JOYY(YY)

Search documents
JOYY(YY) - 2023 Q4 - Annual Report
2023-11-29 16:00
Exhibit 99.1 JOYY Reports Third Quarter 2023 Unaudited Financial Results Singapore, November 30, 2023 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company," formerly known as YY Inc.), a global technology company, today announced its unaudited financial results for the third quarter of 2023. Third Quarter 2023 Financial Highlights ● Net revenues were US$567.1 million, compared to US$586.7 million in the corresponding period of 2022. ● Net income attributable to controlling interest of JOYYwas ...
JOYY(YY) - 2023 Q2 - Earnings Call Transcript
2023-08-30 05:15
JOYY Inc. (NASDAQ:YY) Q2 2023 Earnings Conference Call August 29, 2023 9:00 PM ET Company Participants Jane Xie - Senior Manager of Investor Relations David Xueling Li - Chairman and Chief Executive Officer Alex Liu - Vice President of Finance Conference Call Participants Thomas Chong - Jefferies LLC Henry Sun - JPMorgan Chase & Co. Yiwen Zhang - China Renaissance Operator Ladies and gentlemen, thank you for standing by and welcome to the JOYY Inc.'s Second Quarter 2023 Earnings Call. At this time, all part ...
JOYY(YY) - 2023 Q3 - Quarterly Report
2023-08-29 16:00
Financial Performance - Net revenues for Q2 2023 were US$547.3 million, a decrease of 8.2% from US$596.1 million in Q2 2022[1] - Net income attributable to controlling interest was US$155.1 million, compared to US$18.7 million in the same period last year, resulting in a net income margin of 28.3%[8] - Gross profit was US$197.8 million with a gross margin of 36.1%, slightly down from 36.6% in Q2 2022[5] - Operating income was US$9.4 million, down from US$38.7 million in the same period last year, with an operating income margin of 1.7%[7] - Non-GAAP net income attributable to controlling interest was US$97.3 million, compared to US$51.5 million in Q2 2022, with a non-GAAP net income margin of 17.8%[8] - Total net revenues for Q2 2023 were $547,334, a decrease of 8.4% compared to $596,098 in Q2 2022[33] - Live streaming revenues in Q2 2023 were $476,981, down 15.6% from $565,239 in Q2 2022[33] - Operating income for Q2 2023 was $9,439, compared to $38,742 in Q2 2022, indicating a significant decline[33] - Net income attributable to common shareholders for Q2 2023 was $152,537, a substantial increase from $16,401 in Q2 2022[33] User Metrics - Average mobile MAUs of Bigo Live increased by 18.0% year-over-year to 38.5 million, while Likee and Hago saw declines in MAUs due to reduced user acquisition spending[2] - Total number of paying users of BIGO increased by 5.4% to 1.53 million, but average revenue per paying user decreased to US$248.0 from US$285.0[2] - The average mobile monthly active users (MAU) across JOYY's platforms, including Bigo Live, Likee, imo, and Hago, is calculated by dividing the sum of mobile active users for each month by the number of months in the period[23] Shareholder Returns - The company repurchased US$214.3 million worth of shares in Q2 2023, totaling US$299.7 million returned to shareholders in the first half of the year[3] Future Outlook - For Q3 2023, the company expects net revenues to be between US$537 million and US$567 million, reflecting current market conditions[12] Expenses and Investments - Research and development expenses for Q2 2023 were $75,540, up from $62,876 in Q2 2022, reflecting increased investment in innovation[33] - Research and development expenses for the three months ended June 30, 2023, totaled $75,540, up from $41,727 in the same period last year, representing an increase of 80.9%[45] Assets and Liabilities - JOYY's total current assets decreased from US$4.64 billion as of December 31, 2022, to US$4.15 billion as of June 30, 2023[28] - The company reported a total of US$3.57 billion in liabilities as of June 30, 2023, down from US$3.57 billion as of December 31, 2022[30] - JOYY's cash and cash equivalents decreased from US$1.21 billion as of December 31, 2022, to US$759.2 million as of June 30, 2023[28] - The total assets of JOYY decreased from US$9.07 billion as of December 31, 2022, to US$8.42 billion as of June 30, 2023[28] - Total shareholders' equity as of June 30, 2023, was $5,198,547, compared to $5,411,366 as of December 31, 2022[31] - Total liabilities, mezzanine equity, and shareholders' equity amounted to $9,071,653 as of June 30, 2023[31] Segment Performance - Total net revenues for BIGO reached $467,942 thousand, while all other segments contributed $115,716 thousand, resulting in total revenues of $583,628 thousand[51] - Gross profit for BIGO was $174,237 thousand, and for all other segments, it was $30,389 thousand, leading to a total gross profit of $204,626 thousand[51] - Operating income for BIGO was $48,190 thousand, while all other segments reported an operating loss of $45,659 thousand, resulting in a total operating income of $2,531 thousand[55] - Net income for BIGO was $43,382 thousand, compared to a net loss of $23,438 thousand for all other segments, yielding a total net income of $19,944 thousand[51] - Non-GAAP operating income for BIGO was $63,746 thousand, while all other segments reported a loss of $35,986 thousand, resulting in a total non-GAAP operating income of $27,760 thousand[55] Non-GAAP Adjustments - JOYY's non-GAAP net income attributable to controlling interest for Q2 2023 was adjusted by US$57.8 million, compared to US$32.8 million in Q2 2022[22] - JOYY's non-GAAP operating income (loss) is defined as operating income (loss) excluding share-based compensation expenses and other specified items[25] - Non-GAAP net income for the three months ended June 30, 2023, was $90,619, a significant increase from $43,092 in the same period last year, representing a growth of 109%[42] - Non-GAAP operating income for the three months ended June 30, 2023, was $34,427, compared to $59,852 in the same period last year, reflecting a decrease of 42.5%[42]
JOYY(YY) - 2023 Q1 - Earnings Call Transcript
2023-05-31 04:54
JOYY Inc. (NASDAQ:YY) Q1 2023 Earnings Conference Call May 30, 2023 9:00 PM ET Company Participants Jane Xie - Senior Manager, Investor Relations David Xueling Li - Chairman and Chief Executive Officer Ting Li - Chief Operating Officer Alex Liu - Vice President, Finance Conference Call Participants Thomas Chong - Jefferies Yiwen Zhang - China Renaissance Jasmine Wang - Credit Suisse Operator Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc.’s First Quarter 2023 Earnings Call. At this ...
