JOYY Reports Third Quarter 2024 Unaudited Financial Results

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]