SINGAPORE, Aug. 27, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the second quarter of 2024.
During the second quarter, JOYY's revenue came in at US$565.1 million, a year-over-year increase of 3.3%. The Company's core business segment BIGO continued its topline recovery trend for the fourth consecutive quarter, generating revenues of US$507.2 million, a year-over-year increase of 7.7%. JOYY recorded net profit and non-GAAP net profit[1] of US$52.1 million and US$74.0 million, representing sequential increases of 15.0% and 10.2%, respectively. The Company sustained its positive operating cash flows, generating US$71.1 million in the second quarter.
JOYY continued to advance shareholder returns in the second quarter by repurchasing an additional 2.3 million ADS for a total consideration of US$71.4 million.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "In the second quarter, we continued to build on our growth momentum, delivering solid results. BIGO revenue reached US$507.2 million, a 7.7% year-over-year increase, marking the fourth consecutive quarter of recovery. By consistently expanding and diversifying our revenue streams, BIGO's advertising business maintained rapid growth, emerging as a key driver behind our topline recovery. Our focus on operational refinements and cost optimizations across our business has led to improved efficiency, driving quarter-over-quarter increases in both GAAP and non-GAAP net profits[1]. Globalization through localization remains a strategic priority, and we believe there is still ample room for expansion. Looking ahead, we will continue to innovate product features, enhance user experiences, and drive operational efficiencies to generate sustainable and profitable growth for our global business."
Second Quarter 2024 Financial Highlights
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