JOYY Reports Net Profit of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3

Core Insights - JOYY Inc. reported strong financial results for Q3 2024, with total revenue of US$558.7 million and significant growth in both GAAP and non-GAAP operating income [2][5] - The company's core business segment, BIGO, generated revenues of US$496.0 million, contributing to overall profitability and positive cash flow [2][4] Financial Performance - JOYY's GAAP operating income was US$16.4 million, reflecting a 623.5$34.9 million, up 16.4% [2][4] - The net profit for the quarter was US$60.6 million, with a non-GAAP net profit of US$61.2 million, resulting in net margins of 10.8% and 10.9% respectively [2][5] - BIGO's GAAP and non-GAAP operating income were US$62.7 million and US$72.9 million, marking increases of 8.2% and 5.0% sequentially [2][4] Shareholder Returns - The company repurchased US$117.8 million worth of its shares in Q3 2024, totaling US$243.7 million for the first three quarters, indicating confidence in long-term prospects [3] Business Highlights - BIGO Live focused on advertising investments in developed countries, resulting in a 3.4% year-over-year growth in MAUs and a 9.1% increase in paying users [6] - The platform implemented upgrades to enhance content quality and user engagement, including improved content recommendation algorithms [7][10] - Bigo Live hosted the third season of "BIGO's Most Talented," attracting 5.79 million audience votes, showcasing its community engagement efforts [8] Likee and Hago Performance - Likee's advertising revenue grew by 33.4% year-over-year, maintaining profitability while enhancing user experience through community-building initiatives [11][12] - Hago's revenue increased by 6.1% quarter-over-quarter, driven by targeted incentive strategies, with positive operating cash flow and improved social engagement metrics [13]