SINGAPORE, March 18,
2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY"
or the "Company"), a global leading technology company, announced
its unaudited financial results for the fourth quarter and
full year of 2023.
During the fourth quarter, JOYY's revenue came in at US$570 million. The Company's core business
segment BIGO generated revenues of US$491 million, up 3.1% year over year. For the full year of
2023, JOYY's revenue reached US$2.27 billion, with BIGO contributing
US$1.92 billion.
Due to continued optimization of operational efficiencies and
strong execution, JOYY delivered continued profitability for the
third consecutive year. The Company's net profit and non-GAAP net
profit1 for the full year of 2023 reached US$302 million and US$293 million, with GAAP and non-GAAP net
margins1 of 13.3% and
12.9%, respectively. The BIGO
segment's operating profit and non-GAAP operating
profit1 for the full year of 2023 reached US$230 million and US$288 million, with GAAP and non-GAAP
operating profit margins1 of 12.0% and 15.0%, respectively. Notably, all social
entertainment products under the BIGO segment were profitable in
2023. In addition, Hago generated its first-ever positive operating
cash inflow for the year.
Creating and returning value to its shareholders remains an
important priority for JOYY. Over the course of 2023, JOYY
repurchased shares and distributed cash dividends in an aggregate
amount of US$355 million,
equivalent to 121.5% of its annual
non-GAAP net profit1. From 2020 to 2023, JOYY has in
total distributed approximately US$1.38 billion in capital returns.
Mr. David Xueling Li, Chairman
and Chief Executive Officer of JOYY, commented, "2023 proved to be
a year of progress. Importantly, global average mobile MAUs resumed
year-over-year growth for three consecutive quarters.
Our relentless optimization of operational efficiencies led
to continued profitability for the third consecutive year.
During the fourth quarter, BIGO sustained its top line recovery,
with revenue increasing by 3.1% on
an annual basis, driven by a steady 7.9% year-over-year growth in its number of
paying users."
"In 2024, globalization through localization remains our
foremost strategy and the cornerstone for our global success. We
will continue to cultivate our content and social ecosystems to
steadily grow our thriving user community and reinforce our
leadership in core geographic regions. We will dedicate our
resources to build our core strengths, and carefully explore
long-term growth opportunities. By driving innovations in both our
products and operations, we expect to further diversify our revenue
streams and capture long-term sustainable growth."
Full Year 2023 Financial Highlights
- Net revenues for the full year of 2023 were US$2,267.9
million.
- Net income attributable to controlling interest of JOYY for the
full year of 2023 was US$301.8
million, compared to US$128.9
million in 2022.
- Non-GAAP net income1
attributable to controlling interest and common shareholders of
JOYY for the full year of 2023 increased by 46.8% to US$292.5 million from US$199.3 million in 2022. Non-GAAP net income
margin1 for the full
year of 2023 was 12.9%, compared
to 8.3% in 2022.
Fourth Quarter 2023 Financial Highlights
- Net revenues were US$569.8 million in the fourth quarter of
2023.
- Net income attributable to controlling
interest of JOYY in the fourth quarter was US$45.8 million, compared to net loss of
US$377.5 million in the corresponding
period of 2022.
- Non-GAAP net income1 attributable to controlling
interest and common shareholders of JOYY in the fourth quarter was
US$64.2 million, compared to
US$50.0 million in the
corresponding period of 2022.
Fourth Quarter and Full Year 2023 Business
Highlights
According to data.ai (formerly known as App Annie), Bigo Live was ranked as the
World's #2 Social App by consumer spend in 20232. Bigo
Live's global success stems from its diversified content ecosystem
and constantly evolving social interaction features.
In the fourth quarter, Bigo Live maintained its user growth
momentum, with MAUs increasing by 4.5% year over year to 38.4 million. Growth was observed across
several key regions, with year-over-year MAU increases of 10.9% in Europe, 8.4%
in the Eastern Pacific Region, and 12.6% in the Middle East. Bigo Live's revenue and paying
users sustained their recovery trend and sequential growth.
