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Tag: Joyy

  • Impressive Financial Performance Propels JOYY Inc. (YY) Stock Up

    Impressive Financial Performance Propels JOYY Inc. (YY) Stock Up

    The shares of JOYY Inc. (NASDAQ: YY) garnered notable momentum in the preceding trading session, experiencing a 3.44% upswing to settle at $33.37, a move catalyzed by the unveiling of its quarterly financial outcomes.

    JOYY (YY) disclosed its unaudited fiscal performance for the fourth quarter and entirety of 2023. Throughout the fourth quarter, JOYY accumulated revenues totaling US$570 million. Notably, the firm’s principal operational division, BIGO, generated revenues of US$491 million, marking a 3.1% augmentation compared to the previous year. The fiscal year 2023 saw JOYY’s revenues culminate at US$2.27 billion, with BIGO constituting a significant portion at US$1.92 billion.

    The steadfast commitment to generating value for its stakeholders remains a paramount objective for JOYY. Throughout 2023, JOYY engaged in share repurchases and disbursed cash dividends amounting to US$355 million collectively, representing 121.5% of its annual non-GAAP net profit. Over the period spanning from 2020 to 2023, JOYY has disbursed approximately US$1.38 billion in capital returns.

    The year was characterized by substantial progress. Notably, the global average mobile Monthly Active Users (MAUs) demonstrated consecutive year-over-year growth for three successive quarters. YY’s relentless pursuit of operational efficiencies resulted in sustained profitability for the third consecutive year. In the fourth quarter, BIGO sustained its upward revenue trajectory, recording a 3.1% annual increase, driven by a consistent 7.9% year-over-year expansion in its paying user base.

    During the fourth quarter, Bigo Live maintained its momentum in user growth, with MAUs increasing by 4.5% compared to the previous year, totaling 38.4 million. This growth was observable across several key regions, with year-over-year MAU surges of 10.9% in Europe, 8.4% in the Eastern Pacific Region, and 12.6% in the Middle East.

    Throughout 2023, Likee adhered to its strategic focus on core markets in the Middle East and Europe, implementing targeted operational and product enhancements to drive user recovery and stimulate monetization growth.

    In the fourth quarter, Hago’s innovative year-end initiatives and introduction of compelling operational features contributed to sequential revenue growth. The average time spent per user in social channels escalated by 4% sequentially, surpassing 99 minutes, while the average time spent per user in multi-guest voice rooms exhibited a similar trend, increasing by 4.9% over the same duration.

  • Baidu Inc. (NASDAQ: BIDU) set to take over Joyy Inc. (NASDAQ: YY) in a bid to enter video streaming space

    Baidu Inc. (NASDAQ: BIDU) set to take over Joyy Inc. (NASDAQ: YY) in a bid to enter video streaming space

    Baidu Inc. (NASDAQ: BIDU) takes yet another step to diversify into its core search company and play catch-up in video entertainment, as the Chinese tech giant revealed it is set to take over Joyy Inc. (NASDAQ: YY) live-streaming service YY Live in China for $3.6 billion in an all-cash transaction.

    The report Baidu Inc. (NASDAQ: BIDU)shared along with its quarterly earnings is probably the best breakthrough into video streaming for the Chinese company. In this deal, YY is only selling its Chinese business to Baidu. The Company confirmed that the completion of the deal is subject to some constraints and is actually scheduled to take effect in the first half of 2021.

    The acquisition comes at a time when the search giant has been trying to battle rivals such as ByteDance, who have eaten away their online advertisement supremacy as Chinese consumers pay more attention to content recommendation apps driven by algorithms.

    Meanwhile, as its home market is saturated with video giants such as Kuaishou and TikTok’s sister Douyin, the sale enables Joyy to further emphasis on overseas expansion. Joyy has accrued more than 4 million paying viewers who watch influencers entertain and sell a variety of products on the video platform, deemed the leader in China’s live streaming industry.

    Last year, Joyy Inc. ( YY)completed a $1.45 billion buyout of Bigo, a project initiated by its own promoter to test the overseas market. Bigo runs the Bigo Live streaming service and the quick video app Likee, both of which have huge follow-ups outside China, but were recently suspended by the Indian government as border tensions flared up between India and China.

    “This acquisition would propel Baidu into a dominant live streaming network and augment our source of revenue,” Baidu’s co-founder and chief executive, Robin Li, said in a statement.

    In China’s video streaming industry, Baidu faces an enormous challenge. Kuaishou and Douyin, regarded as the top names in short videos in the region, have made live streaming an integral part of their user interface to increase monetization and user interaction (through the likes of virtual gifting).

    In June, Kuaishou hit 300 million active users daily, and in January, Douyin surpassed 400 million DAUs. In contrast, as of September, Baidu Inc. (NASDAQ: BIDU)flagship app had around 200 million DAUs. YY had about 40 million monthly concurrent users online live in the third quarter.