JOYY Inc., a global technology company, has announced its unaudited financial results for the second quarter of 2024. The company reported a 3.3% year-over-year increase in total revenues, reaching $565.1 million. Notably, JOYY’s core business segment, BIGO, achieved its fourth consecutive quarter of growth, generating $507.2 million in revenue, a 7.7% increase from the previous year. This performance highlights JOYY’s strategic focus on expanding and diversifying its revenue streams, particularly through its advertising business.
Financial Performance Highlights
JOYY’s financial performance in the second quarter of 2024 was marked by significant achievements. The company’s net income attributable to controlling interest was $52.1 million, compared to $155.1 million in the same period of 2023. Non-GAAP net income attributable to controlling interest and common shareholders was $74.0 million, down from $97.3 million in the previous year. Despite these declines, JOYY maintained positive operating cash flows, generating $71.1 million during the quarter.
The company’s average mobile monthly active users (MAUs) for Bigo Live increased to 37.7 million, reflecting a 1.6% quarter-over-quarter growth. However, Likee and Hago saw declines in MAUs due to disciplined spending on user acquisition via advertisements. Overall, JOYY’s global average mobile MAUs stood at 275.2 million, slightly down from 275.6 million in the corresponding period of 2023.
BIGO’s Continued Growth
BIGO, JOYY’s core business segment, continued its impressive growth trajectory in the second quarter. The segment’s revenue reached $507.2 million, marking a 7.7% year-over-year increase. This growth was driven by the company’s strategic focus on reallocating advertising budgets and operational resources to regions with high monetization potential. As a result, BIGO’s advertising business emerged as a key driver behind JOYY’s topline recovery.
The number of paying users for BIGO, including Bigo Live, Likee, and imo, increased to 1.66 million, up from 1.53 million in the previous year. However, the average revenue per paying user decreased to $233.5, compared to $248.0 in the same period of 2023. Despite this decline, BIGO’s overall performance remained strong, contributing significantly to JOYY’s financial results.
Strategic Initiatives and Future Outlook
JOYY’s strategic initiatives in the second quarter focused on operational refinement and cost optimization. The company continued to implement its share repurchase program, buying back an additional $71.4 million worth of shares during the quarter. This move demonstrated JOYY’s commitment to delivering value to its shareholders and maintaining a strong financial position.
Looking ahead, JOYY plans to continue its focus on globalization through localization. The company aims to innovate product features, enhance user experience, and drive operating efficiency to generate sustainable and profitable growth. With a strategic emphasis on expanding its global footprint, JOYY is well-positioned to capitalize on new opportunities and maintain its growth momentum in the coming quarters.
