Second Quarter 2024 Financial Highlights1
Net revenues were US$565.1 million, compared to US$547.3 million in the corresponding period of 2023.
Net income attributable to controlling interest of JOYY2 was US$52.1 million, compared to US$155.1 million in the corresponding period of 2023.
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY3 was US$74.0 million, compared to US$97.3 million in the corresponding period of 2023.
Second Quarter 2024 Operational Highlights
Average mobile MAUs of Bigo Live was 37.7 million, compared to 38.5 million in the corresponding period of 2023.
Average mobile MAUs of Likee was 35.6 million, compared to 43.2 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
Average mobile MAUs of Hago was 4.4 million, compared to 5.5 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
Global average mobile MAUs4 was 275.2 million, compared to 275.6 million in the corresponding period of 2023.
Total number of paying users of BIGO (including Bigo Live, Likee and imo)5 was 1.66 million, compared to 1.53 million in the corresponding period of 2023.
Average revenue per paying user of BIGO (including Bigo Live, Likee and imo)6 was US$233.5, compared to US$248.0 in the corresponding period of 2023.
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 persistently 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 refinement across all areas and cost optimization has led to improved efficiency, driving a quarter-over-quarter increase in both GAAP and non-GAAP net profits. Furthermore, we continued to implement our share repurchase program, buying back an additional US$71.4 million worth of our shares during the quarter, demonstrating our commitment to delivering value to our shareholders."
"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 experience, and drive operating efficiency to generate sustainable and profitable growth for our global business."
Second Quarter 2024 Financial Results
NET REVENUES
Net revenues were US$565.1 million in the second quarter of 2024, compared to US$547.3 million in the corresponding period of 2023.
Live streaming revenues were US$459.7 million in the second quarter of 2024, compared to US$477.0 million in the corresponding period of 2023.
Other revenues increased by 49.8% to US$105.4 million in the second quarter of 2024 from US$70.4 million in the corresponding period of 2023, primarily due to the substantial growth of our advertisement revenues as we strategically expanded and diversified the revenue streams of BIGO.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 4.8% to US$366.2 million in the second quarter of 2024 from US$349.6 million in the corresponding period of 2023. Revenue-sharing fees and content costs increased to US$263.9 million in the second quarter of 2024 from US$222.6 million in the corresponding period of 2023, mainly driven by increased traffic acquisition costs paid to third-party partners in relation to our advertising business.
Gross profit was US$198.9 million in the second quarter of 2024, compared to US$197.8 million in the corresponding period of 2023. Gross margin was 35.2% in the second quarter of 2024, compared to 36.1% in the corresponding period of 2023.
OPERATING EXPENSES AND INCOME
Operating expenses were US$198.7 million in the second quarter of 2024, compared to US$191.7 million in the corresponding period of 2023. Among the operating expenses, research and development expenses decreased to US$69.9 million in the second quarter of 2024 from US$75.5 million in the corresponding period of 2023, primarily due to decreases in salaries and welfare of US$2.6 million and share-based compensation expenses of US$2.2 million. General and administrative expenses increased to US$40.7 million for the second quarter of 2024 from US$29.0 million in the corresponding period of 2023, primarily due to an impairment loss arising from equity investments.
Operating income was US$2.3 million in the second quarter of 2024, compared to US$9.4 million in the corresponding period of 2023. Operating income margin was 0.4% in the second quarter of 2024, compared to 1.7% in the corresponding period of 2023.
Non-GAAP operating income7 was US$30.0 million in the second quarter of 2024, compared to US$34.4 million in the corresponding period of 2023. Non-GAAP operating income margin8 was 5.3% in the second quarter of 2024, compared to 6.3% in the corresponding period of 2023.
NET INCOME
Net income attributable to controlling interest of JOYY was US$52.1 million in the second quarter of 2024, compared to US$155.1 million in the corresponding period of 2023. Net income margin was 9.2% in the second quarter of 2024, compared to 28.3% in the corresponding period of 2023. Our net income margin was higher in the previous year primarily due to realized gains from the disposal of certain equity investments of US$77.7 million and foreign currency exchange gains of US$20.3 million.
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US$74.0 million in the second quarter of 2024, compared to US$97.3 million in the corresponding period of 2023. Non-GAAP net income margin9 was 13.1% in the second quarter of 2024, compared to non-GAAP net income margin of 17.8% in the corresponding period of 2023.
NET INCOME PER ADS
Diluted net income per ADS10 was US$0.83 in the second quarter of 2024, compared to US$2.02 in the corresponding period of 2023.
Non-GAAP diluted net income per ADS11 was US$1.17 in the second quarter of 2024, compared to US$1.29 in the corresponding period of 2023.
BALANCE SHEET AND CASH FLOWS
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of US$3,256.8 million. For the second quarter of 2024, net cash from operating activities was US$71.1 million.
