SINGAPORE, Aug. 27,
2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY"
or the "Company"), a global leading technology company, announced
its unaudited financial results for the second quarter of 2024.
During the second quarter, JOYY's revenue came in at
US$565.1 million, a year-over-year
increase of 3.3%. The Company's core business segment BIGO
continued its topline recovery trend for the
fourth consecutive quarter, generating revenues of
US$507.2 million, a
year-over-year increase of 7.7%. JOYY recorded net profit and
non-GAAP net profit[1] of US$52.1 million and US$74.0 million, representing sequential
increases of 15.0% and 10.2%, respectively. The Company sustained
its positive operating cash flows, generating US$71.1 million in the second quarter.
JOYY continued to advance shareholder returns in the
second quarter by repurchasing an additional 2.3 million ADS for a
total consideration of US$71.4
million.
Ms. Ting Li, Chairperson and
Chief Executive Officer of JOYY, commented, "In the second
quarter, we continued to build on our growth momentum, delivering
solid results. BIGO revenue reached US$507.2 million, a 7.7% year-over-year
increase, marking the fourth consecutive quarter of recovery. By
consistently expanding and diversifying our revenue streams,
BIGO's advertising business maintained rapid growth, emerging as a
key driver behind our topline recovery. Our focus on operational
refinements and cost optimizations across our business has led to
improved efficiency, driving quarter-over-quarter increases in both
GAAP and non-GAAP net profits[1]. Globalization through
localization remains a strategic priority, and we believe there is
still ample room for expansion. Looking ahead, we will continue to
innovate product features, enhance user experiences, and drive
operational efficiencies to generate sustainable and profitable
growth for our global business."
Second Quarter 2024 Financial Highlights
- Net revenues increased by 3.3% to US$565.1 million in the second quarter of 2024,
compared to US$547.3 million in the
corresponding period of 2023.
- Net income attributable to controlling interest of JOYY
was US$52.1 million in the second
quarter.
- Non-GAAP net income[1] attributable to controlling
interest and common shareholders of JOYY was US$74.0 million in the second quarter.
Second Quarter 2024 Business Highlights
In the second quarter, Bigo Live's MAUs increased by 1.6%
quarter over quarter, reaching 37.7 million. Bigo Live's
targeted strategy of reallocating advertising budgets and
operational resources to regions with high-monetization potential
yielded positive results, particularly in developed countries. In
these markets, Bigo Live achieved 9.4% year-over-year growth
in MAUs, 20.3% in paying users, and 11.0% in revenue. Bigo Live
further enhanced its operational efficiency with the launch of an
advanced management system for streamers and agencies. This
innovative system has automated the streamer contracting process,
significantly improving talent discovery and management
capabilities.
During the second quarter, Bigo Live launched a series of
innovative marketing initiatives tailored to local customs and user
preferences, which brought fresh, diverse content to the platform
and injected new energy into its user community. A standout example
was Bigo Live's partnership with the Esports World Cup (EWC) from
June to July. Bigo Live broadcast all Free Fire, MLBB, and PUBG
Mobile events, offering users an immersive gaming experience and
unique opportunities to interact directly with professional
e-sports players. In June, Bigo Live also participated in the 13th
VidCon, held in the United States.
This event showcased Bigo Live's vibrant creator ecosystem and
cutting-edge livestreaming features to top American content
creators, laying the groundwork for Bigo Live to expand its reach
and boost its performance in key markets.
Bigo Live's Real Match feature, launched last year, creates a
space for users to meet new people. After several rounds of
optimization, Real Match's DAU penetration rate
has nearly doubled in the past six months, now exceeding 20%. This
success has had a ripple effect, boosting Bigo Live's user
registration, payment conversion, and overall ROI. Bigo Live
further optimized its Real Match feature by upgrading its
sorting algorithm and integrating Bigo Live Wealth points into
users' profile pages, which improved matchmaking efficiency
and enhanced overall user engagement. In the second quarter, the
total number of Real Match connections increased by 14.9%
sequentially, and the number of direct chat messages between
matched users rose by 9.4% over the same period. Bigo Live further
elevated its livestreaming experience with a suite of upgrades
including more dynamic emoji interactions, seamless cross-room
engagement features, and improved functionality for the Match
feature. These enhancements drove sequential increases of 4.2% in
the number of streamers, 4.8% in the number of streamers in
multi-guest rooms, and 6.5% in the number of users going live.
In the second quarter, Likee remained profitable. Sequential
DAU growth in Europe
and advertising inventory optimization contributed to a 34.7%
year-over-year increase in Likee's advertising revenue. Likee
launched a series of creator-centric events and interactive
features, helping content creators deepen their connections with
their core fan base. This strategic approach is yielding positive
results, with strengthened community ties and enhanced user
retention. In June, Likee hosted its first fantasy music festival,
Likee Fantasy Fest, where outstanding regional creators took the
stage and interacted with fans. Held in Europe, the event provided local users with an
electrifying live experience centered around their love of
animation, film, music, and gaming. These initiatives underscore
its commitment to evolving Likee into a deeply engaging
platform.
In the second quarter, Likee introduced significant upgrades to
its video toolkit by adding advanced AI-powered filters and
effects. These enhancements have enabled the creation of
higher-quality videos, leading to more diverse content and driving
a 1.3% sequential increase in average DAU time
spent.
In the second quarter, Hago sustained its positive operating
cash flow. Hago launched a zodiac-themed activity that
featured customized visual gifts, along with collection and ranking
features. The campaign was a major hit, engaging more than 60% of
total paying users. In the Middle
East, Hago integrated local traditions to create exclusive
interactive features, virtual gifts, and visual effects for Eid
celebration. These initiatives successfully enhanced user activity
in Hago's live rooms.
Hago continued to enhance its user engagement with new
interactive features, including live bullet screen games in voice
rooms and tools to quickly summon Family members into live
sessions. Average time spent per user in Hago's social channels
increased sequentially to 103 minutes, accompanied by steady
improvements in the product's next-day retention rate.
[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 Second
Quarter 2024 Unaudited Financial Results" issued by the Company on
August 28, 2024.
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SOURCE JOYY Inc.