JOYY Inc. reports recurring developments across its global technology and social entertainment business, including live streaming, mobile advertising and social products such as Bigo Live, Likee, imo and Hago. Company news commonly covers quarterly and annual results, revenue trends in live streaming and advertising, BIGO Ads activity, platform traffic quality, advertiser partnerships and product monetization initiatives.
Updates also include shareholder-return actions through dividends and share repurchases, annual Form 20-F reporting, and third-party recognition or ecosystem partnerships tied to BIGO Ads. The recurring themes reflect JOYY's mix of social entertainment platforms and advertising technology under the BIGO business and related product groups.
On June 14, 2024, JOYY announced the results of its repurchase right offer for its 1.375% Convertible Senior Notes due 2026. The offer, which expired on June 13, 2024, saw US$405,445,000 worth of notes surrendered. JOYY accepted all surrendered notes and forwarded cash payments to Citibank for distribution. Payments will be made by June 17, 2024, as June 15 falls on a Saturday. Documents related to this offer are available on the SEC's website and JOYY's investor relations website.
JOYY (NASDAQ: YY) announced its unaudited financial results for Q1 2024, reporting revenues of $564.6 million. The BIGO segment showed strong performance with revenues of $505.2 million, a year-over-year increase of 8.0%, and a 6.9% rise in paying users. JOYY's net profit reached $45.3 million, a 34.8% increase from the previous year. Non-GAAP net profit was $67.2 million, with net margins of 8.0% and 11.9%, respectively. The company generated $75.0 million in positive operating cash flows and repurchased $54.5 million in shares. Various strategic initiatives, including innovations and community events, contributed to these results. Looking ahead, JOYY aims to enhance product experience and drive sustainable growth.
JOYY (NASDAQ: YY) announced its unaudited financial results for Q1 2024. Net revenues were $564.6M, down from $583.6M in Q1 2023. Net income attributable to JOYY was $45.3M, up from $28.0M. Non-GAAP net income was $67.2M, compared to $49.9M in Q1 2023. Average mobile MAUs for Bigo Live, Likee, and Hago saw declines, while global MAUs slightly increased to 277.3M. The number of paying users grew to 1.67M. The company repurchased $54.5M worth of shares in Q1 2024. For Q2 2024, JOYY expects net revenues between $538M and $569M.
JOYY (NASDAQ: YY), a global technology company, announced it will release its Q1 2024 financial results on May 28, 2024, after the U.S. market closes.
A subsequent earnings conference call is scheduled for 9:00 PM U.S. Eastern Time on the same day, which corresponds to 9:00 AM Singapore/Hong Kong Time on May 29, 2024.
Participants are required to pre-register via a provided link to receive dial-in details and a unique PIN for access.
The live and archived webcast of the call will be available on JOYY's investor relations website.
The replay will be accessible until June 5, 2024.
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