JOYY Reports Second Quarter 2024 Unaudited Financial Results
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) ha riportato i risultati finanziari del Q2 2024, mostrando entrate nette di 565,1 milioni di dollari USA, in aumento rispetto ai 547,3 milioni di dollari USA del Q2 2023. Il reddito netto attribuibile agli azionisti di controllo è stato di 52,1 milioni di dollari USA, in calo rispetto ai 155,1 milioni di dollari USA del Q2 2023. Il fatturato di BIGO ha raggiunto i 507,2 milioni di dollari USA, con un incremento del 7,7% rispetto all'anno precedente. L'attività pubblicitaria dell'azienda ha mostrato una crescita rapida, contribuendo al recupero delle entrate. JOYY ha riacquistato azioni per un valore di 71,4 milioni di dollari USA durante il trimestre. Il numero medio globale di utenti attivi mensili su mobile è stato di 275,2 milioni, leggermente in calo rispetto ai 275,6 milioni del Q2 2023. Per il Q3 2024, JOYY prevede entrate nette comprese tra 555 milioni e 569 milioni di dollari USA.
JOYY Inc. (NASDAQ: YY) informó sus resultados financieros del Q2 2024, mostrando ingresos netos de 565.1 millones de dólares estadounidenses, un aumento desde los 547.3 millones de dólares en el Q2 2023. El ingreso neto atribuible al interés de control fue de 52.1 millones de dólares estadounidenses, una disminución desde los 155.1 millones de dólares en el Q2 2023. Los ingresos de BIGO alcanzaron los 507.2 millones de dólares, un aumento del 7.7% en comparación con el año anterior. El negocio publicitario de la empresa mostró un crecimiento rápido, contribuyendo a la recuperación de los ingresos. JOYY recompró acciones por un valor de 71.4 millones de dólares durante el trimestre. El promedio global de usuarios activos mensuales móviles fue de 275.2 millones, ligeramente por debajo de los 275.6 millones en el Q2 2023. Para el Q3 2024, JOYY espera ingresos netos entre 555 millones y 569 millones de dólares estadounidenses.
JOYY Inc. (NASDAQ: YY)는 2024년 2분기 재무 결과를 발표하며 순수익 5억 6,510만 달러를 기록했다고 밝혔습니다. 이는 2023년 2분기의 5억 4,730만 달러에서 증가한 수치입니다. 지배주주에게 귀속되는 순이익은 5,210만 달러로, 2023년 2분기의 1억 5,510만 달러에서 감소했습니다. BIGO의 수익은 5억 720만 달러로, 전년 대비 7.7% 증가했습니다. 회사의 광고 사업은 빠른 성장을 보여주며 수익 회복에 기여했습니다. JOYY는 분기 동안 7,140만 달러 상당의 주식을 재매입했습니다. 전세계 모바일 월간 활성 사용자 수는 2억 7,520만 명으로, 2023년 2분기의 2억 7,560만 명에서 약간 감소했습니다. JOYY는 2024년 3분기 동안 순수익이 5억 5,500만 달러에서 5억 6,900만 달러 사이일 것으로 예상하고 있습니다.
JOYY Inc. (NASDAQ: YY) a publié ses résultats financiers du 2ème trimestre 2024, affichant des revenus nets de 565,1 millions de dollars américains, en hausse par rapport à 547,3 millions de dollars du 2ème trimestre 2023. Le revenu net attribuable à l'intérêt de contrôle était de 52,1 millions de dollars américains, en baisse par rapport à 155,1 millions de dollars du 2ème trimestre 2023. Les revenus de BIGO ont atteint 507,2 millions de dollars, ce qui représente une augmentation de 7,7 % par rapport à l'année précédente. L'activité publicitaire de l'entreprise a montré une forte croissance, contribuant à la reprise des revenus. JOYY a racheté des actions pour une valeur de 71,4 millions de dollars durant le trimestre. Le nombre moyen mondial d'utilisateurs actifs mensuels sur mobile était de 275,2 millions, légèrement en baisse par rapport à 275,6 millions du 2ème trimestre 2023. Pour le 3ème trimestre 2024, JOYY prévoit des revenus nets compris entre 555 millions et 569 millions de dollars américains.
