JOYY(YY) - 2024 Q3 - Quarterly Report

Financial Performance - Net revenues for the third quarter of 2024 were US$558.7 million, a decrease of 1.4$567.1 million in the same period of 2023[9]. - Gross profit was US$208.1 million with a gross margin of 37.3$209.2 million and 36.9% respectively in the third quarter of 2023[2]. - Non-GAAP net income attributable to controlling interest was US$61.2 million, down from US$81.2 million in the same period of 2023, resulting in a non-GAAP net income margin of 10.9%[6]. - Operating income was US$16.4 million, with an operating income margin of 2.9$12.0 million and 2.1% in the same period of 2023[16]. - JOYY reported a net income of $63,279,000 for the three months ended September 30, 2024, compared to a net loss of$7,325,000 for the same period in 2023[71]. - JOYY's diluted net income per ADS for the three months ended September 30, 2024, was $1.05, down from$1.86 in the same period of 2023[67]. User Metrics - Average mobile MAUs for Bigo Live decreased to 36.5 million from 40.3 million year-over-year, while Likee's MAUs fell to 33.9 million from 41.0 million[10]. - The total number of paying users for BIGO was 1.62 million, slightly up from 1.61 million in the corresponding period of 2023[10]. - The number of paying users is calculated based on cumulative registered user accounts that have made purchases on Bigo Live, Likee, or imo at least once during the relevant period[43]. Revenue Breakdown - Other revenues increased by 67.2% to US$119.2 million, driven by substantial growth in advertisement revenues[13]. - Live streaming revenues increased to$495.801 million for the three months ended September 30, 2023, compared to $439.482 million in the same period of 2024, reflecting a growth of 12.8$558,654,000, with live streaming contributing $439,482,000[71]. Cash and Assets - As of September 30, 2024, the company had net cash of US$3,302.1 million, down from US$3,357.9 million at the end of 2023[17]. - As of September 30, 2024, total current assets decreased to US$3,287.2 million from US$4,072.6 million as of December 31, 2023, representing a decline of approximately 19.3$481.8 million as of September 30, 2024, down from US$1,064.0 million as of December 31, 2023, a decline of approximately 54.7$2,770.1 million as of September 30, 2024, from US$3,171.7 million as of December 31, 2023, a reduction of about 12.6$8,080.1 million as of September 30, 2024, from US$8,483.9 million as of December 31, 2023, reflecting a decline of approximately 4.8$117.8 million worth of shares during the quarter as part of its share repurchase program[11]. - During Q3 2024, the Company repurchased 3.43 million ADSs for a total of US$117.8 million, bringing the total repurchased in the first three quarters of 2024 to 7.31 million ADSs for US$243.7 million[35]. - JOYY's shareholders' equity as of September 30, 2024, was $23,333,000, compared to$22,133,000 as of December 31, 2023[64]. Research and Development - Research and development expenses for the three months ended September 30, 2023, were $71.608 million, slightly down from$72.360 million in the same period of 2024[47]. - Research and development expenses for the three months ended September 30, 2024, totaled $72,360,000, reflecting an increase in investment in new technologies[71].