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JOYY Reports Steady Profit Growth for 2024

In its latest announcement, JOYY Inc. (NASDAQ: YY), a prominent technology firm operating on a global scale, disclosed its previously unaudited financial results for the fourth quarter and the complete fiscal year of 2024. JOYY reported that in the fourth quarter, its revenue hit an impressive $549.4 million, with the BIGO segment generating $480.0 million of that total. Overall, for the entire year of 2024, the company achieved a revenue of $2.24 billion, marking a steady increase from previous years.

The primary business unit, BIGO, contributed notably to this growth, recording revenues of $1.99 billion, representing a 3.3% increase year-over-year. This financial performance is no small feat, considering the competitive landscape of the technology sector.

Profit Growth and Financial Health

Driven by a strong execution strategy and enhanced global operations, JOYY illustrated steady profit growth throughout 2024. The company's non-GAAP net profit reached $298.5 million, reflecting a 2.0% increase from the prior year, which also indicated a consistent non-GAAP net margin of 13.3%. Furthermore, JOYY disclosed a full-year operating profit of $136.1 million, marking an increase of 4.2% year-on-year, with an operational margin of 6.1%.

More impressively, the BIGO segment generated an operating profit of $240.9 million, contributing to a non-GAAP operating profit of $286.3 million, reflecting operational margins of 12.1% and 14.4%, respectively. This financial stability lays a solid foundation for JOYY as it continues to pursue future growth targets.

Shareholder Returns and Buyback Programs

JOYY made it clear that returning value to shareholders remains its priority. In 2024, the company repurchased a total of 9.21 million American Depository Shares (ADS) for $309.2 million, which corresponds to 15.1% of outstanding shares as of 2023’s end. This buyback is part of JOYY's broader strategy, hinting at a commitment to sustaining shareholder value.

In addition to this, JOYY unveiled a new quarterly dividend plan, aiming to distribute approximately $600 million over the next three years. Each quarter, shareholders can anticipate approximately $50 million in dividends ($0.93 per ADS). Complementing this initiative, an additional share repurchase program allows for the buyback of up to $300 million in shares until December 2027.

Starting March 31, 2025, JOYY will also undergo a rebranding of its ticker symbol on Nasdaq, transitioning from YY to JOYY.

Leadership Vision

Ms. Ting Li, Chairperson and CEO of JOYY, expressed pride in the company's achievements in 2024, noting, “We have made substantial progress in improving operational efficiency and diversifying our revenue streams. Our future will be marked by the integration of AI-driven innovations to enhance user experiences.