JOYY Inc. (NASDAQ: YY) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und dabei Nettoerlöse von 565,1 Millionen US-Dollar ausgewiesen, ein Anstieg von 547,3 Millionen US-Dollar im 2. Quartal 2023. Der den beherrschenden Anteilseignern zurechenbare Nettogewinn betrug 52,1 Millionen US-Dollar, ein Rückgang von 155,1 Millionen US-Dollar im 2. Quartal 2023. Die Einnahmen von BIGO erreichten 507,2 Millionen US-Dollar, was einem Anstieg von 7,7 % im Vergleich zum Vorjahr entspricht. Das Werbegeschäft des Unternehmens zeigte ein schnelles Wachstum und trug zur Erholung der Einnahmen bei. JOYY kaufte im Quartal Aktien im Wert von 71,4 Millionen US-Dollar zurück. Die weltweite durchschnittliche mobile MAU lag bei 275,2 Millionen, was einen leichten Rückgang gegenüber 275,6 Millionen im 2. Quartal 2023 darstellt. Für das 3. Quartal 2024 erwartet JOYY Nettoerlöse zwischen 555 Millionen und 569 Millionen US-Dollar.
- Net revenues increased to US$565.1 million, up from US$547.3 million in Q2 2023
- BIGO revenue grew 7.7% year-over-year to US$507.2 million
- Advertising business showed rapid growth, contributing to topline recovery
- Other revenues increased by 49.8% to US$105.4 million
- Total number of paying users of BIGO increased to 1.66 million from 1.53 million in Q2 2023
- Net income attributable to controlling interest decreased to US$52.1 million from US$155.1 million in Q2 2023
- Gross margin declined to 35.2% from 36.1% in Q2 2023
- Operating income decreased to US$2.3 million from US$9.4 million in Q2 2023
- Average mobile MAUs of Likee and Hago decreased year-over-year
- Average revenue per paying user of BIGO decreased to US$233.5 from US$248.0 in Q2 2023
Insights
JOYY's Q2 2024 results show a mixed performance. Revenue increased by
The company's focus on operational efficiency is evident, with a
JOYY's commitment to shareholder value is demonstrated through its
JOYY's Q2 results reveal a strategic shift towards advertising to diversify revenue streams. This pivot is important as live streaming revenues declined by
The decline in MAUs across Bigo Live, Likee and Hago indicates potential market saturation or increased competition. However, the increase in paying users for BIGO platforms from 1.53 million to 1.66 million is a positive sign, although the decrease in average revenue per paying user from
JOYY's focus on product innovation and user experience enhancement will be critical for maintaining competitiveness in the saturated social media landscape. The company's ability to leverage its global presence through localization strategies could be a key differentiator moving forward.
SINGAPORE, Aug. 28, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the second quarter of 2024.
Second Quarter 2024 Financial Highlights1
- Net revenues were US
$565.1 million , compared to US$547.3 million in the corresponding period of 2023. - Net income attributable to controlling interest of JOYY2 was US
$52.1 million , compared to US$155.1 million in the corresponding period of 2023. - Non-GAAP net income attributable to controlling interest and common shareholders of JOYY3 was US
$74.0 million , compared to US$97.3 million in the corresponding period of 2023.
Second Quarter 2024 Operational Highlights
- Average mobile MAUs of Bigo Live was 37.7 million, compared to 38.5 million in the corresponding period of 2023.
- Average mobile MAUs of Likee was 35.6 million, compared to 43.2 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
- Average mobile MAUs of Hago was 4.4 million, compared to 5.5 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
- Global average mobile MAUs4 was 275.2 million, compared to 275.6 million in the corresponding period of 2023.
- Total number of paying users of BIGO (including Bigo Live, Likee and imo)5 was 1.66 million, compared to 1.53 million in the corresponding period of 2023.
- Average revenue per paying user of BIGO (including Bigo Live, Likee and imo)6 was US
$233.5 , compared to US$248.0 in the corresponding period of 2023.
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
“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 experience, and drive operating efficiency to generate sustainable and profitable growth for our global business.”
Second Quarter 2024 Financial Results
NET REVENUES
Net revenues were US
Live streaming revenues were US
Other revenues increased by
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by
Gross profit was US
OPERATING EXPENSES AND INCOME
Operating expenses were US
Operating income was US
Non-GAAP operating income7 was US
NET INCOME
Net income attributable to controlling interest of JOYY was US
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US
NET INCOME PER ADS
Diluted net income per ADS10 was US
Non-GAAP diluted net income per ADS11 was US
BALANCE SHEET AND CASH FLOWS
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of US
SHARES OUTSTANDING
As of June 30, 2024, the Company had a total of 1,142.2 million common shares outstanding, representing the equivalent of 57.1 million ADSs assuming the conversion of all common shares into ADSs.
