JOYY Reports Steady Profit Growth for 2024, Full-Year Buybacks Exceed US$300 Million

Rhea-AI Summary

JOYY Inc. (NASDAQ: YY) reported its Q4 and full-year 2024 financial results, showing steady growth. The company achieved full-year revenue of US$2.24 billion, with its core segment BIGO generating US$1.99 billion (up 3.3% YoY). Non-GAAP net profit reached US$298.5 million, increasing 2.0% YoY with a 13.3% margin.

The company demonstrated strong shareholder commitment by repurchasing 9.21 million ADSs for US$309.2 million in 2024, representing 15.1% of outstanding shares. JOYY announced a new quarterly dividend policy totaling approximately US$600 million over three years, with US$50 million (US$0.93 per ADS) distributed quarterly. Additionally, a new share repurchase program of up to US$300 million was authorized through December 2027.

The company will change its ticker symbol from YY to JOYY effective March 31, 2025. Non-livestreaming revenues grew significantly by 55.9% YoY to US$449.8 million, demonstrating successful revenue diversification efforts.

Positive

• Non-GAAP net profit increased 2.0% YoY to US$298.5 million
• BIGO segment revenue grew 3.3% YoY to US$1.99 billion
• Non-livestreaming revenues surged 55.9% YoY to US$449.8 million
• Significant shareholder returns: US$309.2 million in buybacks and new US$600 million dividend program
• BIGO segment achieved strong profitability with 14.4% non-GAAP operating margin

Negative

• Core revenue growth modest at 3.3% YoY despite diversification efforts
• Operating margin remains relatively low at 6.1% on a non-GAAP basis

Insights

Financial Analyst

JOYY's 2024 financial results demonstrate modest but steady growth with strategic shareholder value initiatives. The company posted $2.24 billion in full-year revenue, with its core BIGO segment growing 3.3% year-over-year to $1.99 billion. More impressive is the profitability picture, with non-GAAP net profit rising 2.0% to $298.5 million and non-GAAP operating profit increasing 4.2% to $136.1 million.

The most significant aspect of this report is JOYY's substantial capital return program. The company repurchased $309.2 million in shares during 2024 (representing 15.1% of outstanding shares), and has announced a structured $600 million dividend program over the next three years ($50 million quarterly or $0.93 per ADS). Additionally, a new $300 million share repurchase authorization through 2027 signals management's confidence in future cash generation.

JOYY's strategic shift toward diversification is showing progress with non-livestreaming revenues growing 55.9% year-over-year to $449.8 million. This revenue diversification, coupled with improving operational metrics in user engagement and retention across platforms, provides multiple growth vectors beyond their core livestreaming business.

The BIGO segment remains the primary profit center with $286.3 million in non-GAAP operating profit and an impressive 14.4% margin. The company's overall operating margin of 6.1% reflects ongoing investments in newer business initiatives, but still shows improvement over the previous year.

Tech Analyst

JOYY's technical strategy shows a methodical approach to enhancing its digital ecosystem while driving financial performance. The company's AI investments are yielding tangible operational improvements across its platform portfolio. Bigo Live has implemented an advanced multimodal content moderation model that leverages third-party large language models, significantly enhancing safety protocols while maintaining user engagement. This technological foundation is critical for maintaining platform integrity in highly regulated markets.

The company's proprietary AI model for analyzing user behavior sequences has directly contributed to key engagement metrics - viewing time per user increased 2.1% sequentially, host retention improved 1.2%, and average livestream time per host rose 2.9%. These incremental improvements reflect effective algorithmic optimization that converts technical capabilities into business performance.

JOYY's multi-platform strategy continues to show differentiated market targeting. Likee is focusing on Middle East and European markets, with European DAUs growing 4.4% quarter-over-quarter. Hago demonstrated improved user stickiness with average time spent in channels increasing 8.6% to 108.2 minutes.

