JOYY Reports Steady Profit Growth for 2024, Full-Year Buybacks Exceed US$300 Million

Core Viewpoint - JOYY Inc. reported strong financial results for the fourth quarter and full year of 2024, highlighting steady revenue growth and profit margins, alongside a commitment to shareholder returns through dividends and share repurchases [1][2][3]. Financial Performance - In Q4 2024, JOYY's revenue was US $549.4 million, with the BIGO segment contributing US$ 480.0 million [1] - For the full year 2024, total revenue reached US $2.24 billion, with BIGO generating US$ 1.99 billion, reflecting a year-over-year increase of 3.3% [1][8] - Non-GAAP net profit for 2024 was US $298.5 million, up 2.0% from 2023, with a non-GAAP net margin of 13.3% [2][8] - Non-GAAP operating profit for the year was US$ 136.1 million, a 4.2% increase year-over-year, with a non-GAAP operating margin of 6.1% [2] Shareholder Returns - In 2024, JOYY repurchased 9.21 million ADSs for US $309.2 million, representing 15.1% of total outstanding shares as of the end of 2023 [3] - The company announced a quarterly dividend policy for the next three years, expecting to pay approximately US$ 600 million in total cash dividends, with US $50 million per quarter [4] Operational Highlights - JOYY focused on enhancing operational efficiency and diversifying revenue streams, with non-livestreaming revenues growing by 55.9% to US$ 449.8 million year-over-year [6] - Bigo Live implemented a multimodal content moderation model and improved user verification processes to enhance community safety [7][9] - Likee's DAUs in Europe increased by 4.4% quarter-over-quarter, and its livestreaming revenue grew by 2.2% sequentially, marking its second consecutive profitable year [12][13] Future Outlook - JOYY aims to drive diversified growth and deepen market penetration through AI-driven innovation and operational enhancements [6] - The company plans to continue its share repurchase program, allowing for up to US$300 million in share buybacks until December 2027 [4]