HomeEnterpriseJOYY Experiences Internet Revenue of US$60.6 Million, Share Buybacks Surpass US$117.8 Million...

JOYY Experiences Internet Revenue of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3 By Investing.com

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For the third quarter, JOYY’s income reached US$558.7  million, whereas the Firm’s core enterprise phase,  BIGO,  generated revenues of US$496.0  million. JOYY’s GAAP and non-GAAP working revenue[1]  have been  US$16.4  million and US$34.9  million, respectively, up by 623.5% and 16.4% on a quarterly foundation. JOYY recorded a web revenue and non-GAAP web revenue[1] of US$60.6  million and US$61.2  million, for a GAAP and non-GAAP web margin[1]  of 10.8% and 10.9%, respectively. BIGO’s GAAP and non-GAAP working revenue[1]  reached  US$62.7  million and US$72.9  million, respectively, marking sequential will increase of 8.2% and 5.0%. The Firm sustained its optimistic working money flows, producing US$61.1  million within the third quarter.

Through the third quarter, JOYY actively superior shareholder returns by shopping for again a further US$117.8  million value of its  shares. Through the first three quarters of 2024, the Firm has repurchased 7.31 million of its ADSs for a complete of US$243.7 million, demonstrating confidence within the firm’s long-term prospects.

Ms. Ting Li, Chairperson and Chief Govt 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 Monetary Highlights

Internet revenues within the third quarter of 2024 have been US$558.7 million.Internet revenue attributable to controlling curiosity of JOYY was US$60.6 million within the third quarter.Non-GAAP web revenue[1] attributable to controlling curiosity and customary shareholders of JOYY was US$61.2 million  within the third quarter.

Third Quarter 2024 Enterprise Highlights

Within the third quarter, Bigo Reside sharpened its operational technique by prioritizing promoting investments and operational sources towards developed international locations and premium customers, and concurrently enhanced its content material high quality and social experiences to drive long-term person monetization potential. This focused method yielded robust leads to core developed international locations, the place MAUs grew 3.4% 12 months over 12 months and three.7% quarter over quarter, and paying customers elevated 9.1% 12 months over 12 months. Bigo Reside additionally achieved  encouraging momentum within the Center East, the place its income elevated 5.6% sequentially.

To additional improve its world content material and social ecosystem, Bigo Reside applied a sequence of upgrades to spice up the creation, high quality, and distribution of content material on its platform. For instance, Bigo Reside fine-tuned its content material suggestion algorithms to raised facilitate content material sharing inside same-language areas and broaden cross-regional content material circulate between extremely interactive markets. These enhancements streamlined  its cross-regional content material supply and higher served  customers’ rising urge for food for world content material and social connections.

Within the final quarter, Bigo Reside efficiently hosted the third season of “BIGO’s Most Talented”, that includes classes in Music, Dance and Magnificence Pageantry. The occasion attracted excellent creators from world wide. Constructing on earlier seasons, the third season launched a extra rounded judging system incorporating key viewers engagement metrics. This allowed a seamless merger of interactive livestreaming components with conventional expertise present components. The occasion resonated strongly with viewers, amassing a powerful 5.79 million viewers votes. Bigo Reside additionally strengthened bonds with its enterprise companions and person group via a sequence of mid-year galas throughout Saudi Arabia, Vietnam, Thailand, and the Philippines. These gatherings introduced collectively the cornerstone members of Bigo Reside’s ecosystem – high creators, customers and companions – to rejoice their achievements and important contributions to the platform’s progress within the first half of the 12 months.

Bigo Reside additionally additional developed its social engagement options, prioritizing enhancements to Actual Match and messaging performance. These upgrades drove deeper person connections and extra environment friendly observe conversions. Notably, Actual Match’s common DAU penetration charge elevated considerably to 23.4%, whereas the variety of direct chat messages rose by 15.9% from the earlier quarter. Bigo Reside additionally achieved  a 4.3% rise in common new follows per person. By directing site visitors to premium hosts and upgrading interactive options, Bigo Reside boosted  creator participation and person engagement in multi-guest rooms. Bigo Reside achieved a 3.9% sequential improve within the penetration charge of streamers in multi-guest rooms, alongside a 3.6% sequential improve within the total charge of customers going stay as visitor audio system.

Likee stays  rooted within the Center East and European markets, the place it continues  to construct momentum and improve monetization throughout  each livestreaming and promoting. Because of this, Likee’s promoting income grew 33.4% 12 months over 12 months within the third quarter, and Likee maintained its profitability.

Through the quarter, Likee  elevated its  person expertise throughout its core markets via enhanced content material high quality, interactivity, and group engagement. A standout community-building initiative was its August music pageant tour throughout 5 European cities, which introduced collectively  Likee’s high creators, together with  music bloggers and  dance teams,  alongside established performers and celebrities. This distinctive occasion delivered an unprecedented interactive expertise for the Likee group. In September, Likee served because the official media accomplice for Phygital Video games 2024, offering eight days of livestreaming protection to immerse customers within the aggressive prowess of high athletes in digital soccer, basketball, laser taking pictures, and simulated dance. Likee’s expanded premium content material choices and content material range drove a 12.3% quarter-over-quarter improve in customers’ video time spent.

Within the third quarter, Hago’s focused incentive technique throughout totally different paying person segments drove improved monetization metrics. This technique resulted in optimistic momentum in each its paying customers and ARPPU, with its income rising 6.1% quarter over quarter. Hago maintained a optimistic working money circulate within the third quarter, and its working losses additional narrowed. Hago’s social engagement metrics additionally remained robust, with common time spent in social channels rising 2.5% quarter over quarter to 105.8 minutes, and next-day retention charges exhibiting sustained enchancment.

[1]. For particulars of the non-GAAP measures, together with the  reconciliations of GAAP measures to non-GAAP measures, please seek advice from the press launch titled “JOYY Reports Third  Quarter 2024 Unaudited Financial Results” issued by the Firm on November  27, 2024.

 

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