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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 (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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