Joyy Inc - YY STOCK NEWS

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.

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.