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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