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  • 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.

  • JOYY Inc. (YY) surged in the current market; here is why?

    JOYY Inc. (YY) surged in the current market; here is why?

    JOYY Inc. (YY) surged in the current market after announcing its fourth quarter and fiscal 2021 results. YY values at $38.78, gaining more than 52.62% compared to yesterday’s closing price. The stock closed at $26.41 at the end of the last trading session. The stock volume traded in the previous trading session was around 792.27K shares. The current market cap of the company is about $2.72 billion.

    YY: Q4 and Fiscal 2021 Key Financials

    • JOYY Inc.’s revenue in Q4 2021 was $663.7 million, gaining more than 16.8% compared to the revenue of $568.2 million in Q4 2020.
    • Fiscal 2021 revenue was $2.6 billion, 36.5% more than the revenue of $1.9 billion in fiscal 2020.
    • The company’s net income in Q4 2021 was around $73.2 million, improving compared to the net loss of $118.9 million in Q4 2020.
    • YY’s net loss in fiscal 2021 was around $115.9 million, and profitability declined compared to the net loss of $18.7 million in fiscal 2020.
    • Its gross margin in Q4 was 11% compared to a net loss margin of 20% in Q4 2020.
    • The net loss margin is 4.4% in fiscal 2021. Last year’s net loss margin was 1%.
    • The company had cash and cash equivalents of $4.6 billion as of December 31, 2021.

    YY: Update on Share Repurchase Program

    The company’s board of directors approved $1.2 billion in further share repurchases in 2021. By December 31, 2021, JOYY had repurchased $393 million in shares, $235.7 million of which came from the newly expanded $1.2 billion repurchase plan. JOYY has also given $160 million in dividends. For their long-term support, JOYY intends to reward its shareholders for their faith in the Company’s long-term growth potential.

    YY CEO’s Remarks

    JOYY Chairman and CEO David Xueling Li said that our firm had shown tremendous resilience despite macroeconomic uncertainty and pandemic problems in 2021. We improved monetization across many products through our globalization strategy and strengthened our broad social entertainment ecosystem, resulting in a 36.5 percent year-on-year revenue increase. This year, BIGO and the whole group achieved non-GAAP profitability via greater monetization of several goods, proactive marketing adjustments, and improved operational efficiency.

    Conclusion

    The company is making tremendous progress with Bigo Lie, Likee, and Hago. Bigo Live’s revenue growth was 12.5% yoy. Likee’s growth rate was 26.5%, and Hago stands at 32.1%. The company is optimistic about its brands and anticipates firm growth in fiscal 2022.