SINGAPORE, May 30, 2023
/PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company",
formerly known as YY Inc.), a global leading technology
internet company, announced its unaudited financial results for the
first quarter of 2023.
JOYY's total revenues in the first quarter of 2023 were
US$583.6 million, including
US$467.9 million of revenue from
BIGO. During the first quarter of 2023, JOYY's non-GAAP net
profit[1] was US$49.9
million, representing a year-over-year increase of 138.7%, with a non-GAAP net margin[1] of
8.5%. BIGO generated a non-GAAP net
profit[1] of US$56.8 million, with
a non-GAAP net margin[1] of 12.1%. JOYY recorded
a positive operating cash flow of US$67.5 million. JOYY's global average mobile
MAUs grew by 1.9% quarter over
quarter, with Bigo Live's MAUs increasing by 19.0% year over year. Likee's core user base
DAUs grew by 5.2% on a quarterly
basis.
Mr. David Xueling Li,
Chairman and CEO of JOYY, commented, "Despite near-term macro
challenges, we remain committed to our strategic priorities and
delivered solid results in the first quarter, as we maintained
strong profitability at the group level and achieved accelerated
growth in Bigo Live's MAUs. Looking ahead, harnessing our global
technological and localized operational capabilities continues to
be our top priority and fundamental to our worldwide business
success. We will cultivate our global user community and provide
exceptional interactive experiences to our users through product
innovation, diverse content, and localized offerings. We are
confident that we are well-placed to seize long-term growth
opportunities and generate sustainable shareholder value."
First Quarter 2023
Financial Highlights
- Net revenues were US$583.6 million, compared to US$623.8 million in the corresponding period of
2022.
- Net income attributable to controlling interest of JOYY was
US$28.0 million, compared to net
loss of US$27.5 million in the
corresponding period of 2022.
- Non-GAAP net income[1] attributable to controlling
interest and common shareholders of JOYY was US$49.9 million, compared to US$20.9 million in the corresponding period of
2022.
First Quarter 2023 Operational Highlights
During the first quarter, Bigo Live sustained its double-digit
user growth momentum for the fourth consecutive quarter, with its
MAUs increasing by 19.0%
year-over-year to 37.7 million.
Growth was observed across several key regions, with 7.3% growth in Europe, 13.2%
growth in the Middle East, and
23.6% growth in Southeast Asia and other emerging markets,
year over year. Bigo Live saw steady recovery in its paying user
growth in the first quarter. The number of paying users in
Europe and North America increased year over year by
9.9% and 10.2%, respectively. Bigo Live's
livestreaming revenues in Europe,
North America, and the
Middle East all rebounded from the
previous quarter. Bigo Live launched a series of operational events
across major regions in the first quarter, and successfully engaged
with and encouraged active participation from its creators and
users. In February, Bigo Live launched the "Big Star Search" event,
a talent competition open to North American participants that
enables Bigo Live to recruit the most exceptional creators.
The event's six-month duration and wide variety of content genres
make it Bigo Live's largest, longest-running, and most impactful
talent competition to date. In the Middle
East, Bigo Live boosted user engagement when it once again
collaborated with Mobile Legends: Bang Bang to livestream the M4
World Championships. The quarter also marked the first
collaboration between Bigo Live and ULTRA ABU DHABI, the first Middle Eastern edition of
the world-famous Ultra Music Festival. During the festival, Bigo
Live brought exclusive live concert experiences to online
audiences. In terms of content development, video content in BAR
increased by 18.7% from the previous quarter, and the average
impressions per user achieved an 8.8% sequential growth.
Sequentially, the number of multi-person room hosts increased by
9.3%, and the number of users going live increased by 8.7%.
Likee made meaningful progress in the first quarter. Likee's
revenues increased by 9.0%
sequentially and it achieved breakeven during the quarter,
after first hitting this milestone in the second half of last
year. In terms of user engagement, Likee's core user base DAUs
increased by 5.2% sequentially.
Importantly, Likee's number of official creators increased by
6.2% sequentially. Likee also reinforced its positioning as an
interest-based community by collaborating with professionals in
various fields, including music, racing, food, and sports. It also
continued to integrate corporate social responsibility into
its daily operations. During Ramadan, Likee partnered with the
Jordanian charitable organization Tkiyet Um Ali (TUA) for the
"Share a Meal" campaign. This initiative encouraged users to post
videos of their Ramadan experience and share blessings during the
holiday. For every user who participated in the
campaign, Likee donated a certain amount of money to TUA on
their behalf. Nearly 100,000 users participated in the event.
During the quarter, Hago remained dedicated to enhancing user
activity and boosting social engagement. By utilizing social
channels including video and audio multiplayer chat rooms,
Hago Space, and Groups and Families,
Hago offers users a growing range of social interaction
opportunities and has created a highly interconnected user
community. In the first quarter, the penetration rate of Hago's
social channels increased by 4.4% sequentially. In addition, the
daily average time spent by users continued to grow, reaching 90.8
minutes. Hago has also conducted multiple rounds of Net
Promoter Score surveys among users, the result of which indicated
consistent enhancement of user satisfaction, particularly in
Indonesia, the Philippines, Brazil, and Mexico. Furthermore, many users have expressed
their appreciation for how Hago enhances their social
experiences.
Investor Relations
Contact:
JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com
ICR, LLC
Robin Yang
Tel: (+1) 646 915-1611
Email: joyy@icrinc.com
[1]. For details of the
non-GAAP measures, including the reconciliations of GAAP measures
to non-GAAP measures, please refer to the press release titled
"JOYY Reports First Quarter 2023 Unaudited Financial Results"
issued by the Company on May 31, 2023.
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SOURCE JOYY Inc.