Core Insights - JOYY Inc. reported strong financial results for Q3 2024, with total revenue of US$558.7 million and significant growth in both GAAP and non-GAAP operating income [2][5] - The company's core business segment, BIGO, generated revenues of US$496.0 million, contributing to overall profitability and positive cash flow [2][4] Financial Performance - JOYY's GAAP operating income was US$16.4 million, reflecting a 623.5% increase quarter-over-quarter, while non-GAAP operating income reached US$34.9 million, up 16.4% [2][4] - The net profit for the quarter was US$60.6 million, with a non-GAAP net profit of US$61.2 million, resulting in net margins of 10.8% and 10.9% respectively [2][5] - BIGO's GAAP and non-GAAP operating income were US$62.7 million and US$72.9 million, marking increases of 8.2% and 5.0% sequentially [2][4] Shareholder Returns - The company repurchased US$117.8 million worth of its shares in Q3 2024, totaling US$243.7 million for the first three quarters, indicating confidence in long-term prospects [3] Business Highlights - BIGO Live focused on advertising investments in developed countries, resulting in a 3.4% year-over-year growth in MAUs and a 9.1% increase in paying users [6] - The platform implemented upgrades to enhance content quality and user engagement, including improved content recommendation algorithms [7][10] - Bigo Live hosted the third season of "BIGO's Most Talented," attracting 5.79 million audience votes, showcasing its community engagement efforts [8] Likee and Hago Performance - Likee's advertising revenue grew by 33.4% year-over-year, maintaining profitability while enhancing user experience through community-building initiatives [11][12] - Hago's revenue increased by 6.1% quarter-over-quarter, driven by targeted incentive strategies, with positive operating cash flow and improved social engagement metrics [13]

Core Viewpoint - JOYY Inc. reported a decline in net revenues and net income for the third quarter of 2024 compared to the same period in 2023, while showing growth in non-livestreaming revenues and operational efficiency improvements. Financial Highlights - Net revenues for Q3 2024 were US$558.7 million, down from US$567.1 million in Q3 2023 [2][5] - Net income attributable to controlling interest was US$60.6 million, compared to US$72.9 million in Q3 2023 [2][13] - Non-GAAP net income attributable to controlling interest was US$61.2 million, down from US$81.2 million in Q3 2023 [2][14] - Live streaming revenues decreased to US$439.5 million from US$495.8 million year-over-year [5] - Other revenues increased by 67.2% to US$119.2 million, driven by significant growth in advertisement revenues [6] Operational Highlights - Average mobile MAUs for Bigo Live were 36.5 million, down from 40.3 million in Q3 2023 [3] - Average mobile MAUs for Likee were 33.9 million, down from 41.0 million, attributed to disciplined spending on user acquisition [3] - Average mobile MAUs for Hago decreased to 4.3 million from 5.0 million [3] - Total global average mobile MAUs were 272.4 million, down from 276.8 million [3] - Total paying users for BIGO increased slightly to 1.62 million from 1.61 million [3] Cost and Profitability - Cost of revenues decreased by 2.1% to US$350.5 million [8] - Gross profit was US$208.1 million, slightly down from US$209.2 million, with a gross margin of 37.3% [9] - Operating expenses were US$192.0 million, a slight increase from US$191.3 million [10] - Operating income rose to US$16.4 million from US$12.0 million, with an operating income margin of 2.9% [11] Shareholder Returns - The company repurchased US$117.8 million worth of shares during Q3 2024, reaffirming its commitment to shareholder returns [4][20] - The total share repurchase program allows for up to US$400 million until November 2025 [21] Business Outlook - For Q4 2024, JOYY expects net revenues to be between US$546 million and US$563 million, reflecting current market conditions and strategies [19]

Group 1: JOYY Overview - JOYY (YY) shares increased by 6.2% to $35.81 in the last trading session, with a higher-than-average trading volume, contrasting with a 0.9% loss over the past four weeks [1] - JOYY benefits from a global user base and a strong portfolio of interactive platforms, including Bigo Live, Likee, and Hago, positioning the company for future growth through innovation and expansion into global commerce SaaS [1] Group 2: Earnings Expectations - JOYY is expected to report quarterly earnings of $0.88 per share, reflecting a year-over-year decline of 27.9%, with revenues projected at $559.97 million, down 1.3% from the previous year [2] - The consensus EPS estimate for JOYY has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] Group 3: Industry Comparison - JOYY is part of the Zacks Internet - Services industry, where another company, 21Vianet (VNET), closed 1.7% lower at $3.42, but has returned 4.2% over the past month [3] - For 21Vianet, the consensus EPS estimate has increased by 25% over the past month to $0.03, representing a 150% change from the previous year, and it currently holds a Zacks Rank of 2 (Buy) [4]

