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JOYY Inc. Reports Impressive Q3 2024 Financial Results

In a significant announcement, JOYY Inc. (NASDAQ: YY) released its unaudited financial results for the third quarter of 2024, showcasing impressive gains. For the third quarter, JOYY achieved total revenues of approximately $558.7 million, a noteworthy achievement indicating solid business performance. Among its key segments, the core business component, BIGO, notably generated revenues of around $496.0 million, reinforcing its role as a central pillar of the company’s growth strategy.

The financial metrics reveal that JOYY's GAAP and non-GAAP operating income reached $16.4 million and $34.9 million, marking extraordinary increases of 623.5% and 16.4% respectively on a quarterly basis. This remarkable operating income contributed to a net profit of $60.6 million for the company, with a GAAP net margin of 10.8%. Non-GAAP assessments showed slightly higher margins, with a net profit of $61.2 million, translating to a net margin of 10.9%. Moreover, BIGO achieved significant operating income with GAAP figures of $62.7 million and non-GAAP at $72.9 million, indicating steady growth in operational performance.

In tandem with these impressive financial results, JOYY also took substantial steps to enhance shareholder value, as demonstrated by its active share repurchase program. During this quarter, the company repurchased $117.8 million worth of its shares, part of a broader strategy to bolster shareholder returns. In total, JOYY has repurchased approximately 7.31 million ADSs for around $243.7 million over the first three quarters of the year, signifying strong confidence in its long-term growth prospects.

Ms. Ting Li, the Chairperson and CEO of JOYY, commented on the firm's strategic efforts during Q3, highlighting how they have effectively advanced their global social and content ecosystem. Her remarks emphasized the continual execution of JOYY's strategic priorities aimed at enhancing operational capabilities and efficiencies, which have decisively resulted in solid outcomes. Ms. Li revealed that the company's emphasis on diversifying revenue streams is yielding positive developments, with non-livestreaming revenue witnessing a 13.1% quarterly growth, contributing 21.3% of total revenues.

Business Highlights for Q3 2024

A closer look at JOYY’s business strategies reveals critical developments across its flagship platforms. BIGO Live, a prominent part of JOYY’s ecosystem, fine-tuned its operational strategy to prioritize high-value advertising investments. This initiative has been coupled with a strong focus on enhancing content quality and user experiences, crucial for driving long-term monetization potential. These efforts were reflected in the platform’s year-on-year growth, with monthly active users (MAUs) expanding by 3.4% and revenue from paying users increasing by an impressive 9.1%.

Furthermore, JOYY introduced significant upgrades aimed at optimizing its content delivery systems, ensuring that content recommendation algorithms efficiently promote cross-regional sharing. These enhancements cater to users’ increasing appetite for diverse and engaging content from around the globe. Among the highlights of the previous quarter was the successful hosting of the third season of