SINGAPORE, May 28, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the first quarter of 2024.During the first quarter, JOYY's revenue came in at US$564.6 million. The Company's core business segment BIGO continued its topline recovery trend, generating revenues of US$505.2 million, a year-over-year increase of 8.0%. JOYY recorded net profit and non-GAAP net profit1 of US$ 45.3 million and US$67.2 millio ...

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 Highlights1 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 JOYY2 was US$45.3 million, compared to US$28.0 million in the corresponding period of 2023.Non-GAAP net income attribu ...

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 Highlights1 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 JOYY2 was US$45.3 million, compared to US$28.0 million in the corresponding period of 2023.Non-GAAP net income attrib ...

SINGAPORE, May 17, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced that it plans to release its first quarter 2024 financial results after the U.S. market closes on May 28, 2024. The Company’s management will host an earnings conference call at 9:00 PM U.S. Eastern Time on Tuesday, May 28, 2024 (9:00 AM Singapore/Hong Kong Time on Wednesday, May 29, 2024). Details for the conference call are as follows: Event Title:JOYY Inc. First Quart ...

SINGAPORE, May 17, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global technology company, today announced that it plans to release its first quarter 2024 financial results after the U.S. market closes on May 28, 2024. The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on Tuesday, May 28, 2024 (9:00 AM Singapore/Hong Kong Time on Wednesday, May 29, 2024). Details for the conference call are as follows: Event Title:JOYY Inc. First Quarte ...

SINGAPORE, April 27, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global technology company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the Securities and Exchange Commission on April 26, 2024, Eastern Time. The annual report can be accessed on the Company's investor relations website at http://ir.joyy.com. The Company will provide a hard copy of its annual report containing the audited consolidated financial ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

SINGAPORE, April 12, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global technology company, today announced that it is notifying holders of its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 98426T AF3) (the "2026 Notes") that pursuant to the Indenture dated as of June 24, 2019 (the "Indenture") relating to the 2026 Notes by and between the Company and Citicorp International Limited, as trustee, each holder has the right, at the option of such holder, to require the Comp ...