The company's transition to the JOYY ticker symbol (from YY) represents the culmination of its transformation from a Chinese-focused platform to a global technology company following the YY Live divestiture. JOYY's international expansion strategy prioritizes regional market fit through localized content and community-building initiatives like the Bigo Awards Gala, which attracted 1,000 in-person participants and 500,000 livestream viewers.

SINGAPORE, March 19, 2025 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global technology company, announced its unaudited financial results for the fourth quarter and full year of 2024.

In the fourth quarter, JOYY's revenue reached US$549.4 million, with BIGO achieving revenues of US$480.0 million. For the full year 2024, the Company's revenue reached US$2.24 billion. The Company's core business segment BIGO generated revenues of US$1.99 billion, with a year-over-year increase of 3.3%.

Driven by continued enhancement of global operations and strong execution, JOYY achieved steady profit growth in 2024. The Company's non-GAAP^[1] net profit for the full year 2024 reached US$298.5 million, a year-over-year increase of 2.0%. Non-GAAP^[1] net margin came in at 13.3%. JOYY's full-year non-GAAP^[1] operating profit was US$136.1 million, a year-over-year increase of 4.2%. Non-GAAP^[1] operating margin came in at 6.1%. The BIGO segment's full-year operating profit and non-GAAP^[1] operating profit reached US$240.9 million and US$286.3 million, respectively, which were equivalent to GAAP and non-GAAP^[1] operating margin of 12.1% and 14.4%.

As JOYY sets the stage for ongoing growth, shareholder returns remain a high priority for management. In 2024, the Company repurchased 9.21 million ADSs for a total of US$309.2 million, representing 15.1% of its total outstanding shares as of the end of 2023.

JOYY announced a quarterly dividend policy for the following three years commencing immediately. Under such policy, the total cash dividend amount expected to be paid will be approximately US$600 million and quarterly dividend will be set at a fixed amount of approximately US$50 million (US$0.93  per ADS) in each fiscal quarter. Additionally, the company also announced an additional share repurchase program, under which the Company may repurchase up to US$300 million of its shares until December 2027.

Additionally, JOYY announced that the Company's ticker symbol on Nasdaq will be changed from YY to JOYY, effective from March 31, 2025.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "In 2024, we made substantial progress in improving operational efficiency and diversifying our revenue streams. For full year 2024, our group's non-GAAP operating income reached US$136.1 million, improving by 4.2%, year over year. Our group's non-livestreaming revenues grew by 55.9% to US$449.8 million year over year. As we embark on a new chapter following the divestiture of YY Live, we have firmly established ourselves as a global technology company with remarkable international reach. Looking ahead, we remain deeply committed to driving diversified growth across our global operations and deepening our penetration in key markets to build on this success. Through AI-driven innovation, we are comprehensively enhancing our operational efficiency and cultivating meaningful experiences for our users. Based on our solid operational execution, we are confident in driving sustainable growth of our global business and creating long-term value for our shareholders."

Full Year 2024 Financial Highlights

• Net revenues for the full year of 2024 were US$2.24 billion.
• Non-GAAP^[1] net income attributable to controlling interest and common shareholders of JOYY for the full year of 2024 increased by 2.0% to US$298.5 million from US$292.5 million in 2023. Non-GAAP^[1] net margin for the full year of 2024 was 13.3%, compared to 12.9% in 2023.

Fourth Quarter 2024 Financial Highlights

• Net revenues were US$549.4 million in the fourth quarter of 2024.
• Non-GAAP^[1] net income attributable to controlling interest and common shareholders of JOYY in the fourth quarter of 2024 was US$96.1 million, compared to US$64.2 million in the corresponding period of 2023. 