Business Outlook
For the third quarter of 2024, the Company expects net revenues to be between US
Share Repurchase Program
During the quarter ended June 30, 2024, the Company repurchased US
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, August 27, 2024 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 28, 2024). Details for the conference call are as follows:
Event Title: JOYY Inc. Second Quarter 2024 Earnings Conference Call
Conference ID: #10041392
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10041392-jgh7y6.html
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.
The replay will be accessible through September 4, 2024, by dialing the following numbers:
| United States: | 1-855-883-1031 |
| Singapore: | 800-101-3223 |
| Hong Kong: | 800-930-639 |
| Conference ID: | #10041392 |
About JOYY Inc.
JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; the developments in the sale of YY Live; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) is net income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) attributable to controlling interest of JOYY is net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) attributable to common shareholders of JOYY is net income (loss) attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) per ADS is non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.
Investor Relations Contact
JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com
ICR, Inc.
Robin Yang
Email: joyy@icrinc.com
1 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US
The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended June 30, 2023, March 31, 2024 and June 30, 2024 and for the six months ended June 30, 2023 and June 30, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, excluding YY Live.
2 Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.
3 Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US
4 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.
5 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.
6 Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.
7 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
8 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues.
10 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.
11 Non-GAAP diluted net income (loss) per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
| JOYY INC. | |||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||
| December 31, | June 30, | ||||
| 2023 | 2024 | ||||
| US$ | US$ | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 1,063,956 | 607,091 | |||
| Restricted cash and cash equivalents | 319,250 | 385,813 | |||
| Short-term deposits | 1,970,346 | 2,021,784 | |||
| Restricted short-term deposits | 57,243 | 54,173 | |||
| Short-term investments | 274,846 | 187,906 | |||
| Accounts receivable, net | 130,700 | 115,962 | |||
| Amounts due from related parties | 810 | 373 | |||
| Prepayments and other current assets(1) | 255,489 | 251,546 | |||
| Total current assets | 4,072,640 | 3,624,648 | |||
| Non-current assets | |||||
| Long-term deposits | 130,000 | 185,000 | |||
| Investments | 544,542 | 552,360 | |||
| Property and equipment, net | 390,681 | 427,097 | |||
| Land use rights, net | 316,070 | 309,924 | |||
| Intangible assets, net | 333,715 | 304,430 | |||
| Right-of-use assets, net | 30,173 | 25,328 | |||
| Goodwill | 2,649,281 | 2,649,271 | |||
| Other non-current assets | 16,763 | 21,784 | |||
| Total non-current assets | 4,411,225 | 4,475,194 | |||
| Total assets | 8,483,865 | 8,099,842 | |||
| Liabilities, mezzanine equity and shareholders’ equity | |||||
| Short-term loan | 52,119 | 77,609 | |||
| Accounts payable | 66,755 | 72,959 | |||
| Deferred revenue | 73,673 | 77,945 | |||
| Advances from customers | 6,047 | 4,970 | |||
| Income taxes payable | 86,100 | 81,669 | |||
| Accrued liabilities and other current liabilities(1) | 2,381,189 | 2,364,420 | |||
| Amounts due to related parties | 2,533 | 2,724 | |||