Investment Rating - Neutral rating for YY US with a target price of $37, implying a potential upside of 10.9% [1][2] Core Views - YY's Q4 2023 revenue of $570 million slightly exceeded expectations by 2%, with adjusted net profit of $64 million, up 28% YoY [2] - BIGO segment showed steady recovery with 3% YoY revenue growth in Q4 2023, driven by 8% YoY growth in paying users [2] - Management guided Q1 2024 revenue of $543-560 million, 5% above Bloomberg consensus [2] - 2024 BIGO revenue growth is expected to be 6%, partially offset by adjustments in the voice business [2] - The termination of the YY Live deal with Baidu has negatively impacted investor sentiment [2] Financial Performance - YY's 2023 revenue declined 6% YoY to $2.268 billion, with a 1.4% growth expected in 2024 [5] - Non-GAAP net profit for 2023 was $293 million, with a forecasted decline of 8% to $270 million in 2024 [5] - BIGO Live MAU grew 4% YoY in Q4 2023, with strong growth in Middle East (+13%), Europe (+11%), and Japan/Korea/Australia/New Zealand (+8%) [2][6] - Likee MAU declined 14% YoY in Q4 2023, but ad revenue surged nearly 2.5x for the full year [2] - Hago achieved positive operating cash flow for the first time in 2023 [2] Valuation and Shareholder Returns - Target price revised down to $37 from $39 based on a 10-year DCF model, implying a 2024 P/E of 8x [2] - YY returned $355 million to shareholders in 2023 through dividends and buybacks, representing 122% of adjusted net profit [2] - Over $500 million in buyback capacity remains as of the report date [2] Industry Context - YY is categorized under the entertainment content sub-sector, alongside peers like Bilibili, Kuaishou, and Tencent Music [11] - The report covers a broad range of internet and education companies, with most receiving Buy ratings [11]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) In the fourth quarter of 2023, JOYY's net revenues were US$569.8 million, a decrease from the prior year, yet the company achieved a significant turnaround to a net income of US$45.8 million from a substantial net loss in Q4 2022, with Non-GAAP net income growing to US$64.2 million Fourth Quarter 2023 Financial Highlights | Financial Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | US$569.8 million | US$604.9 million | -5.8% | | Net Income/(Loss) Attributable to JOYY | US$45.8 million | (US$377.5 million) | Turnaround to Profit | | Non-GAAP Net Income Attributable to JOYY | US$64.2 million | US$50.0 million | +28.4% | [Full Year 2023 Financial Highlights](index=1&type=section&id=Full%20Year%202023%20Financial%20Highlights) For the full year 2023, net revenues decreased to US$2,267.9 million, but both GAAP and Non-GAAP net income increased significantly, with GAAP net income more than doubling to US$301.8 million, driven by improved operational efficiency and investment gains Full Year 2023 Financial Highlights | Financial Metric | Full Year 2023 | Full Year 2022 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | US$2,267.9 million | US$2,411.5 million | -6.0% | | Net Income Attributable to JOYY | US$301.8 million | US$128.9 million | +134.1% | | Non-GAAP Net Income Attributable to JOYY | US$292.5 million | US$199.3 million | +46.8% | [Fourth Quarter 2023 Operational Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Operational%20Highlights) Operationally, JOYY experienced mixed results in Q4 2023, with Bigo Live's average mobile MAUs growing by **4.5%** year-over-year and BIGO's total paying users increasing by **7.9%**, while MAUs for Likee and Hago declined due to reduced user acquisition spending - Global average mobile MAUs increased by **2.6%** YoY to **274.9 million**[3](index=3&type=chunk) Fourth Quarter 2023 Operational Highlights | Operational Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Bigo Live Avg. Mobile MAUs | 38.4 million | 36.8 million | +4.5% | | Likee Avg. Mobile MAUs | 39.1 million | 45.3 million | -13.7% | | Hago Avg. Mobile MAUs | 4.6 million | 6.7 million | -31.3% | | BIGO Paying Users | 1.67 million | 1.55 million | +7.9% | | BIGO Avg. Revenue per Paying User | US$244.8 | US$251.3 | -2.6% | [Management Commentary](index=1&type=section&id=Management%20Commentary) [CEO's Review of 2023 and Outlook for 2024](index=1&type=section&id=CEO's%20Review%20of%202023%20and%20Outlook%20for%202024) Chairman and CEO Mr. David Xueling Li highlighted 2023 as a year of progress, marked by enhanced profitability for the third consecutive year and a resumption of MAU growth, with the core strategy for 2024 being 'globalization through localization' to