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JOYY Reports Second Quarter 2024 Financial Results: Total Revenues up 3.3% Year Over Year, BIGO Achieves Fourth Consecutive Quarter of Growth

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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.

Positive
  • 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
Negative
  • None.

Insights

JOYY's Q2 2024 results show modest growth and continued profitability. Total revenues increased by 3.3% YoY to $565.1 million, with BIGO, the core segment, growing 7.7% YoY to $507.2 million. Net profit reached $52.1 million, up 15.0% QoQ. The company's focus on operational efficiency is paying off, as evidenced by improved profitability and positive operating cash flow of $71.1 million.

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 ($71.4 million in Q2) is noteworthy but may impact cash reserves. While the financial position appears stable, investors should monitor the sustainability of growth and diversification efforts beyond BIGO.

JOYY's strategic focus on "globalization through localization" is yielding results, particularly for BIGO Live. The platform's MAUs grew 1.6% QoQ to 37.7 million, with developed markets showing stronger performance (9.4% YoY MAU growth, 20.3% paying user growth). The introduction of an advanced management system for streamers and agencies demonstrates JOYY's commitment to technological innovation and operational efficiency.

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 34.7% YoY increase in Likee's advertising revenue is particularly impressive, indicating strong monetization potential in certain markets.

However, the reliance on BIGO for 89.8% of total revenue raises concerns about diversification. The company's focus on developed markets for higher monetization is logical but may limit long-term growth potential. JOYY's ability to replicate BIGO's success across its other platforms and expand into new markets will be critical for sustainable growth. Investors should closely monitor user acquisition costs and retention rates across all platforms to gauge the effectiveness of JOYY's strategy.

SINGAPORE, Aug. 27, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the second quarter of 2024.

During the second quarter, JOYY's revenue came in at US$565.1 million, a year-over-year increase of 3.3%. The Company's core business segment BIGO continued its topline recovery trend for the fourth consecutive quarter, generating revenues of US$507.2 million, a year-over-year increase of 7.7%. JOYY recorded net profit and non-GAAP net profit[1] of US$52.1 million and US$74.0 million, representing sequential increases of 15.0% and 10.2%, respectively. The Company sustained its positive operating cash flows, generating US$71.1 million in the second quarter.

JOYY continued to advance shareholder returns in the second quarter by repurchasing an additional 2.3 million ADS for a total consideration of US$71.4 million.

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 US$507.2 million, a 7.7% year-over-year increase, marking the fourth consecutive quarter of recovery. By consistently expanding and diversifying our revenue streams, BIGO's advertising business maintained rapid growth, emerging as a key driver behind our topline recovery. Our focus on operational refinements and cost optimizations across our business has led to improved efficiency, driving quarter-over-quarter increases in both GAAP and non-GAAP net profits[1]. Globalization through localization remains a strategic priority, and we believe there is still ample room for expansion. Looking ahead, we will continue to innovate product features, enhance user experiences, and drive operational efficiencies to generate sustainable and profitable growth for our global business."

Second Quarter 2024 Financial Highlights

  • Net revenues increased by 3.3% to US$565.1 million in the second quarter of 2024, compared to US$547.3 million in the corresponding period of 2023.
  • Net income attributable to controlling interest of JOYY was US$52.1 million in the second quarter.
  • Non-GAAP net income[1] attributable to controlling interest and common shareholders of JOYY was US$74.0 million in the second quarter.

Second Quarter 2024 Business Highlights

In the second quarter, Bigo Live's MAUs increased by 1.6% quarter over quarter, reaching 37.7 million. Bigo Live's targeted strategy of reallocating advertising budgets and operational resources to regions with high-monetization potential yielded positive results, particularly in developed countries. In these markets, Bigo Live achieved 9.4% year-over-year growth in MAUs, 20.3% in paying users, and 11.0% in revenue. Bigo Live further enhanced its operational efficiency with the launch of an advanced management system for streamers and agencies. This innovative system has automated the streamer contracting process, significantly improving talent discovery and management capabilities.

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 the United States. This event showcased Bigo Live's vibrant creator ecosystem and cutting-edge livestreaming features to top American content creators, laying the groundwork for Bigo Live to expand its reach and boost its performance in key markets.

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 20%. This success has had a ripple effect, boosting Bigo Live's user registration, payment conversion, and overall ROI. Bigo Live further optimized its Real Match feature by upgrading its sorting algorithm and integrating Bigo Live Wealth points into users' profile pages, which improved matchmaking efficiency and enhanced overall user engagement. In the second quarter, the total number of Real Match connections increased by 14.9% sequentially, and the number of direct chat messages between matched users rose by 9.4% over the same period. Bigo Live further elevated its livestreaming experience with a suite of upgrades including more dynamic emoji interactions, seamless cross-room engagement features, and improved functionality for the Match feature. These enhancements drove sequential increases of 4.2% in the number of streamers, 4.8% in the number of streamers in multi-guest rooms, and 6.5% in the number of users going live.

In the second quarter, Likee remained profitable. Sequential DAU growth in Europe and advertising inventory optimization contributed to a 34.7% year-over-year increase in Likee's advertising revenue. Likee launched a series of creator-centric events and interactive features, helping content creators deepen their connections with their core fan base. This strategic approach is yielding positive results, with strengthened community ties and enhanced user retention. In June, Likee hosted its first fantasy music festival, Likee Fantasy Fest, where outstanding regional creators took the stage and interacted with fans. Held in Europe, the event provided local users with an electrifying live experience centered around their love of animation, film, music, and gaming. These initiatives underscore its commitment to evolving Likee into a deeply engaging platform.

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 1.3% sequential increase in average DAU time spent.

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 60% of total paying users. In the Middle East, Hago integrated local traditions to create exclusive interactive features, virtual gifts, and visual effects for Eid celebration. These initiatives successfully enhanced user activity in Hago's live rooms.

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.

FAQ

What was JOYY's (YY) total revenue in Q2 2024?

JOYY's total revenue in Q2 2024 was $565.1 million, representing a 3.3% increase year-over-year.

How much did BIGO's revenue grow in Q2 2024?

BIGO's revenue grew by 7.7% year-over-year to $507.2 million in Q2 2024.

What was JOYY's (YY) net profit in Q2 2024?

JOYY's net profit in Q2 2024 was $52.1 million, a 15.0% increase sequentially.

How many ADS did JOYY (YY) repurchase in Q2 2024?

JOYY repurchased 2.3 million ADS for a total consideration of $71.4 million in Q2 2024.

What was Bigo Live's MAU growth in Q2 2024?

Bigo Live's MAUs increased by 1.6% quarter-over-quarter, reaching 37.7 million in Q2 2024.

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