveness of JOYY's market-specific approach. The
However, the reliance on BIGO for
During the second quarter, JOYY's revenue came in at
JOYY continued to advance shareholder returns in the second quarter by repurchasing an additional 2.3 million ADS for a total consideration of
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "In the second quarter, we continued to build on our growth momentum, delivering solid results. BIGO revenue reached
Second Quarter 2024 Financial Highlights
- Net revenues increased by
3.3% toUS in the second quarter of 2024, compared to$565.1 million US in the corresponding period of 2023.$547.3 million - Net income attributable to controlling interest of JOYY was
US in the second quarter.$52.1 million - Non-GAAP net income[1] attributable to controlling interest and common shareholders of JOYY was
US in the second quarter.$74.0 million
Second Quarter 2024 Business Highlights
In the second quarter, Bigo Live's MAUs increased by
During the second quarter, Bigo Live launched a series of innovative marketing initiatives tailored to local customs and user preferences, which brought fresh, diverse content to the platform and injected new energy into its user community. A standout example was Bigo Live's partnership with the Esports World Cup (EWC) from June to July. Bigo Live broadcast all Free Fire, MLBB, and PUBG Mobile events, offering users an immersive gaming experience and unique opportunities to interact directly with professional e-sports players. In June, Bigo Live also participated in the 13th VidCon, held in
Bigo Live's Real Match feature, launched last year, creates a space for users to meet new people. After several rounds of optimization, Real Match's DAU penetration rate has nearly doubled in the past six months, now exceeding
In the second quarter, Likee remained profitable. Sequential DAU growth in
In the second quarter, Likee introduced significant upgrades to its video toolkit by adding advanced AI-powered filters and effects. These enhancements have enabled the creation of higher-quality videos, leading to more diverse content and driving a
In the second quarter, Hago sustained its positive operating cash flow. Hago launched a zodiac-themed activity that featured customized visual gifts, along with collection and ranking features. The campaign was a major hit, engaging more than
Hago continued to enhance its user engagement with new interactive features, including live bullet screen games in voice rooms and tools to quickly summon Family members into live sessions. Average time spent per user in Hago's social channels increased sequentially to 103 minutes, accompanied by steady improvements in the product's next-day retention rate.
[1]. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled "JOYY Reports Second Quarter 2024 Unaudited Financial Results" issued by the Company on August 28, 2024.
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SOURCE JOYY Inc.
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