cultivate content ecosystems, explore long-term growth opportunities, and diversify revenue streams - Key achievements in 2023 included relentless optimization of operational efficiency, leading to enhanced profitability for the third straight year[4](index=4&type=chunk) - BIGO's revenue sustained its recovery in Q4, increasing by **3.1%** annually, driven by a **7.9%** YoY growth in paying users[4](index=4&type=chunk) - The core strategy for 2024 is 'globalization through localization' to grow the user community and reinforce leadership in key regions, aiming to diversify revenue streams and capture long-term sustainable growth[5](index=5&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) [Fourth Quarter 2023 Financial Results](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) In Q4 2023, JOYY's net revenues decreased by **5.8%** YoY to **$569.8 million**, yet the company successfully controlled costs and operating expenses, shifting from an operating loss of **$14.2 million** in Q4 2022 to an operating income of **$4.8 million**, with net income attributable to JOYY reaching **$45.8 million** [Net Revenues](index=2&type=section&id=Net%20Revenues) Q4 2023 net revenues were **$569.8 million**, primarily impacted by a decline in live streaming revenues to **$486.2 million** due to adjustments to non-core products, partially offset by growth in BIGO's streaming revenue and a **7.9%** increase in other revenues Net Revenues | Revenue Component | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Live Streaming Revenues | US$486.2 million | US$527.4 million | | Other Revenues | US$83.6 million | US$77.5 million | | **Total Net Revenues** | **US$569.8 million** | **US$604.9 million** | [Cost of Revenues and Gross Profit](index=2&type=section&id=Cost%20of%20Revenues%20and%20Gross%20Profit) Cost of revenues fell by **6.2%** to **$368.4 million** in Q4 2023, resulting in a gross profit of **$201.5 million** and a slight improvement in gross margin to **35.4%** from **35.1%** in the corresponding period of 2022 Cost of Revenues and Gross Profit | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Cost of Revenues | US$368.4 million | US$392.6 million | | Gross Profit | US$201.5 million | US$212.3 million | | Gross Margin | 35.4% | 35.1% | [Operating Expenses and Income](index=2&type=section&id=Operating%20Expenses%20and%20Income) Total operating expenses decreased to **$199.4 million** from **$231.2 million** year-over-year, driven by optimizations in sales and marketing strategies and improved management efficiency, leading to a GAAP operating income of **$4.8 million** - Sales and marketing expenses decreased to **US$92.3 million** due to optimization of marketing strategies to focus on ROI[8](index=8&type=chunk) Operating Expenses and Income | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Operating Income/(Loss) | US$4.8 million | (US$14.2 million) | | Operating Margin | 0.8% | -2.3% | | Non-GAAP Operating Income | US$27.9 million | US$27.8 million | | Non-GAAP Operating Margin | 4.9% | 4.6% | [Net Income and EPS](index=2&type=section&id=Net%20Income%20and%20EPS) The company achieved a net income of **$45.8 million**, reversing a **$377.5 million** net loss from Q4 2022 primarily due to a one-time impairment loss, with Non-GAAP net income growing to **$64.2 million** and diluted net income per ADS at **$0.74** Net Income and EPS | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Net Income/(Loss) Attributable to JOYY | US$45.8 million | (US$377.5 million) | | Non-GAAP Net Income Attributable to JOYY | US$64.2 million | US$50.0 million | | Diluted Net Income/(Loss) per ADS | US$0.74 | (US$5.38) | | Non-GAAP Diluted Net Income per ADS | US$1.01 | US$0.65 | [Balance Sheet and Cash Flows](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flows) As of December 31, 2023, JOYY maintained a strong cash position with **$3.69 billion** in cash, cash equivalents, and short-term deposits/investments, generating **$97.2 million** in net cash from operating activities during the fourth quarter - As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term deposits, and short-term investments totaling **US$3,685.6 million**[12](index=12&type=chunk) - For the fourth quarter of 2023, net cash from operating activities was **US$97.2 million**[13](index=13&type=chunk) [Full Year 2023 Financial Results](index=4&type=section&id=Full%20Year%202023%20Financial%20Results) For the full year 2023, net revenues were **$2.27 billion**, a decrease from 2022, but profitability improved substantially with net income