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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 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.
Rosen Law Firm is investigating potential securities claims on behalf of JOYY shareholders due to allegations of misleading business information. A report by Muddy Waters Research labeled JOYY as a "multibillion-dollar fraud," asserting that approximately 84% of the company’s reported revenue is fraudulent. Following these allegations, JOYY's American depositary shares (ADS) plummeted by 26%, closing at $73.66. The law firm is preparing a securities lawsuit for affected investors.
JOYY Inc. (Nasdaq: YY) responded to accusations from Muddy Waters regarding its financial accuracy. The company claims the report is filled with errors and misunderstandings about the live streaming sector in China. JOYY asserts its solid cash flow and has a US$300 million dividend policy, with US$25 million already distributed in 2020. Its acquisition of BIGO has resulted in significant revenue growth, with BIGO’s revenue rising from US$181 million in Q2 2019 to US$490 million in Q3 2020. JOYY remains committed to its share repurchase program, demonstrating confidence in its future prospects.
JOYY Inc. (NASDAQ: YY) reported strong third-quarter 2020 results with net revenues climbing 36.1% to RMB6,286.4 million (US$925.9 million), driven by growth in the Bigo segment. Net income surged to RMB2,303.2 million (US$339.2 million), largely due to gains from the partial divestment of Huya. However, global average mobile MAUs fell 4.0% to 390.1 million, impacted by the Indian government's restrictions on Chinese apps. The company anticipates further growth in live streaming and video content, with a strategic acquisition by Baidu expected to enhance YY Live's growth trajectory.
JOYY Inc. has agreed to sell its domestic video-based entertainment live streaming business, YY Live, to Baidu for approximately US$3.6 billion in cash. This transaction is aimed at enhancing YY Live's growth by integrating it into Baidu's extensive mobile internet ecosystem, which boasts over 200 million daily active users. The deal is expected to close in the first half of 2021, pending certain conditions. JOYY's CEO highlighted that this move will leverage Baidu’s traffic to optimize monetization capabilities and drive business expansion.
JOYY Inc. (NASDAQ: YY) plans to release its third quarter 2020 financial results after U.S. market closes on November 16, 2020. An earnings conference call is scheduled for 9:00 PM ET on the same day. Participants must pre-register to receive dial-in instructions due to COVID-19 restrictions on operator-assisted calls. JOYY operates a global video-based social media platform, including YY Live in China and Bigo Live, acquired in March 2019, enhancing its entertainment and live streaming presence.
JOYY Inc. (NASDAQ: YY) reported a strong financial performance for Q2 2020, with net revenues rising by 36.3% to RMB5,840.1 million (US$826.6 million), fueled by Bigo's live streaming growth. Net income from continuing operations surged to RMB619.4 million (US$87.7 million), compared to a net loss last year, primarily due to fair value gains from investments. Mobile MAUs increased by 21% to 457.1 million, with Likee's users growing 86.2%. However, YY's paying users decreased by 2.2%. The company plans to invest further in its dual-growth strategy despite COVID-19 challenges.
JOYY Inc. (NASDAQ: YY) plans to release its Q2 2020 financial results after the U.S. market closes on August 12, 2020. Management will host a conference call at 9:00 PM ET, with registration required due to COVID-19 restrictions. Participants will receive dial-in details via email after registration. A live and archived webcast of the call will be accessible on the investor relations website. JOYY, a global video-based social media platform, completed the acquisition of Bigo in March 2019, significantly expanding its entertainment offerings.
JOYY Inc. (NASDAQ: YY) reported its first quarter 2020 financial results, revealing a 49.6% increase in net revenues to RMB7,149.4 million (US$1,009.7 million) compared to RMB4,780.6 million in Q1 2019. However, net income fell sharply to RMB386.7 million (US$54.6 million) from RMB3,120.4 million year-over-year. The company witnessed a 3.6% decline in paying users for YY, attributed to COVID-19 impacts. Despite challenges, mobile MAUs grew by 121.9% for Likee and 33.4% for global live streaming services. JOYY expects Q2 revenues between RMB5.00 billion and RMB5.15 billion.
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