| Lease liabilities due within one year | 12,388 | 11,520 | |||
| Convertible bonds | 405,603 | - | |||
| Total current liabilities | 3,086,407 | 2,693,816 | |||
| Non-current liabilities | |||||
| Convertible bonds | - | 593 | |||
| Lease liabilities | 18,422 | 14,510 | |||
| Deferred revenue | 12,932 | 13,397 | |||
| Deferred tax liabilities | 53,955 | 49,095 | |||
| Total non-current liabilities | 85,309 | 77,595 | |||
| Total liabilities | 3,171,716 | 2,771,411 | |||
| JOYY INC. | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||
| December 31, | June 30, | ||||||
| 2023 | 2024 | ||||||
| US$ | US$ | ||||||
| Mezzanine equity | 22,133 | 22,933 | |||||
| Shareholders’ equity | |||||||
| Class A common shares (US | 9 | 8 | |||||
| Class B common shares (US | 3 | 3 | |||||
| Treasury shares (US | (913,939 | ) | (1,039,866 | ) | |||
| Additional paid-in capital | 3,282,754 | 3,336,280 | |||||
| Statutory reserves | 37,709 | 37,686 | |||||
| Retained earnings | 2,947,160 | 3,043,841 | |||||
| Accumulated other comprehensive loss | (197,010 | ) | (205,757 | ) | |||
| Total JOYY Inc.’s shareholders’ equity | 5,156,686 | 5,172,195 | |||||
| Non-controlling interests | 133,330 | 133,303 | |||||
| Total shareholders’ equity | 5,290,016 | 5,305,498 | |||||
| Total liabilities, mezzanine equity and shareholders’ equity | 8,483,865 | 8,099,842 | |||||
| (1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities. | |||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Net revenues | |||||||||||||||
| Live streaming(1) | 476,981 | 466,391 | 459,730 | 997,374 | 926,121 | ||||||||||
| Others | 70,353 | 98,169 | 105,398 | 133,588 | 203,567 | ||||||||||
| Total net revenues | 547,334 | 564,560 | 565,128 | 1,130,962 | 1,129,688 | ||||||||||
| Cost of revenues(2) | (349,566 | ) | (369,197 | ) | (366,189 | ) | (728,568 | ) | (735,386 | ) | |||||
| Gross profit | 197,768 | 195,363 | 198,939 | 402,394 | 394,302 | ||||||||||
| Operating expenses(2) | |||||||||||||||
| Research and development expenses | (75,540 | ) | (69,039 | ) | (69,856 | ) | (151,315 | ) | (138,895 | ) | |||||
| Sales and marketing expenses | (87,205 | ) | (94,638 | ) | (88,132 | ) | (184,804 | ) | (182,770 | ) | |||||
| General and administrative expenses | (28,966 | ) | (31,743 | ) | (40,686 | ) | (60,935 | ) | (72,429 | ) | |||||
| Total operating expenses | (191,711 | ) | (195,420 | ) | (198,674 | ) | (397,054 | ) | (394,094 | ) | |||||
| Gain on disposal of subsidiary | - | - | 1,643 | - | 1,643 | ||||||||||
| Other income | 3,382 | 3,600 | 361 | 6,630 | 3,961 | ||||||||||
| Operating income | 9,439 | 3,543 | 2,269 | 11,970 | 5,812 | ||||||||||
| Interest expenses | (3,057 | ) | (2,136 | ) | (1,864 | ) | (6,166 | ) | (4,000 | ) | |||||
| Interest income and investment income | 46,602 | 48,927 | 46,702 | 90,737 | 95,629 | ||||||||||
| Foreign currency exchange gains, net | 20,316 | 768 | 1,125 | 10,395 | 1,893 | ||||||||||
| Gain on disposal and deemed disposal of investments | 77,737 | - | - | 77,524 | - | ||||||||||
| (Loss) gain on fair value change of investments | (2,235 | ) | 985 | (619 | ) | (950 | ) | 366 | |||||||
| Income before income tax expenses | 148,802 | 52,087 | 47,613 | 183,510 | 99,700 | ||||||||||
| Income tax expenses | (5,382 | ) | (4,537 | ) | (2,628 | ) | (13,540 | ) | (7,165 | ) | |||||
| Income before share of income (loss) in equity method investments, net of income taxes | 143,420 | 47,550 | 44,985 | 169,970 | 92,535 | ||||||||||
| Share of income (loss) in equity method investments, net of income taxes | 3,885 | (7,395 | ) | 2,805 | (2,721 | ) | (4,590 | ) | |||||||
| Net income | 147,305 | 40,155 | 47,790 | 167,249 | 87,945 | ||||||||||
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders | 7,798 | 5,131 | 4,276 | 15,840 | 9,407 | ||||||||||
| Net income attributable to controlling interest of JOYY Inc. | 155,103 | 45,286 | 52,066 | 183,089 | 97,352 | ||||||||||
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (1,566 | ) | (347 | ) | (347 | ) | (3,132 | ) | (694 | ) | |||||
