The following is a summary of the JOYY Inc. (YY) Q3 2024 Earnings Call Transcript:
Financial Performance:
JOYY Inc. reported Q3 2024 group revenue of $558.7 million, a slight decrease from the previous year.
BIGO segment revenue was $496 million, with non-livestreaming revenue growing 15.5% sequentially to $78.2 million largely due to increased advertising revenues in Europe and North America.
Gross profit was $208.1 million with a gross margin of 37.3%; BIGO's gross margin stood at 37%.Group's GAAP operating income was $16.4 million, up by 623.5% from the previous quarter.
GAAP net income for JOYY was $60.6 million, with a net margin of 10.8%.
Business Progress:
Continued advancement of globalization strategy, enriching user interactions and monitoring content quality across different languages.
Introduced AI-powered real-time caption translation setting new global content guidelines.
Significant focus on Developed Countries leading to consistent year-over-year and sequential user growth in the region.
Redirected resources towards new social livestreaming products to enhance Likee's core market monetization.
Opportunities:
Strong focus and successful revenue growth in Developed Countries highlight an effective market expansion strategy.
Robust advertising revenue growth from both BIGO and Likee shows considerable potential in product innovation and diversified revenue streams.
Risks:
Anticipated short-term fluctuations in BIGO's live streaming revenues due to proactive adjustments in content and product features, which may impact the operating margin in the short term.
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
