SINGAPORE, Aug. 29,
2023 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY"
or the "Company"), a global technology company, announced its
unaudited financial results for the second quarter of 2023.
During the second quarter of 2023, JOYY's total revenues were
US$547.3 million, with the BIGO
segment's revenue reaching US$471.1
million. JOYY recorded net profit and non-GAAP net
profit[1] of US$155.1 million and US$97.3 million, with GAAP and non-GAAP net
margins[1] of 28.3% and 17.8%, respectively. The BIGO
segment generated US$60.4 million
operating profit and US$75.5 million
non-GAAP operating profit[1], and it further expanded
its GAAP and non-GAAP operating profit margin[1]
to 12.8% and 16.0%, respectively. JOYY also maintained a
positive operating cash flow of US$61.8
million. At the same time, JOYY's global MAUs achieved both
year-over-year and quarter-over-quarter growth to 275.6 million. Of
particular note, Bigo Live's MAUs sustained its strong growth
momentum. This was the fifth consecutive quarter in which Bigo Live
recorded double-digit year-over-year MAU growth.
In addition, JOYY significantly stepped up its share repurchases
during the second quarter and bought back an additional
US$214.3 million of its shares. In
total, it returned US$299.7 million
to its shareholders through share buybacks and dividends during the
first half of this year.
Mr. David Xueling Li, Chairman
and Chief Executive Officer of JOYY, commented, "Powered by
constant product improvements and operational enhancements, BIGO
successfully navigated macro headwinds and improved its GAAP and
non-GAAP operating margins. At the same time, our global MAUs
achieved both year-over-year and quarter-over-quarter growth.
Notably, Bigo Live sustained its strong user growth momentum,
increasing its MAUs by 18.0% year over year to 38.5 million. Going
forward, we will continue to drive effective, high-quality growth
through ongoing product and operational innovations, and prioritize
initiatives that align with our long-term strategies."
Second Quarter 2023 Financial Highlights
- Net revenues were US$547.3
million, compared to US$596.1
million in the corresponding period of 2022.
- Net income attributable to controlling interest of JOYY was
US$155.1 million, compared to
US$18.7 million in the corresponding
period of 2022.
- Non-GAAP net income[1] attributable to controlling
interest and common shareholders of JOYY was US$97.3 million, compared to US$51.5 million in the corresponding period of
2022.
Second Quarter 2023 Business Highlights
During the second quarter, Bigo Live maintained its
double-digit user growth momentum for the fifth consecutive
quarter, with MAUs increasing by
18.0% year over year to 38.5
million. Growth was observed
across several key regions, with year-over-year growth rates
of 10.3% in Europe, 14.9% in the
Middle East, and
20.8% in Southeast
Asia and other emerging markets. During the quarter, Bigo
Live launched a series of themed activities across various regions,
delivering a continuous stream of diverse, local, and premium
content to users. In April, Bigo Live partnered with
a social media influencer and launched a reality
dating show in North America. This
was the second original reality show to have its production
process, including script planning, filming, production, and
marketing, carried out by Bigo Live's local team. Bigo Live's
Family Month event introduced in May generated significant user
interest and attention. The number of contracted streamers who are
members of a Family grew by 5.1% from the first quarter, and daily
paying users with Family membership rose by 3.8%. On the content
development front, Bigo Live retained its focus on incentivizing
the creation of video content in the BAR channel, which drove a
26.5% sequential increase in the amount of BAR video content
produced in the second quarter, with the total number of video
shares and downloads doubling over the same period. At the same
time, Bigo
Live enhanced social
interactions, which fueled a 1.0% sequential increase
in the number of users going live in multi-guest rooms, along with
a 15.1% sequential increase in the number of users actively
engaging per live session. Alongside these developments, Bigo Live
is actively and progressively embedding social responsibility into
its day-to-day operations. During the quarter,
Bigo Live extended its support to various programs under
several international charities such as the Indonesian Cancer
Foundation (YKI) and the Children's Cancer Center of Lebanon (CCCL).
Likee's focus remains set on improving product
monetization efficiency and organic user acquisition capabilities.
During the second quarter, Likee increased its revenues by 11.2%
sequentially, and continued to deliver profitability at the product
level. This marks its second consecutive half-year of achieving
breakeven, after initially doing so in the second half of last
year. Likee also further enhanced user interactions within its
community. In the second quarter, overall user engagement, as
measured by the ratio of DAUs to MAUs, grew by 4.2% sequentially,
while average user time spent increased by 15.8% in the same
period. IM penetration rate continued to grow, increasing by
6.8% sequentially. In the second quarter, Likee further developed
its creator services and improved user content and social
experiences. To increase creators' efficiency, Likee rolled out a
video collection feature to streamline the video production
process. Likee also furnished creators with data and analytics
tools to help them fine-tune their content and better align it with
the interests of their audience. Likee has also supported its
content creators by connecting them with e-commerce platforms and
brand merchants to generate additional monetization channels. As a
result of continuous and comprehensive creator support programs,
the number of official creators on Likee increased by
4.0% sequentially in the
second quarter.
During the second quarter, Hago's revenue increased by
6.4% sequentially, with continued optimization of
monetization efficiency and user social
engagement. To improve users' paying
sentiment and enhance monetization, Hago launched
Celebration Rooms, a new kind of multi-guest room themed for
specific occasions such as birthday parties. It also introduced a
voting feature to multi-guest rooms and enabled additional
decorations and communication privileges for Hago couples.
Hago also optimized the distribution of multi-guest, real-time
interactive rooms across different regions, and effectively
upgraded users' interactive social experiences through the
gamification of dressing-up 3D avatars. These product development
efforts resulted in a 1.2% sequential increase in the penetration
rate of Hago's social channels. Average user time spent on Hago per
day also rose, growing by 5.2% from the first quarter of
2023.
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 2023
Unaudited Financial Results" issued by the Company on August 30, 2023.
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SOURCE JOYY Inc.