Group 1 - JOYY Inc. plans to release its third quarter 2024 financial results after the U.S. market closes on November 26, 2024 [1] - The earnings conference call will be held at 9:00 PM U.S. Eastern Time on November 26, 2024 [1] - Participants can pre-register for the conference call using a provided link and will receive dial-in numbers and a unique PIN via email [2] Group 2 - JOYY is a leading global technology company focused on enriching lives through technology [3] - The company operates several social products, including Bigo Live, Likee, and Hago, creating a vibrant user community globally [3] - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012 [3]

Core Viewpoint - JOYY's stock remains stagnant in the mid $30s, with investor impatience growing due to lack of dividends and updates on the YY Live sale reversal by Baidu [1][2] - The company has a strong cash position, with $2.7 billion in assets exceeding liabilities, which is favorable compared to its $2 billion market cap [1] Financial Performance - JOYY reported a non-GAAP diluted EPS of $1.17, beating estimates by $0.25, although it was down from $1.29 in Q2 2023 [4] - The company generated $71.1 million in net cash from operating activities, an increase from $61.8 million year-over-year but a decrease from $75 million in Q1 [4] - Operating expenses rose to $198.7 million, primarily due to increased general and administrative costs [4] Share Buyback and Debt Management - JOYY increased its share buyback from $54.5 million to $71.4 million, representing 3.9% of ADS, which is significant for shareholder value [8] - The company bought back a $500 million convertible note for $405 million, reducing both cash and debt [3] Regional Performance - Developed markets showed a 32% year-over-year sales increase, now accounting for 54% of overall sales, indicating a shift in focus towards higher-quality earnings [6] - Sales in mainland China decreased by 23% year-over-year, highlighting the challenges in that market [6] New Business Developments - The BIGO Audience Network emerged as a significant growth area, with non-livestreaming BIGO sales increasing by 162% year-over-year [7] - Shopline, an e-commerce platform, is underperforming and lacks growth, leading to a reassessment of its valuation [7] Future Guidance - JOYY guided for Q3 sales between $555 million and $569 million, with expectations to meet the higher end of this range [11] - The company anticipates a slight decline in non-GAAP BIGO operating profits due to adjustments in its audio livestreaming product [11]

交银国际研究 财务模型更新 互联网 2024 年 8 月 28 日 收盘价 目标价 潜在涨幅 美元 33.57 美元 33.00 -1.7% 欢聚集团 (YY US) 2 季度利润超预期；非核心业务调整拖累下半年收入预期 欢聚2季度利润超预期，主要因费用控制好于预期。海外核心产品收入维持同 比增长趋势，短期部分区域内容政策优化及非核心语音业务调整或拖累下半 年收入增长，我们小幅下调 2024 年收入预测，基于好于预期的费用控制，微 调 2024/25 年经调整净利润预期。基于 10 年 DCF，维持 33 美元目标价及中性 评级。 费用优化带动 2 季度利润超预期。欢聚 2024 年 2 季度收入为 5.7 亿美元， 同比+3%/环比持平，略超我们预期2%。BIGO收入同比+8%，直播同比-1%， 核心产品维持同比增长，主要受 MPU 增长驱动。非直播收入中，广告收 入维持快速增长，2 季度 BIGO 收入占比提升至 13.4%。经调整运营利润 3000 万美元，好于我们预期的 2100 万美元，主要因费用控制好于预期。 展望及估值：我们预计 2024 年 BIGO 收入同比+5%，受广告业务拉动延续 增长趋 ...

JOYY Inc (NASDAQ:YY) Q2 2024 Results Conference Call August 27, 2024 9:00 PM ET Company Participants Tingzhen Xie - Investor Relations Senior Manager Ting Li - Chairperson of the Board & CEO Xueling Li - Co-Founder & Former Director Fuyong Liu - Vice President of Finance Conference Call Participants Thomas Chong - Jefferies Lei Zhang - Bank of America Brian Gong - Citi Operator Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s Second Quarter 2024 Earnings Call. [Operator Instru ...

Exhibit 99.1 JOYY Reports First Quarter 2024 Unaudited Financial Results Singapore, May 29, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global technology company, today announced its unaudited financial results for the first quarter of 2024. First Quarter 2024 Financial Highlights ● Net revenues were US$564.6 million, compared to US$583.6 million in the corresponding period of 2023. ● Net income attributable to controlling interest of JOYY was US$45.3 million, compared to US ...

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 n ...

SINGAPORE, Aug. 28, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the second quarter of 2024. Second Quarter 2024 Financial Highlights1 Net revenues were US$565.1 million, compared to US$547.3 million in the corresponding period of 2023.Net income attributable to controlling interest of JOYY2 was US$52.1 million, compared to US$155.1 million in the corresponding period of 2023.Non-GAAP net income at ...