| Cumulative dividend on subsidiary’s Series A Preferred Shares | (1,000 | ) | - | - | (2,000 | ) | - | ||||||||
| Net income attributable to common shareholders of JOYY Inc. | 152,537 | 44,939 | 51,719 | 177,957 | 96,658 | ||||||||||
| JOYY INC. | ||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) | ||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | ||||||
| US$ | US$ | US$ | US$ | US$ | ||||||
| Net income per ADS | ||||||||||
| ——Basic | 2.27 | 0.73 | 0.87 | 2.58 | 1.59 | |||||
| ——Diluted | 2.02 | 0.69 | 0.83 | 2.33 | 1.52 | |||||
| Weighted average number of ADS used in calculating net income per ADS | ||||||||||
| ——Basic | 67,273,951 | 61,783,347 | 59,537,049 | 68,854,013 | 60,660,104 | |||||
| ——Diluted | 76,872,137 | 67,152,622 | 64,101,951 | 78,845,472 | 65,625,455 | |||||
| (1) Revenues by geographical areas were as follows: | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | ||||||
| US$ | US$ | US$ | US$ | US$ | ||||||
| Developed countries and regions | 231,932 | 291,036 | 306,099 | 449,783 | 597,135 | |||||
| Middle East | 111,172 | 87,458 | 75,530 | 229,958 | 162,988 | |||||
| Mainland China | 81,595 | 59,801 | 62,604 | 204,414 | 122,405 | |||||
| Southeast Asia and others | 122,635 | 126,265 | 120,895 | 246,807 | 247,160 | |||||
| Note: Developed countries and region mainly included the United States of America, Great Britain, Japan, South Korea and Australia. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world. | ||||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | ||||||
| US$ | US$ | US$ | US$ | US$ | ||||||
| Cost of revenues | 1,025 | 663 | 778 | 2,261 | 1,441 | |||||
| Research and development expenses | 5,526 | 3,392 | 3,282 | 11,287 | 6,674 | |||||
| Sales and marketing expenses | 320 | 131 | 108 | 554 | 239 | |||||
| General and administrative expenses | 2,227 | 1,942 | 2,183 | 4,335 | 4,125 | |||||
| JOYY INC. | |||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||
| Operating income | 9,439 | 3,543 | 2,269 | 11,970 | 5,812 | ||||||||||
| Share-based compensation expenses | 9,098 | 6,128 | 6,351 | 18,437 | 12,479 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 15,132 | 13,590 | 31,780 | 28,722 | ||||||||||
| Impairment of investments | - | - | 9,386 | - | 9,386 | ||||||||||
| Gain on disposal of subsidiary | - | - | (1,643 | ) | - | (1,643 | ) | ||||||||
| Non-GAAP operating income | 34,427 | 24,803 | 29,953 | 62,187 | 54,756 | ||||||||||
| Net income | 147,305 | 40,155 | 47,790 | 167,249 | 87,945 | ||||||||||
| Share-based compensation expenses | 9,098 | 6,128 | 6,351 | 18,437 | 12,479 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 15,132 | 13,590 | 31,780 | 28,722 | ||||||||||
| Impairment of investments | - | - | 9,386 | - | 9,386 | ||||||||||
| Gain on disposal of subsidiary | - | - | (1,643 | ) | - | (1,643 | ) | ||||||||
| Gain on disposal and deemed disposal of investments | (77,737 | ) | - | - | (77,524 | ) | - | ||||||||
| Loss (gain) on fair value change of investments | 2,235 | (985 | ) | 619 | 950 | (366 | ) | ||||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 528 | 237 | 198 | 1,106 | 435 | ||||||||||
| Income tax effects on non-GAAP adjustments | (3,128 | ) | (2,222 | ) | (1,883 | ) | (5,439 | ) | (4,105 | ) | |||||
| Reconciling items on the share of equity method investments | (3,572 | ) | 4,434 | (3,700 | ) | (2,848 | ) | 734 | |||||||
| Non-GAAP net income | 90,619 | 62,879 | 70,708 | 133,711 | 133,587 | ||||||||||
| Net income attributable to common shareholders of JOYY Inc. | 152,537 | 44,939 | 51,719 | 177,957 | 96,658 | ||||||||||
| Share-based compensation expenses | 9,098 | 6,128 | 6,351 | 18,437 | 12,479 | ||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 15,132 | 13,590 | 31,780 | 28,722 | ||||||||||
| Impairment of investments | - | - | 9,386 | - | 9,386 | ||||||||||
| Gain on disposal of subsidiary | - | - | (1,643 | ) | - | (1,643 | ) | ||||||||
