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Joyy reports Q4 revenue $549.4M, consensus $492.33M
Ting Li, chairperson and CEO of Joyy, commented, "In 2024, we made substantial progress in improving operational efficiency and diversifying our revenue streams. For full year 2024, our group's non-GAAP operating income reached US$136.1 million, improving by 4.2%, year over year. Our group's non-livestreaming revenues grew by 55.9% to US$449.8 million year over year. As we embark on a new chapter following the divestiture of YY Live, we have firmly established ourselves as a global technology company with remarkable international reach. Looking ahead, we remain deeply committed to driving diversified growth across our global operations and deepening our penetration in key markets to build on this success. Through AI-driven innovation, we are comprehensively enhancing our operational efficiency and cultivating meaningful experiences for our users. Based on our solid operational execution, we are confident in driving sustainable growth of our global business and creating long-term value for our shareholders."
Joyy reports Q4 adjusted income per ADS $1.77 vs 97c last year
Reports Q4 revenue $549.4M, consensus $555.2M. Global average mobile MAUs was 263.1M, compared to 274.9M in the corresponding period of 2023, primarily due to the company's optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.
Joyy closes sale of YY Live
Joyy (YY) announced that it entered into agreements with Baidu (BIDU) with respect to the sale of the video-based entertainment live streaming business in mainland China previously owned by the company, known as YY Live, for an aggregate purchase price of approximately $2.1B in cash. The company previously received approximately $1.86B in February 2021, and, on February 25, the company received additional cash consideration of approximately $240M.
Baidu acquires live streaming business in China from Joyy for $2.1B
Baidu (BIDU) announced that Baidu entered into agreements with Joyy (YY) and acquired the video-based entertainment live streaming business in mainland China known as YY Live, previously owned by Joyy. Baidu paid an aggregate purchase price of approximately $2.1B. As part of the transaction, the sum of approximately $1.6B that Baidu previously deposited into escrow accounts in accordance with a share purchase agreement has been fully released to Baidu. Baidu plans to invest such released funds in its cloud and AI infrastructure.
Joyy reports Q3 revenue $558.7M, consensus $564.67M
Ting Li, chairperson and CEO of Joyy, commented, "We continued to execute effectively on our strategic priorities during the third quarter, cultivating our global social and content ecosystem, and enhancing our global operational capabilities and efficiencies, which yielded solid results. Our group's GAAP and non-GAAP operating income were US$16.4 million and US$34.9 million, respectively, up by 623.5% and 16.4% on a quarterly basis. During the third quarter, we continued to cultivate long-term initiatives that will further diversify our revenue streams. Our Group non-livestreaming revenue grew by 13.1% to US$119.2 million quarter over quarter, contributing 21.3% of total revenues. Looking ahead, we remain focused on enhancing user experiences through product innovation, further diversifying our revenue streams, and advancing operational excellence across our global footprint. Supported by our strong cash flow and healthy financial position, we are well-positioned to deliver sustainable, profitable growth and create enduring value for our shareholders."
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