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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 a strong Q2 2021, with net revenues rising by 39.7% to US$661.7 million from US$473.5 million year-over-year. Despite a net loss of US$109.3 million, the non-GAAP net loss significantly narrowed to US$0.5 million. The decrease in global average mobile MAUs was 26.0%, largely due to Indian government restrictions on Chinese apps. Notably, BIGO turned a profit, contributing to revenue growth. The company forecasts Q3 revenues between US$608 million and US$635 million, a 13.7% to 18.7% year-over-year increase.
Yalla (NYSE:YALA) and Newborn Town are rapidly emerging players in the global app market, challenging established U.S. companies. A recent report highlights three key advantages for these Chinese firms. Firstly, China's lead in AI and big data provides a wealth of user data, driving innovative app development. Secondly, their expertise in global localization positions them well in developing markets, particularly the Middle East. Lastly, lower labor costs give Chinese companies a competitive edge in app development efficiency and profitability.
JOYY Inc. (NASDAQ: YY) will release its Q2 2021 financial results on August 18, 2021, after market close. The management will host an earnings call at 9:00 PM ET, providing details for participants to register online due to COVID-19 restrictions. The earnings call will be accessible via a live and archived webcast on the company's investor relations website. JOYY operates various video-based social media products including Bigo Live and Likee, aiming to connect users through real-time interactions.
JOYY Inc. (NASDAQ: YY) announced its Q1 2021 financial results, reporting a net revenue increase of 88.1% to US$643.1 million, driven largely by BIGO's performance. The net loss attributable to controlling interest rose to US$87.3 million while non-GAAP net loss decreased by 62.7% to US$24.1 million. The company experienced a 15.1% drop in global mobile MAUs primarily due to regulatory challenges in India. Looking ahead, JOYY forecasts Q2 2021 revenues between US$645 million and US$663 million, reflecting a year-over-year growth of 36.2% to 40.0%.
JOYY Inc. (NASDAQ: YY) has announced its plans to release financial results for the first quarter of 2021 after the U.S. market closes on May 27, 2021. The earnings conference call will occur at 9:00 PM U.S. Eastern Time on the same date. Due to COVID-19, all participants must register online to receive dial-in details. JOYY Inc. operates various platforms, including Bigo Live and Likee, aimed at enriching user interaction through video content.
GUANGZHOU, China, April 29, 2021 - JOYY Inc. (NASDAQ: YY) filed its annual report on Form 20-F for the fiscal year ended December 31, 2020, with the SEC on April 28, 2021. The report, which can be accessed on JOYY's investor relations website, provides audited consolidated financial statements for the year. Shareholders and ADS holders can request a hard copy of the report free of charge. JOYY is a leading global video-based social media platform offering services such as Bigo live, Likee, and Hago, aiming to enrich user experiences through real-time interaction.
JOYY Inc. (NASDAQ: YY) reported a 77.5% increase in net revenues for Q4 2020, totaling RMB3,783.5 million (US$579.9 million), driven by strong growth in live streaming. Despite this, the company recorded a net loss of RMB791.9 million (US$121.4 million). For the full year, revenues climbed 112.1% to RMB13,230.9 million (US$2,027.7 million), with a significant reduction in net loss to RMB105.1 million (US$16.1 million). Looking ahead, JOYY expects Q1 2021 revenues between US$590 million and US$605 million, indicating year-over-year growth of 72.5% to 76.9%.
JOYY Inc. (NASDAQ: YY) announced plans to release its fourth quarter and full year 2020 financial results on March 25, 2021, after U.S. market close. The company will host an earnings conference call at 9:00 PM U.S. Eastern Time on the same day. Due to COVID-19, participants must register online to join the call. JOYY operates several platforms, including Bigo Live and Likee, enhancing user interaction through video and live media.
JOYY Inc. (NASDAQ: YY) announced its 2020 annual general meeting scheduled for December 18, 2020, at 2:00 p.m. in Guangzhou, China. No proposals will be presented for approval; instead, the meeting will be a platform for shareholders to engage with management. The record date is set for November 30, 2020, determining eligible shareholders for notice of the meeting. The company's annual report, including audited financials for 2019, is available on its investor relations website and the SEC’s site.
JOYY Inc. (Nasdaq: YY) announced a new quarterly dividend policy, projecting approximately US$200 million in total dividends over the next three years. The board declared a dividend of US$0.20 per ADS, payable on December 23, 2020, to shareholders of record by December 11, 2020. The ex-dividend date is December 10, 2020. This follows the previously announced total cash dividend of US$0.51 per ADS for Q3 2020, aggregating to around US$41.67 million, funded by surplus cash. This strategy underscores JOYY's robust cash flow and financial health.
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