attributable to JOYY increasing by **134.2%** to **$301.8 million**, driven by disciplined marketing, investment gains, and higher interest income, while Non-GAAP net income also rose by **46.8%** to **$292.5 million** Full Year 2023 Financial Results | Metric | Full Year 2023 | Full Year 2022 | | :--- | :--- | :--- | | Net Revenues | US$2,267.9 million | US$2,411.5 million | | Operating Income | US$28.8 million | US$50.7 million | | Non-GAAP Operating Income | US$130.5 million | US$164.0 million | | Net Income Attributable to JOYY | US$301.8 million | US$128.9 million | | Non-GAAP Net Income Attributable to JOYY | US$292.5 million | US$199.3 million | | Diluted Net Income per ADS | US$4.90 | US$1.59 | | Non-GAAP Diluted Net Income per ADS | US$4.13 | US$2.54 | [Business Outlook and Recent Developments](index=4&type=section&id=Business%20Outlook%20and%20Recent%20Developments) [Business Outlook](index=4&type=section&id=Business%20Outlook) JOYY anticipates its net revenues for the first quarter of 2024 to be between **US$543 million** and **US$560 million**, a forecast subject to changes, particularly from macroeconomic uncertainties - For the first quarter of 2024, the Company expects net revenues to be between **US$543 million** and **US$560 million**[16](index=16&type=chunk) [Recent Developments](index=4&type=section&id=Recent%20Developments) The company is actively managing its capital and corporate structure, having extended its share repurchase program with **$25 million** in shares repurchased recently, while also addressing the termination of the YY Live sale by Baidu and seeking legal advice on the matter - In November 2023, the board authorized the continued use of the unutilized **US$530 million** share repurchase quota for another 12 months, with **US$25 million** of shares repurchased as of March 15, 2024[17](index=17&type=chunk) - On January 1, 2024, Baidu terminated the share purchase agreement for YY Live, prompting JOYY to engage in discussions with Baidu, seek legal advice, and consider all available options[18](index=18&type=chunk) [Financial Statements and Reconciliations](index=11&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, JOYY's balance sheet showed total assets of **$8.48 billion**, down from **$9.07 billion** at the end of 2022, with total liabilities decreasing to **$3.17 billion** and total shareholders' equity standing at **$5.29 billion**, reflecting a solid financial position Consolidated Balance Sheets | Balance Sheet Item | Dec 31, 2023 (US$ thousands) | Dec 31, 2022 (US$ thousands) | | :--- | :--- | :--- | | Total Current Assets | 4,072,640 | 4,644,649 | | **Total Assets** | **8,483,865** | **9,071,653** | | Total Current Liabilities | 3,086,407 | 3,071,684 | | **Total Liabilities** | **3,171,716** | **3,568,921** | | **Total Shareholders' Equity** | **5,290,016** | **5,411,366** | [Consolidated Statements of Operations](index=13&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations for the year ended December 31, 2023, detail a net revenue of **$2.27 billion** and a gross profit of **$813.0 million**, achieving a net income attributable to controlling interest of **$301.8 million**, a significant increase from **$128.9 million** in 2022, despite lower revenues Consolidated Statements of Operations | Income Statement Item | Twelve Months Ended Dec 31, 2023 (US$ thousands) | Twelve Months Ended Dec 31, 2022 (US$ thousands) | | :--- | :--- | :--- | | Total Net Revenues | 2,267,870 | 2,411,516 | | Gross Profit | 813,028 | 852,128 | | Operating Income | 28,815 | 50,735 | | Net Income Attributable to Controlling Interest | 301,816 | 128,891 | [Segment Reports](index=18&type=section&id=Segment%20Reports) The segment report for Q4 2023 highlights the BIGO segment as the company's core profit engine, generating **$491.3 million** in net revenues and **$53.0 million** in operating income, while 'All other' segments reported revenues of **$79.0 million** and an operating loss of **$48.2 million** Q4 2023 Segment Performance | Q4 2023 Segment Performance | BIGO (US$ thousands) | All other (US$ thousands) | Total (US$ thousands) | | :--- | :--- | :--- | :--- | | Total Net Revenues | 491,261 | 79,036 | 569,839 | | Operating Income (Loss) | 53,011 | (48,215) | 4,796 | Q4 2023 Non-GAAP Segment Performance | Q4 2023 Non-GAAP Segment Performance | BIGO (US$ thousands) | All other (US$ thousands) | Total (US$ thousands) | | :--- | :--- | :--- | :--- | | Non-GAAP Operating Income (Loss) | 66,973 | (39,042) | 27,931 | | Non-GAAP Net Income (Loss) | 63,507 | (4,124) | 59,383 |