SINGAPORE, Nov. 26,
2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY"
or the "Company"), a global leading technology company, announced
its unaudited financial results for the third quarter of 2024.
For the third quarter, JOYY's revenue reached US$558.7 million, while the Company's core
business segment, BIGO, generated revenues of
US$496.0 million. JOYY's GAAP
and non-GAAP operating
income[1] were US$16.4 million and
US$34.9 million, respectively,
up by 623.5% and 16.4% on a quarterly basis. JOYY recorded a net
profit and non-GAAP net profit[1] of US$60.6 million and US$61.2 million, for a GAAP and non-GAAP net
margin[1] of 10.8% and 10.9%, respectively. BIGO's
GAAP and non-GAAP operating
income[1] reached US$62.7 million and
US$72.9 million, respectively,
marking sequential increases of 8.2% and 5.0%. The Company
sustained its positive operating cash flows, generating
US$61.1 million in the third
quarter.
During the third quarter, JOYY actively advanced shareholder
returns by buying back an additional US$117.8 million worth of its shares.
During the first three quarters of 2024, the Company has
repurchased 7.31 million of its ADSs for a total of US$243.7 million, demonstrating confidence in the
company's long-term prospects.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY,
commented, "We continued to execute effectively on our strategic
priorities during the third quarter, cultivating our global social
and content ecosystem, and enhancing our global operational
capabilities and efficiencies, which yielded solid results. Our
group's GAAP and non-GAAP operating income were US$16.4
million and US$34.9 million,
respectively, up by 623.5% and 16.4% on a quarterly basis. During
the third quarter, we continued to cultivate long-term initiatives
that will further diversify our revenue streams. Our Group
non-livestreaming revenue grew by 13.1% to US$119.2 million quarter over quarter,
contributing 21.3% of total revenues. Looking ahead, we remain
focused on enhancing user experiences through product innovation,
further diversifying our revenue streams, and advancing operational
excellence across our global footprint. Supported by our strong
cash flow and healthy financial position, we are well-positioned to
deliver sustainable, profitable growth and create enduring value
for our shareholders."
Third Quarter 2024 Financial Highlights
- Net revenues in the third quarter of 2024 were US$558.7 million.
- Net income attributable to controlling interest of JOYY was
US$60.6 million in the third
quarter.
- Non-GAAP net income[1] attributable to controlling
interest and common shareholders of JOYY was US$61.2 million in the third quarter.
Third Quarter 2024 Business Highlights
In the third quarter, Bigo Live sharpened its operational
strategy by prioritizing advertising investments and operational
resources toward developed countries and premium users, and
simultaneously enhanced its content quality and social experiences
to drive long-term user monetization potential. This targeted
approach yielded strong results in core developed countries, where
MAUs grew 3.4% year over year and 3.7% quarter over quarter, and
paying users increased 9.1% year over year. Bigo Live also
achieved encouraging momentum in the Middle East, where its revenue increased 5.6%
sequentially.
To further enhance its global content and social ecosystem, Bigo
Live implemented a series of upgrades to boost the creation,
quality, and distribution of content on its platform. For example,
Bigo Live fine-tuned its content recommendation algorithms to
better facilitate content sharing within same-language regions and
expand cross-regional content flow between highly interactive
markets. These enhancements streamlined its cross-regional
content delivery and better served users' growing appetite for
global content and social connections.
In the last quarter, Bigo Live successfully hosted the third
season of "BIGO's Most Talented", featuring categories in Music,
Dance and Beauty Pageantry. The event attracted outstanding
creators from around the world. Building on previous seasons, the
third season introduced a more rounded judging system incorporating
key audience engagement metrics. This allowed a seamless merger of
interactive livestreaming elements with traditional talent show
elements. The event resonated strongly with viewers, amassing an
impressive 5.79 million audience votes. Bigo Live also strengthened
bonds with its business partners and user community through a
series of mid-year galas across Saudi
Arabia, Vietnam,
Thailand, and the Philippines. These gatherings brought
together the cornerstone members of Bigo Live's ecosystem - top
creators, users and partners - to celebrate their achievements and
vital contributions to the platform's progress in the first half of
the year.
Bigo Live also further developed its social engagement features,
prioritizing improvements to Real Match and messaging
functionality. These upgrades drove deeper user connections and
more efficient follow conversions. Notably, Real Match's average
DAU penetration rate increased significantly to 23.4%,
while the number of direct chat messages rose by 15.9% from the
previous quarter. Bigo Live also achieved a 4.3% rise in
average new follows per user. By directing traffic to premium hosts
and upgrading interactive features, Bigo Live boosted creator
participation and user engagement in multi-guest rooms. Bigo Live
achieved a 3.9% sequential increase in the penetration rate of
streamers in multi-guest rooms, alongside a 3.6% sequential
increase in the overall rate of users going live as guest
speakers.
Likee remains rooted in the Middle East and European markets, where it
continues to build momentum and enhance monetization
across both livestreaming and advertising. As a result,
Likee's advertising revenue grew 33.4% year over year in the third
quarter, and Likee maintained its profitability.
During the quarter, Likee elevated its user experience
across its core markets through enhanced content quality,
interactivity, and community engagement. A standout
community-building initiative was its August music festival tour
across five European cities, which brought together Likee's
top creators, including music bloggers and dance
groups, alongside established performers and celebrities. This
unique event delivered an unprecedented interactive experience for
the Likee community. In September, Likee served as the official
media partner for Phygital Games 2024, providing eight days of
livestreaming coverage to immerse users in the competitive prowess
of top athletes in digital football, basketball, laser shooting,
and simulated dance. Likee's expanded premium content offerings and
content diversity drove a 12.3% quarter-over-quarter increase in
users' video time spent.
In the third quarter, Hago's targeted incentive strategy across
different paying user segments drove improved monetization metrics.
This strategy resulted in positive momentum in both its paying
users and ARPPU, with its revenue growing 6.1% quarter over
quarter. Hago maintained a positive operating cash flow in the
third quarter, and its operating losses further narrowed. Hago's
social engagement metrics also remained strong, with average time
spent in social channels increasing 2.5% quarter over quarter to
105.8 minutes, and next-day retention rates showing sustained
improvement.
[1]. For details of the non-GAAP measures, including
the reconciliations of GAAP measures to non-GAAP measures,
please refer to the press release titled "JOYY Reports
Third Quarter 2024 Unaudited Financial Results" issued by the
Company on November 27, 2024.
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SOURCE JOYY Inc.
