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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) reported its Q3 2022 financial results with total net revenues of US$586.7 million, driven by BIGO's revenues of US$483.3 million. Non-GAAP net income reached US$76.9 million, marking a substantial increase from US$35.1 million in Q3 2021. BIGO's non-GAAP net income for the first three quarters surged 193.3% year-over-year to US$230.4 million. MAUs for Bigo Live hit a record 35.4 million, a 14.2% increase year-over-year. The company emphasized its commitment to long-term growth and operational efficiency amidst macroeconomic challenges.
JOYY Inc. (NASDAQ: YY) reported its Q3 2022 financial results, with net revenues of US$586.7 million, down from US$650.5 million in Q3 2021. However, net income surged to US$515.3 million from US$7.5 million year-over-year. Non-GAAP net income rose to US$76.9 million, reflecting improved operational efficiency. Notably, Bigo Live's mobile MAUs increased by 14.2% to 35.4 million, while Likee and Hago saw declines in user engagement. The average revenue per paying user decreased to US$259.8, down from US$307.9.
JOYY Inc. (NASDAQ: YY) plans to release its third quarter 2022 financial results on November 28, 2022, after U.S. market close. An earnings conference call will follow at 9:00 PM U.S. Eastern Time. All participants are encouraged to pre-register for access to dial-in numbers and codes. JOYY operates globally with platforms like Bigo Live and Likee, aiming to enhance social interaction through video. The company has cultivated a vibrant user community.
JOYY Inc. (NASDAQ: YY) reported its second quarter 2022 financial results, revealing total revenues of US$596.1 million, with BIGO contributing US$502.6 million. The company achieved a non-GAAP net income of US$51.5 million, marking an increase from a loss in the prior year. JOYY's net income from continuing operations reached US$18.7 million, a significant turnaround from a net loss of US$109.3 million in Q2 2021. The company reported positive operating cash flow of US$61.7 million and an 8.6% non-GAAP net income margin. Bigo Live's MAU grew by 10.6% year over year, achieving 32.6 million users.
JOYY Inc. (NASDAQ: YY) reported its second quarter 2022 financial results, achieving net revenues of US$596.1 million, down from US$661.7 million in Q2 2021. However, the company turned a net income of US$18.7 million, compared to a loss of US$109.3 million the previous year. Non-GAAP net income reached US$51.5 million. Despite a decline in mobile MAUs for Likee and Hago, Bigo Live's MAUs rose by 10.6%. JOYY anticipates Q3 revenues between US$561.5 million and US$593.5 million. A quarterly dividend of US$0.51 per ADS was declared, payable on October 6, 2022.
JOYY Inc. (NASDAQ: YY) plans to announce its second quarter 2022 financial results after the U.S. market closes on August 29, 2022. An earnings conference call will be hosted at 9:00 PM U.S. Eastern Time on the same day, with registration required for participants. The call will be accessible via the company’s investor relations website, where a live and archived webcast will also be available. JOYY operates several social products including Bigo Live and Likee, aiming to enhance real-time interactions and enrich user experiences through video.
JOYY Inc. (NASDAQ: YY) reported its Q1 2022 financial results, revealing total revenues of US$623.8 million and a non-GAAP net income of US$20.9 million, improving from a net loss in the previous year. BIGO contributed US$534.6 million in revenues, with a net income margin of 11.2%. The company achieved a positive operating cash flow of US$59.2 million and executed a US$80.2 million share repurchase, affirming its growth potential amid market challenges. JOYY aims for continued profitability and expansion in the global social entertainment market.
JOYY Inc. (YY) reported Q1 2022 net revenues of US$623.8 million, down from US$643.1 million in Q1 2021. The net loss from continuing operations improved to US$27.5 million from US$87.3 million year-over-year, driven by profitability from BIGO. Non-GAAP net income was US$20.9 million, contrasting with a US$24.1 million loss in Q1 2021. Average mobile MAUs for Bigo Live rose 8.8%, while Likee and Hago saw significant declines. The company plans to repurchase US$200 million in shares as part of its strategy to enhance shareholder value.
JOYY Inc. (NASDAQ: YY) announced it will release its first quarter 2022 financial results on May 31, 2022, after U.S. market close. The earnings conference call is scheduled for 9:00 PM U.S. Eastern Time, where management will discuss the results. Due to COVID-19, participants must register in advance for the call. JOYY operates various social media products, including Bigo Live and Likee, and aims to connect users through video interactions. The company has been listed on NASDAQ since November 2012.
JOYY Inc. (NASDAQ: YY) has been provisionally identified as a Commission-Identified Issuer by the SEC under the Holding Foreign Companies Accountable Act (HFCAA) after filing its annual report for the fiscal year ending December 31, 2021. This identification could lead to restrictions on trading its shares if the company fails to address PCAOB inspection requirements within three years. The company is exploring options to comply with applicable regulations while aiming to maintain its Nasdaq listing. JOYY has expanded globally since 2019, operating across multiple markets.
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