Fourth Quarter and Full Year 2024 Business Highlights

JOYY continued to focus on cultivating a safe, high-quality, and diverse content ecosystem for its global users and community. In the fourth quarter, Bigo Live updated the community guidelines and comprehensively enhanced its community safety technological capabilities. The platform introduced its exclusive multimodal content moderation model, which was fine-tuned with scenario-specific data, leveraging third-party large models to further strengthen its content moderation capabilities. On the product feature front, Bigo Live refined user verification processes and stratification mechanisms to direct traffic towards high-quality, verified user content. At the same time, Bigo Live exercised stricter management of user-generated-content to ensure its users would have safe, high-quality experiences. In addition, Bigo Live formed partnerships with multiple industry players and worked with relevant authorities to jointly prevent and punish any potential malicious use of the platform.

On the content front, the annual Bigo Awards Gala was held at Marina Bay Sands Theatre in Singapore. Over 1,000 guests from around the world attended in person, and nearly 500,000 viewers tuned in via livestream. The event honored over 200 outstanding content creators and Families for their contributions to Bigo Live's vibrant user community, and featured performances from global artists across various genres. The Bigo Awards Gala has become a core tradition for the platform, and has helped countless talented creators expand their influence and reach the global stage. In addition to the main global venue, Bigo Live also held regional galas in Dubai, Thailand, and others.

During the fourth quarter, Bigo Live utilized its proprietary AI model to analyze ultra-long user behavior sequences and refined its content recommendation. This improvement, together with Bigo Live's continuous effort to expand its high-quality content offering and optimize its livestreaming room viewing features, drove a 2.1% sequential increase in average viewing time per user during the fourth quarter. By strategically directing traffic to mid-tier hosts and optimizing livestreaming tools such as beauty and body filters, Bigo Live achieved a 1.2% increase in host next-day retention and a 2.9% increase in average livestream time per host, both quarter-over-quarter.

Likee remains focused on two core markets: the Middle East and Europe. In the fourth quarter, Likee's DAUs in Europe increased by 4.4% quarter-over-quarter. Driven by growth in paying users, Likee's livestreaming revenue grew 2.2% sequentially. In 2024, Likee recorded its second consecutive profitable year.

Likee continued to elevate its content and community engagement in its core markets. Likee partnered with the globally popular game Genshin Impact to deepen its penetration among Gen Z users. The campaign featured Genshin-themed short video and livestream contests with special prizes, and a co-branded offline event in Europe. During the campaign, the initiative generated over 5.7 million views, and the offline themed event attracted 11,000 participants, even prompting several creators with millions of followers to join Likee. Beyond these targeted operational activities, Likee increased support for quality creators, driving a 13% quarter-over-quarter increase in viewer time spent on short videos. The proportion of content creators among daily active users grew steadily compared to the third quarter, indicating healthy levels of engagement.

In the fourth quarter, Hago's quarterly livestreaming revenue achieved a quarter-over-quarter growth, driven by its blockbuster year-end operational events. Hago's cash flow remained positive in the fourth quarter, achieving its goal of positive cash flow for the second consecutive year.

Hago's user engagement further improved during the fourth quarter. Average time spent in channels increased by 8.6% quarter-over-quarter to 108.2 minutes. The product's next-day retention rate also continued to improve.

1. This press release includes certain non-GAAP financial measures as additional clarifying items to aid investors in further understanding the Company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. 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 Fourth Quarter and Full Year 2024 Unaudited Financial Results" issued by the Company on March 20, 2025.

 

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SOURCE JOYY Inc.

FAQ

What is JOYY's new dividend policy for 2025-2027?

JOYY will distribute approximately US$600 million total, with fixed quarterly payments of US$50 million (US$0.93 per ADS) over three years.

How much did JOYY spend on share buybacks in 2024?

JOYY repurchased 9.21 million ADSs for US$309.2 million, representing 15.1% of outstanding shares.

What was JOYY's non-GAAP net profit for full-year 2024?

JOYY's non-GAAP net profit reached US$298.5 million, growing 2.0% year-over-year with a 13.3% margin.

When will JOYY's ticker symbol change from YY to JOYY?

The ticker symbol will change from YY to JOYY effective March 31, 2025.

How much did JOYY's non-livestreaming revenue grow in 2024?

Non-livestreaming revenues grew by 55.9% year-over-year to US$449.8 million.