| Gain on disposal and deemed disposal of investments | (77,737 | ) | - | - | (77,524 | ) | - | ||||||||
| Loss (gain) on fair value change of investments | 2,235 | (985 | ) | 619 | 950 | (366 | ) | ||||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 528 | 237 | 198 | 1,106 | 435 | ||||||||||
| Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 2,566 | 347 | 347 | 5,132 | 694 | ||||||||||
| Income tax effects on non-GAAP adjustments | (3,128 | ) | (2,222 | ) | (1,883 | ) | (5,439 | ) | (4,105 | ) | |||||
| Reconciling items on the share of equity method investments | (3,572 | ) | 4,434 | (3,700 | ) | (2,848 | ) | 734 | |||||||
| Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | (1,115 | ) | (806 | ) | (949 | ) | (2,382 | ) | (1,755 | ) | |||||
| Non-GAAP net income attributable to controlling interest and common shareholders of JOYY Inc. | 97,302 | 67,204 | 74,035 | 147,169 | 141,239 | ||||||||||
| Non-GAAP net income per ADS | |||||||||||||||
| ——Basic | 1.45 | 1.09 | 1.24 | 2.14 | 2.33 | ||||||||||
| ——Diluted | 1.29 | 1.02 | 1.17 | 1.92 | 2.19 | ||||||||||
| Weighted average number of ADS used in calculating Non-GAAP net income per ADS | |||||||||||||||
| ——Basic | 67,273,951 | 61,783,347 | 59,537,049 | 68,854,013 | 60,660,104 | ||||||||||
| ——Diluted | 76,872,137 | 67,152,622 | 64,101,951 | 78,845,472 | 65,625,455 | ||||||||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2024 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 439,394 | 20,336 | - | 459,730 | |||||||
| Others | 67,760 | 38,024 | (386 | ) | 105,398 | ||||||
| Total net revenues | 507,154 | 58,360 | (386 | ) | 565,128 | ||||||
| Cost of revenues(2) | (327,735 | ) | (38,530 | ) | 76 | (366,189 | ) | ||||
| Gross profit | 179,419 | 19,830 | (310 | ) | 198,939 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (42,715 | ) | (27,370 | ) | 229 | (69,856 | ) | ||||
| Sales and marketing expenses | (66,720 | ) | (21,435 | ) | 23 | (88,132 | ) | ||||
| General and administrative expenses | (12,180 | ) | (28,564 | ) | 58 | (40,686 | ) | ||||
| Total operating expenses | (121,615 | ) | (77,369 | ) | 310 | (198,674 | ) | ||||
| Gain on disposal of subsidiary | - | 1,643 | - | 1,643 | |||||||
| Other income | 177 | 184 | - | 361 | |||||||
| Operating income (loss) | 57,981 | (55,712 | ) | - | 2,269 | ||||||
| Interest expenses | (1,475 | ) | (1,400 | ) | 1,011 | (1,864 | ) | ||||
| Interest income and investment income | 15,256 | 32,457 | (1,011 | ) | 46,702 | ||||||
| Foreign currency exchange gains, net | 1,005 | 120 | - | 1,125 | |||||||
| (Loss) gain on fair value change of investments | (2,610 | ) | 1,991 | - | (619 | ) | |||||
| Income (loss) before income tax (expenses) benefits | 70,157 | (22,544 | ) | - | 47,613 | ||||||
| Income tax (expenses) benefits | (5,575 | ) | 2,947 | - | (2,628 | ) | |||||
| Income (loss) before share of income in equity method investments, net of income taxes | 64,582 | (19,597 | ) | - | 44,985 | ||||||
| Share of income in equity method investments, net of income taxes | - | 2,805 | - | 2,805 | |||||||
| Net income (loss) | 64,582 | (16,792 | ) | - | 47,790 | ||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||
| Three Months Ended | ||||||
| June 30, 2024 | ||||||
| BIGO | All other | Total | ||||
| US$ | US$ | US$ | ||||
| Cost of revenues | 446 | 332 | 778 | |||
| Research and development expenses | 1,543 | 1,739 | 3,282 | |||
| Sales and marketing expenses | 45 | 63 | 108 | |||
| General and administrative expenses | 408 | 1,775 | 2,183 | |||
| JOYY INC. | |||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
| Three Months Ended | |||||||||
| June 30, 2024 | |||||||||
| BIGO | All other | Total | |||||||
| US$ | US$ | US$ | |||||||
| Operating income (loss) | 57,981 | (55,712 | ) | 2,269 | |||||
| Share-based compensation expenses | 2,442 | 3,909 | 6,351 | ||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,640 | 13,590 | ||||||