During the fourth quarter, Bigo Live organized a series of
events to discover both outstanding creators across various domains
and inspire new and diverse content creation. In October, Bigo Live
hosted the second season of its BIGO's Most Talented creator
contest in North America. This
event attracted talented dancers, singers, musicians, magicians,
comedians, and more. Bigo Live also unveiled a brand-new creator
incentive program across major regions around the world. While
Bigo Live continued to support
experienced professional streamers and PUGC, this program placed a
stronger emphasis on new amateur streamers and UGC. As well as
generous economic rewards, Bigo Live provided comprehensive
training courses for amateur streamers, helping newcomers to
develop their skills and learn the ropes of successful streaming.
The UGC incentive program has already attracted over 300,000
amateur streamers as of the end of 2023. In January, BIGO
successfully held its annual flagship event, the BIGO Awards
Gala, in Las Vegas. The online
livestream of the event attracted over 1.2 million viewers from
across the globe. This year, Bigo Live also hosted regional galas
in various locations, including Indonesia, Vietnam, and the Philippines.
In the fourth quarter, Bigo Live's Family-based activities
encouraged users to further explore and engage in Family events. On
a sequential basis, revenue contributed by Family members increased
by 5.7%. The number of contracted streamers in Families rose by
16.5% and average DAUs in Families increased by
5.5%. Throughout the fourth quarter, Bigo Live personalized
the user experience by refining recommendation algorithms for
its diverse user base. The next-day user retention rate in the
fourth quarter rose by 2.3% sequentially, while average viewer time
spent per session surged by 6.4%. By refining and optimizing the
overall matching process, Bigo Live successfully leveraged Real
Match to cultivate a greater number of stable user connections. In
the fourth quarter, the total number of connections increased by
23.3% sequentially, and the number of direct chat messages between
matched users grew by 14.8%.
In 2023, Likee maintained its strategic focus on its core
Middle East and Europe markets and implemented a series of
targeted operational and product optimizations to drive user
recovery and stimulate monetization growth. The number of
Likee's paying users grew for four consecutive quarters during
2023. In terms of monetization, Likee's revenue for the full year
was up year over year in 2023. Additionally, the recovery of DAUs
in the Developed Countries Region (especially Europe), an evolving creator services
ecosystem, and a more established business and creator marketplace,
all contributed to Likee's advertising revenues growing by nearly
2.5 times for the full year
of 2023. Thanks to the steady progress on diversifying its
monetization channels and disciplined spending, Likee has achieved
its first full-year profitability in 2023. Likee also achieved
significant breakthroughs in key markets in 2023. According to
data.ai (formerly known as App
Annie), Likee was ranked as Saudi
Arabia's #3 Social App by consumer spend in
20232.
In the fourth quarter, Likee introduced text and image posting
features alongside new monetization options, enabling user
subscriptions for both video collections and individual videos.
These features offer creators greater flexibility in terms of
content formats, opening up new opportunities for
monetization. During the fourth quarter, Likee continued to
enhance its content production quality, leading to 2.7% sequential
growth in average user time spent. Thanks to upgraded interactive
features, overall user engagement, as measured by the ratio of DAUs
to MAUs, improved by 2.2% in the same period.
According to data.ai (formerly known as App Annie), Hago secured Top 10 positions
in both Indonesia and the Philippines among social apps, in terms of
consumer spending2.
Thanks to enhanced monetization in its core markets, Hago achieved
its first full-year operating cash flow break-even in 2023.
During the fourth quarter, Hago's innovative year-end events and
compelling new operational features drove sequential revenue
growth. Furthermore, user social interactions also improved during
the fourth quarter. Average time spent per user in social channels
increased by 4% sequentially, surpassing 99 minutes.
Average time spent per user in multi-guest voice rooms saw a
similar trend, increasing by 4.9% over the same period.
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 Fourth Quarter and Full
Year 2023 Unaudited Financial Results" issued by the Company on
March 19, 2024.
2. Based on data.ai (formerly known as App Annie)'s State of Mobile report published in
January 2024.
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SOURCE JOYY Inc.