JOYY(YY) - 2023 Q2 - Quarterly Report
2023-05-30 16:00
Exhibit 99.1 JOYY Reports First Quarter 2023 Unaudited Financial Results Singapore, May 31, 2023 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company," formerly known as YY Inc.), a global technology company, today announced its unaudited financial results for the first quarter of 2023. First Quarter 2023 Financial Highlights ● Net revenues were US$583.6 million, compared to US$623.8 million in the corresponding period of 2022. ● Net income attributable to controlling interest of JOYYwas US$28 ...
JOYY(YY) - 2022 Q4 - Annual Report
2023-04-26 16:00
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 12(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, 2022. 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 SECURITI ...
JOYY(YY) - 2022 Q4 - Annual Report
2023-04-26 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-35729 JOYY INC. 30 Pasir Panjang Road #15-31A Mapletree Business City, Singapore 117440 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F þ Form 4 ...
JOYY(YY) - 2022 Q4 - Earnings Call Transcript
2023-03-16 02:45
JOYY Inc. (NASDAQ:YY) Q4 2022 Earnings Conference Call March 15, 2023 9:00 PM ET Company Participants Jane Xie - Senior Manager, Investor Relations David Xueling Li - Chairman & Chief Executive Officer Alex Liu - General Manager of Finance Conference Call Participants Thomas Chong - Jefferies Thomas Shen - Nomura Jasmine Wang - Credit Suisse Yiwen Zhang - China Renaissance Operator Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc. Fourth Quarter and Full Year 2022 Earnings Call. ...
JOYY(YY) - 2022 Q3 - Earnings Call Transcript
2022-11-29 13:45
Financial Data and Key Metrics Changes - JOYY recorded revenues of $586.7 million in Q3 2022, down from $650.5 million in the same period of 2021, primarily due to macroeconomic uncertainties and unfavorable exchange rates [7][25] - Non-GAAP net profit for the group was $76.9 million, with a non-GAAP net margin of 13.1%, compared to $35.1 million and 5.4% in Q3 2021 [7][29] - BIGO segment achieved a non-GAAP net profit of $84.1 million, with a non-GAAP net margin of 17.4%, up from 8.7% in the prior year [29] Business Line Data and Key Metrics Changes - Bigo Live's MAUs increased by 14.2% year-over-year to 45.4 million, with significant growth in Europe and Southeast Asia [10][13] - Likee's operating loss was reduced by 86% compared to the same period last year, indicating progress in narrowing losses [17] - Hago's livestreaming revenue and number of paying users both increased year-over-year, with a significant revenue increase of 409% sequentially from Hago Space [20][21] Market Data and Key Metrics Changes - Bigo Live's MAUs in Europe and the Middle East increased by 9.8% and 7.8% respectively, while Southeast Asia saw a 19.2% increase year-over-year [13] - The company noted that macro uncertainties such as inflation and currency fluctuations are negatively affecting user spending sentiment across various markets [8][34] Company Strategy and Development Direction - JOYY aims to prioritize sustainable, high-quality growth while enhancing operational efficiencies, focusing on product upgrades and localized content offerings [9][22] - The company is committed to a globalization strategy, enhancing international and localized operational capabilities to mitigate risks from relying on any single market [12] - JOYY plans to continue cultivating diverse premium content and innovating interactive product features to improve user experience and community growth [11][22] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but expressed confidence in the company's resilience and ability to capture long-term growth opportunities [9][22] - The company expects Q4 2022 revenues to be between $594 million and $619 million, reflecting limited visibility due to macroeconomic uncertainties [32] - Management highlighted the importance of adapting to shifting market conditions and focusing on high-quality growth despite external challenges [31][34] Other Important Information - JOYY repurchased $14.1 million of its shares in Q3 2022, with a total of $342 million repurchased under a $1.2 billion program [21][30] - The company plans to distribute a dividend of $0.51 per ADS for Q3 2022, reflecting its commitment to returning value to shareholders [30] Q&A Session Summary Question: Q4 revenue guidance breakdown and geographic trends - Management noted that macro uncertainties are affecting user sentiment, but operational activities in Q4, including BIGO's Annual Gala, are expected to offset some negative impacts [33][34] Question: Progress on cost discipline and margin outlook for 2023 - Management reported improved margins in Q3 2022, with BIGO achieving a non-GAAP net margin of 17.4%, and emphasized ongoing cost optimization efforts [36][37] Question: User growth outlook for next year - Management indicated that Bigo Live's user growth has been organic and effective, with plans to continue enhancing monetization capabilities for Likee and Hago [39][40] Question: Impact of the World Cup on operations - Management acknowledged potential negative impacts on user engagement but also highlighted opportunities for special content activities related to the World Cup [41][43] Question: Geopolitical risks and cash usage plans - Management stated that geopolitical risks are a normal operational factor for global companies and emphasized a balanced approach to cash usage, prioritizing core business investments and shareholder returns [44][46][47]