| Impairment of investments | - | 9,386 | 9,386 | ||||||
| Gain on disposal of subsidiary | - | (1,643 | ) | (1,643 | ) | ||||
| Non-GAAP operating income (loss) | 69,373 | (39,420 | ) | 29,953 | |||||
| Net income (loss) | 64,582 | (16,792 | ) | 47,790 | |||||
| Share-based compensation expenses | 2,442 | 3,909 | 6,351 | ||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,640 | 13,590 | ||||||
| Impairment of investments | - | 9,386 | 9,386 | ||||||
| Gain on disposal of subsidiary | - | (1,643 | ) | (1,643 | ) | ||||
| Loss (gain) on fair value change of investments | 2,610 | (1,991 | ) | 619 | |||||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 198 | 198 | ||||||
| Income tax effects on non-GAAP adjustments | (778 | ) | (1,105 | ) | (1,883 | ) | |||
| Reconciling items on the share of equity method investments | - | (3,700 | ) | (3,700 | ) | ||||
| Non-GAAP net income (loss) | 77,806 | (7,098 | ) | 70,708 | |||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2024 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 442,154 | 24,237 | - | 466,391 | |||||||
| Others | 63,049 | 35,518 | (398 | ) | 98,169 | ||||||
| Total net revenues | 505,203 | 59,755 | (398 | ) | 564,560 | ||||||
| Cost of revenues(2) | (328,583 | ) | (40,692 | ) | 78 | (369,197 | ) | ||||
| Gross profit | 176,620 | 19,063 | (320 | ) | 195,363 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (41,022 | ) | (28,258 | ) | 241 | (69,039 | ) | ||||
| Sales and marketing expenses | (74,430 | ) | (20,232 | ) | 24 | (94,638 | ) | ||||
| General and administrative expenses | (14,075 | ) | (17,723 | ) | 55 | (31,743 | ) | ||||
| Total operating expenses | (129,527 | ) | (66,213 | ) | 320 | (195,420 | ) | ||||
| Other income | 3,296 | 304 | - | 3,600 | |||||||
| Operating income (loss) | 50,389 | (46,846 | ) | - | 3,543 | ||||||
| Interest expenses | (1,765 | ) | (1,681 | ) | 1,310 | (2,136 | ) | ||||
| Interest income and investment income | 15,441 | 34,796 | (1,310 | ) | 48,927 | ||||||
| Foreign currency exchange gains, net | 379 | 389 | - | 768 | |||||||
| Gain (loss) on fair value change of investments | 1,267 | (282 | ) | - | 985 | ||||||
| Income (loss) before income tax (expenses) benefits | 65,711 | (13,624 | ) | - | 52,087 | ||||||
| Income tax (expenses) benefits | (4,662 | ) | 125 | - | (4,537 | ) | |||||
| Income (loss) before share of loss in equity method investments, net of income taxes | 61,049 | (13,499 | ) | - | 47,550 | ||||||
| Share of loss in equity method investments, net of income taxes | - | (7,395 | ) | - | (7,395 | ) | |||||
| Net income (loss) | 61,049 | (20,894 | ) | - | 40,155 | ||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||
| Three Months Ended | ||||||
| March 31, 2024 | ||||||
| BIGO | All other | Total | ||||
| US$ | US$ | US$ | ||||
| Cost of revenues | 391 | 272 | 663 | |||
| Research and development expenses | 1,641 | 1,751 | 3,392 | |||
| Sales and marketing expenses | 47 | 84 | 131 | |||
| General and administrative expenses | 96 | 1,846 | 1,942 | |||
| JOYY INC. | |||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
| Three Months Ended | |||||||||
| March 31, 2024 | |||||||||
| BIGO | All other | Total | |||||||
| US$ | US$ | US$ | |||||||
| Operating income (loss) | 50,389 | (46,846 | ) | 3,543 | |||||
| Share-based compensation expenses | 2,175 | 3,953 | 6,128 | ||||||
| Amortization of intangible assets from business acquisitions | 10,467 | 4,665 | 15,132 | ||||||
| Non-GAAP operating income (loss) | 63,031 | (38,228 | ) | 24,803 | |||||
| Net income (loss) | 61,049 | (20,894 | ) | 40,155 | |||||
| Share-based compensation expenses | 2,175 | 3,953 | 6,128 | ||||||
| Amortization of intangible assets from business acquisitions | 10,467 | 4,665 | 15,132 | ||||||
| (Gain) loss on fair value change of investments | (1,267 | ) | 282 | (985 | ) | ||||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 237 | 237 | ||||||
| Income tax effects on non-GAAP adjustments | (1,203 | ) | (1,019 | ) | (2,222 | ) | |||
