JOYY Reports Second Quarter 2024 Financial Results: Total Revenues up 3.3% Year Over Year, BIGO Achieves Fourth Consecutive Quarter of Growth

Core Viewpoint - JOYY Inc. reported a solid financial performance in Q2 2024, with a revenue increase driven by its core business segment BIGO, which has shown consistent recovery over the past four quarters [1][2]. Financial Highlights - JOYY's total revenue for Q2 2024 was US$565.1 million, reflecting a year-over-year increase of 3.3% from US$547.3 million in Q2 2023 [3]. - The net income attributable to controlling interest was US$52.1 million, while the non-GAAP net income was US$74.0 million, indicating sequential increases of 15.0% and 10.2% respectively [3]. Business Highlights - BIGO's revenue reached US$507.2 million, marking a 7.7% year-over-year increase and the fourth consecutive quarter of revenue recovery [2][4]. - Bigo Live's monthly active users (MAUs) increased by 1.6% quarter-over-quarter to 37.7 million, with significant growth in developed markets, achieving 9.4% year-over-year growth in MAUs and 20.3% in paying users [4]. - Bigo Live launched innovative marketing initiatives, including a partnership with the Esports World Cup, enhancing user engagement and content diversity [5]. - The Real Match feature on Bigo Live saw a nearly doubled daily active user (DAU) penetration rate, with a 14.9% sequential increase in connections and a 9.4% rise in direct chat messages [6][7]. Likee and Hago Performance - Likee maintained profitability with a 34.7% year-over-year increase in advertising revenue, driven by DAU growth in Europe and creator-centric events [8]. - Hago also sustained positive operating cash flow, engaging over 60% of total paying users through zodiac-themed activities and local traditions for Eid celebrations [9][10].