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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 Inc. (Nasdaq: YY) announced the opportunity for holders of its 0.750% Convertible Senior Notes due 2025 to exercise a Repurchase Right. This option allows holders to require the company to repurchase notes for cash on June 15, 2023. Holders can exercise this right starting May 12, 2023, and it will expire on June 13, 2023. The total outstanding principal amount of the 2025 Notes is US$432,232,000. If all notes are repurchased, JOYY will pay this amount plus any accrued and unpaid interest. This press release highlights the company's compliance with SEC requirements while providing necessary documentation and procedures for the repurchase.
JOYY Inc. (NASDAQ: YY) reported its 2022 financial results, achieving total revenues of US$2.412 billion and fourth-quarter revenues of US$604.9 million. The company marked its second consecutive year of profitability with a net income of US$128.9 million and a non-GAAP net income of US$199.3 million, up 83% year-over-year. Despite declining fourth-quarter revenues compared to last year, user growth surged, particularly on Bigo Live, which saw an increase of 14.3% in MAUs. In 2022, JOYY repurchased US$138.1 million in shares and paid US$145.9 million in dividends, demonstrating its commitment to shareholder value.
JOYY Inc. (NASDAQ: YY) announced its Q4 and full-year 2022 financial results on March 16, 2023. Q4 net revenues were US$604.9 million, down from US$663.7 million in Q4 2021. The company reported a net loss of US$377.5 million compared to a net income of US$73.2 million in the previous year, largely due to an impairment loss from an equity method investment. Full-year revenues totaled US$2,411.5 million, a decrease from US$2,619.1 million in 2021. However, net income improved to US$128.9 million, reversing a net loss of US$115.9 million in 2021. The company maintained a strong cash position of US$4.29 billion as of year-end.
JOYY Inc. (NASDAQ: YY) has announced its plans to release fourth quarter and full year 2022 financial results on March 15, 2023, after U.S. market close. An earnings conference call will follow at 9:00 PM ET on the same day, where management will discuss the financial performance. Investors can pre-register for the call and gain access to a live and archived webcast on the company's investor relations website. JOYY operates various social products, including Bigo Live and Likee, and aims to connect users through interactive video experiences. The company was listed on NASDAQ in November 2012.
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