SINGAPORE,
May 28,
2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY"
or the "Company"), a global leading technology company, announced
its unaudited financial results for the first quarter of 2024.
During the first quarter, JOYY's revenue
came in at US$564.6 million. The Company's core business
segment BIGO continued its topline recovery trend, generating
revenues of US$505.2 million,
a year-over-year increase of 8.0%. JOYY recorded net profit
and non-GAAP net profit1 of US$
45.3 million and US$67.2
million, with GAAP and non-GAAP net
margins1 of 8.0% and 11.9%, respectively. The BIGO
segment's net profit and non-GAAP net profit1 reached
US$61.0 million and US$71.2 million, with GAAP and non-GAAP net
profit margins1 of 12.1% and 14.1%,
respectively. JOYY sustained its positive operating cash flows,
generating US$75.0 million in
the first quarter.
Mr. David Xueling
Li, Chairman and Chief Executive Officer of JOYY, commented,
"We are off to a good start in 2024, executing on
our strategic priorities and delivering results that exceeded
our expectations. During the quarter, BIGO maintained its
topline recovery momentum, with its revenues increasing by 8.0%
year over year, driven by a steady 6.9% increase in paying users.
In addition, as we continued to strategically expand and diversify
our revenue streams, BIGO's non-livestreaming revenues grew
substantially year over year. Ongoing cost discipline and
efficiency improvement contributed to year-over-year increases of
61.8% and 34.8% in GAAP and non-GAAP net profits at the group
level, respectively. Backed by our robust cash flow and strong
financial position, we remain committed to returning value to our
shareholders. In the first quarter of 2024, we repurchased an
additional US$54.5 million worth of
our shares, reflecting our confidence in the company's long-term
prospects. Looking ahead, we will continue to enhance our product
experience and drive operational innovations to generate a
sustainable and profitable growth for our global business."
First Quarter 2024 Financial
Highlights
- Net revenues for the first quarter of 2024 were
US$564.6 million.
- Net income attributable to controlling interest
of JOYY in the first
quarter was US$45.3 million, compared
to US$28.0 million in the corresponding period
of 2023.
- Non-GAAP net income1 attributable to
controlling interest and common shareholders of JOYY in the first
quarter was US$67.2 million, compared
to US$49.9 million in the
corresponding period of 2023.
First Quarter 2024 Business
Highlights
In the first quarter, Bigo Live's revenue
continued its year-over-year rebound. Specifically, revenue from
developed countries grew by 14.8%, accompanied by a 17.2% increase
in paying users in these regions. During the quarter, Bigo Live
remained focused on its user acquisition strategy, channeling more
resources into developed countries and regions to enhance
monetization efficiency, resulting in
an 8.9% year-over-year MAU growth in these
countries and regions.
Bigo Live continued to grow its content
and optimize services for creators. In the first quarter, it
organized a variety of innovative online and offline marketing
initiatives. In February, Bigo Live participated in the Sanremo
Music Festival, the world-famous Italian song contest and awards
ceremony. As a partner organizer, Bigo Live showcased ten of
its most talented streamers in a two-hour music extravaganza
that was streamed worldwide.
Bigo Live launched an intelligent management
system for streamers and agencies, which significantly
streamlined the contracting and management processes. This
efficiency boost led to a 4.9% quarter-over-quarter increase in
newly contracted streamers. Family-based operational activities
also played a key role this quarter, strengthening social bonds
within Bigo Live's user community. On a sequential basis, its
approach yielded a 1.1% increase in paying Family users, a 1.5%
rise in contracted streamers within Families, and a 3.2% uptick in
daily active users in Family groups. Bigo Live also simplified and
upgraded its product features, which resulted in sequential
increases of 1.1% in next-day user retention and of 5.4% in average
viewer time spent per live session. Enhancements to livestreaming
room tools and interactive features contributed to a 5.3%
sequential rise in average duration per live session and a 4.4%
sequential increase in the number of users going live in
multi-guest rooms.
In the first quarter, Likee's revenue
continued to recover year over year and it maintained its
profitability. Advertising revenue grew by 1.1 times on an
annual basis, and DAUs in the core European market maintained
sequential growth.
Likee's recent launch of interactive gaming
features has been instrumental in breaking the ice and fostering
connections between users, leading to substantial growth in paying
users. During the first quarter, Likee launched a series of
engaging online and offline community events for creators, users,
and brands. These included the global Likee Party and the MENA Gala
in the Middle East co-hosted with
Bigo Live. As Likee continued to enhance its creator services and
expanded its monetization tools and incentives for premium
creators, its number of core creators increased by 13.6%
quarter-over-quarter.
Hago sustained positive operating cash flow
during the first quarter. Hago's implementation of more gamified
interactions and paid features has effectively boosted user
engagement and monetization. A standout success was the rollout of
the "Fly Across the World" event, spanning Hago's major operating
countries. By participating in the event, users could
"travel" virtually to various countries, collect treasures,
claim and nurture their travel companion pets, and tip virtual
gifts tailored to each location's unique culture and traditions.
The event received enthusiastic feedback, with nearly one-third of
Hago's total paid users participating. During the first quarter,
user engagement on Hago also increased notably, with daily average
time spent in social channels rising by 2.8% to 102 minutes, and
time spent in multi-guest audio livestreaming rooms up by 2.9% from
the previous quarter.
In parallel with its innovative product marketing
strategies, JOYY remains steadfast in its commitment to integrating
the principles of sustainable development into the core of its
local operations worldwide. In March, BIGO launched a series of
regional events in the Middle East
and Southeast Asia to celebrate
Ramadan, fostering a sense of community among users during this
festive period. BIGO also forged partnerships with
several international charitable organizations, including the
Indonesian Cancer Foundation, Saudi
Arabia's Namaa National Association, Bangladesh's JAAGO Foundation, and
Pakistan's Alkhidmat Foundation.
Together, BIGO and these charities initiated a number of
charitable donation activities on BIGO's platforms, inspiring
hundreds of thousands of its users to join the cause and
provide assistance to local families, patients, and children in
need.
JOYY has also actively engaged in dialogues with
government agencies, industry leaders, entrepreneurs, and other
stakeholders in its key markets to align the
Company's regional operations with the economic and
sustainable development goals of local communities. For example, in
January, BIGO attended the Jordan-Singapore Tech Alliance Forum,
where BIGO and the Information and Communications Technology
Association of Jordan jointly
signed an MoU. This partnership aims to promote regional
technological innovation and facilitate economic growth. In March,
BIGO participated in LEAP, the largest technology exhibition in the
Middle East, where it showcased
its technologies and AI-driven solutions. BIGO's presence at this
prestigious event underscores the Company's support for the
region's sustainable development and commitment to promoting
entrepreneurship, innovation, and digital transformation.
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 First
Quarter 2024 Unaudited Financial Results" issued by the
Company on May 29, 2024.
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SOURCE JOYY Inc.
