Summary by Moomoo AI
JOYY reported Q3 2024 net revenues of $558.7M, compared to $567.1M in Q3 2023. Operating income surged 623.5% QoQ to $16.4M, while net income attributable to controlling interest reached $60.6M. Live streaming revenues were $439.5M, with other revenues growing 67.2% YoY to $119.2M, driven by substantial growth in advertising.The company's global average mobile MAUs reached 272.4M, with Bigo Live at 36.5M users. Total paying users of BIGO platforms stood at 1.62M, generating an ARPPU of $231.4. The company maintained strong financial position with net cash of $3.3B as of September 30, 2024.During Q3, JOYY continued to focus on revenue diversification with non-livestreaming revenues growing 13.1% QoQ to $119.2M. The company demonstrated commitment to shareholder returns by repurchasing $117.8M worth of shares during the quarter, with total repurchases of $243.7M in the first three quarters of 2024.
