The following is a summary of the JOYY, Inc. (YY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• JOYY reported Q1 2024 Group's revenue of $565 million, with the core business unit contributing $505 million.

• Group's non-GAAP net profit reached $67 million, while BIGO's non-GAAP net profit reached $71 million.

• Live streaming revenues from core global products were up 28% YoY due to a 6.9% YoY increase in paying users.

• Non-GAAP net margin increased by 3.4 percentage points to 11.9%.

• The company generated a net cash inflow from operating activities of $35 million and maintains a strong cash balance of $3.6 billion.

Business Progress:

• JOYY diverted advertising resources toward premium users and developed countries, resulting in improved ROI and spending.

• BIGO LIVE launched an intelligent management system for streamers and agencies to improve operational efficiency. The company also engaged in collaborations with international charitable organizations and regional government partnerships.

• BIGO's non-live streaming revenues, primarily from advertising, saw substantial YoY growth.

• JOYY repurchased approximately $54.5 million of its shares in the quarter, with an outstanding share repurchase quota of around $772 million.

• Financial consultants expect BIGO to resume growth and maintain its revenue recovery throughout 2024.

More details: JOYY IR

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