| Reconciling items on the share of equity method investments | - | 4,434 | 4,434 | ||||||
| Non-GAAP net income (loss) | 71,221 | (8,342 | ) | 62,879 | |||||
| JOYY INC. | |||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2023 | |||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||
| US$ | US$ | US$ | US$ | ||||||||
| Net revenues | |||||||||||
| Live streaming | 445,169 | 31,812 | - | 476,981 | |||||||
| Others | 25,885 | 44,860 | (392 | ) | 70,353 | ||||||
| Total net revenues | 471,054 | 76,672 | (392 | ) | 547,334 | ||||||
| Cost of revenues(2) | (287,587 | ) | (62,069 | ) | 90 | (349,566 | ) | ||||
| Gross profit | 183,467 | 14,603 | (302 | ) | 197,768 | ||||||
| Operating expenses(2) | |||||||||||
| Research and development expenses | (41,727 | ) | (34,042 | ) | 229 | (75,540 | ) | ||||
| Sales and marketing expenses | (70,652 | ) | (16,574 | ) | 21 | (87,205 | ) | ||||
| General and administrative expenses | (12,587 | ) | (16,431 | ) | 52 | (28,966 | ) | ||||
| Total operating expenses | (124,966 | ) | (67,047 | ) | 302 | (191,711 | ) | ||||
| Other income | 1,914 | 1,468 | - | 3,382 | |||||||
| Operating income (loss) | 60,415 | (50,976 | ) | - | 9,439 | ||||||
| Interest expenses | (1,727 | ) | (2,643 | ) | 1,313 | (3,057 | ) | ||||
| Interest income and investment income | 9,882 | 38,033 | (1,313 | ) | 46,602 | ||||||
| Foreign currency exchange gains (losses), net | 22,031 | (1,715 | ) | - | 20,316 | ||||||
| Gain on disposal and deemed disposal of investments | - | 77,737 | - | 77,737 | |||||||
| (Loss) gain on fair value change of investments | (2,460 | ) | 225 | - | (2,235 | ) | |||||
| Income before income tax expenses | 88,141 | 60,661 | - | 148,802 | |||||||
| Income tax expenses | (4,478 | ) | (904 | ) | - | (5,382 | ) | ||||
| Income before share of income in equity method investments, net of income taxes | 83,663 | 59,757 | - | 143,420 | |||||||
| Share of income in equity method investments, net of income taxes | - | 3,885 | - | 3,885 | |||||||
| Net income | 83,663 | 63,642 | - | 147,305 | |||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | ||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | ||||||
| Three Months Ended | ||||||
| June 30, 2023 | ||||||
| BIGO | All other | Total | ||||
| US$ | US$ | US$ | ||||
| Cost of revenues | 410 | 615 | 1,025 | |||
| Research and development expenses | 2,532 | 2,994 | 5,526 | |||
| Sales and marketing expenses | 170 | 150 | 320 | |||
| General and administrative expenses | 700 | 1,527 | 2,227 | |||
| JOYY INC. | |||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
| Three Months Ended | |||||||||
| June 30, 2023 | |||||||||
| BIGO | All other | Total | |||||||
| US$ | US$ | US$ | |||||||
| Operating income (loss) | 60,415 | (50,976 | ) | 9,439 | |||||
| Share-based compensation expenses | 3,812 | 5,286 | 9,098 | ||||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | ||||||
| Non-GAAP operating income (loss) | 75,452 | (41,025 | ) | 34,427 | |||||
| Net income | 83,663 | 63,642 | 147,305 | ||||||
| Share-based compensation expenses | 3,812 | 5,286 | 9,098 | ||||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | ||||||
| Gain on disposal and deemed disposal of investments | - | (77,737 | ) | (77,737 | ) | ||||
| Loss (gain) on fair value change of investments | 2,460 | (225 | ) | 2,235 | |||||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 528 | 528 | ||||||
| Income tax effects on non-GAAP adjustments | (1,415 | ) | (1,713 | ) | (3,128 | ) | |||
| Reconciling items on the share of equity method investments | - | (3,572 | ) | (3,572 | ) | ||||
| Non-GAAP net income (loss) | 99,745 | (9,126 | ) | 90,619 | |||||
FAQ
What was JOYY's (YY) net revenue in Q2 2024?
How much did JOYY (YY) spend on share repurchases in Q2 2024?
What is JOYY's (YY) revenue forecast for Q3 2024?
How did BIGO's revenue perform in Q2 2024 for JOYY (YY)?
What was JOYY's (YY) global average mobile MAUs in Q2 2024?
