{"id":13746,"date":"2024-11-27T13:19:58","date_gmt":"2024-11-27T06:19:58","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=13746"},"modified":"2024-11-27T13:19:58","modified_gmt":"2024-11-27T06:19:58","slug":"joyy-reports-net-profit-of-us60-6-million-share-buybacks-surpass-us117-8-million-in-q3","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=13746","title":{"rendered":"JOYY Reports Net Profit of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3"},"content":{"rendered":"\n\n\n
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SINGAPORE<\/span><\/span>, Nov. 27, 2024<\/span><\/span> \/PRNewswire\/ — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global leading technology company, announced its unaudited financial results for the third quarter of 2024.<\/p>\n

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For the third quarter, JOYY’s revenue reached US$558<\/span>.7\u00a0million, while the Company’s core business segment,\u00a0BIGO,\u00a0generated revenues of US$496<\/span>.0\u00a0million. JOYY’s GAAP and non-GAAP operating income[1]<\/sup>\u00a0were\u00a0US$16.4\u00a0million and US$34<\/span>.9\u00a0million, respectively, up by 623.5% and 16.4% on a quarterly basis. JOYY recorded a net profit and non-GAAP net profit[1]<\/sup> of US$60<\/span>.6\u00a0million and US$61<\/span>.2\u00a0million, for a GAAP and non-GAAP net margin[1]<\/sup>\u00a0of 10.8% and 10.9%, respectively. BIGO’s GAAP and non-GAAP operating income[1]<\/sup>\u00a0reached\u00a0US$62.7\u00a0million and US$72<\/span>.9\u00a0million, respectively, marking sequential increases of 8.2% and 5.0%. The Company sustained its positive operating cash flows, generating US$61<\/span>.1\u00a0million in the third quarter.<\/p>\n

During the third quarter, JOYY actively advanced shareholder returns by buying back an additional US$117<\/span>.8\u00a0million worth of its\u00a0shares. During the first three quarters of 2024, the Company has repurchased 7.31 million of its ADSs for a total of US$243.7 million<\/span>, demonstrating confidence in the company’s long-term prospects.<\/p>\n

Ms. Ting Li, Chairperson and Chief Executive 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\u00a0US$16.4 million and US$34.9 million<\/span>, 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<\/span> 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.”<\/p>\n

Third Quarter 2024 Financial Highlights<\/b><\/p>\n