SHARES OUTSTANDING
As of June 30, 2024, the Company had a total of 1,142.2 million common shares outstanding, representing the equivalent of 57.1 million ADSs assuming the conversion of all common shares into ADSs.
Business Outlook
For the third quarter of 2024, the Company expects net revenues to be between US$555 million and US$569 million. This forecast reflects the Company's current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.
Share Repurchase Program
During the quarter ended June 30, 2024, the Company repurchased US$71.4 million of its ADSs on the open market under its current US$530 million share repurchase program, which is originally scheduled to expire by the end of November 2024. The board of directors of the Company has authorized to extend the existing share repurchase program of the Company for another 12-month period upon its original expiry date under which the Company may repurchase up to US$400 million of its shares until the end of November 2025.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, August 27, 2024 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 28, 2024). Details for the conference call are as follows:
Event Title: JOYY Inc. Second Quarter 2024 Earnings Conference Call
Conference ID: #10041392
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10041392-jgh7y6.html
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.
The replay will be accessible through September 4, 2024, by dialing the following numbers:
United States:
1-855-883-1031
Singapore:
800-101-3223
Hong Kong:
800-930-639
Conference ID:
#10041392
About JOYY Inc.
JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY's ADSs have been listed on the NASDAQ since November 2012.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY's strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY's goals and strategies; JOYY's future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY's ability to monetize the user base; the developments in the sale of YY Live; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) is net income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds' amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) attributable to controlling interest of JOYY is net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds' amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) attributable to common shareholders of JOYY is net income (loss) attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds' amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries' preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) per ADS is non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds' amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries' preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results" near the end of this press release.
Investor Relations Contact
JOYY Inc.Jane Xie/Maggie YanEmail:
ICR, Inc.Robin YangEmail:
1 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. ("Baidu"), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY's video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed as of February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. As a result, YY Live's historical results were presented in the Company's consolidated financial statements as discontinued operations and the Company ceased consolidation of YY Live's business since February 8, 2021. On January 1, 2024, the Company received a written notice from an affiliate of Baidu, purporting to terminate the share purchase agreement. Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchase agreement and effectively cancel the transaction. The Company is in discussion with Baidu on the next steps following the termination of the share purchase agreement. The Company is also seeking legal advice and will consider all options at its disposal in response to Baidu's written notice and expressly reserve all rights. From January 1, 2024 to the date of this press release, the Company has not obtained control of YY Live and has not consolidated YY Live. To the date of this press release, the latest development of the transaction has not affected the Company's operating activities or financial results.
The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended June 30, 2023, March 31, 2024 and June 30, 2024 and for the six months ended June 30, 2023 and June 30, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, excluding YY Live.
2 Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.
3 Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$22.0 million and US$57.8 million in the second quarter of 2024 and 2023, respectively. Please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results" near the end of this press release for details.
4 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company's mobile active users for each month of such period, by (ii) the number of months in such period.
5 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.
6 Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company's live streaming services on these platforms for that period.
7 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on disposal of subsidiaries and business. Please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results" near the end of this press release for details.
8 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results" near the end of this press release for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues.
10 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.
11 Non-GAAP diluted net income (loss) per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results" near the end of this press release for details.
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)
December 31,
June 30,
2023
2024
US$
US$
Assets
Current assets
Cash and cash equivalents
1,063,956
607,091
Restricted cash and cash equivalents
319,250
385,813
Short-term deposits
1,970,346
2,021,784
Restricted short-term deposits
57,243
54,173
Short-term investments
274,846
187,906
Accounts receivable, net
130,700
115,962
Amounts due from related parties
810
373
Prepayments and other current assets(1)
255,489
251,546
Total current assets
4,072,640
3,624,648
Non-current assets
Long-term deposits
130,000
185,000
Investments
544,542
552,360
Property and equipment, net
390,681
427,097
Land use rights, net
316,070
309,924
Intangible assets, net
333,715
304,430
Right-of-use assets, net
30,173
25,328
Goodwill
2,649,281
2,649,271
Other non-current assets
16,763
21,784
Total non-current assets
4,411,225
4,475,194
Total assets
8,483,865
8,099,842
Liabilities, mezzanine equity and shareholders' equity
Short-term loan
52,119
77,609
Accounts payable
66,755
72,959
Deferred revenue
73,673
77,945
Advances from customers
6,047
4,970
Income taxes payable
86,100
81,669
Accrued liabilities and other current liabilities(1)
2,381,189
2,364,420
Amounts due to related parties
2,533
2,724
Lease liabilities due within one year
12,388
11,520
Convertible bonds
405,603
-
Total current liabilities
3,086,407
2,693,816
Non-current liabilities
Convertible bonds
-
593
Lease liabilities
18,422
14,510
Deferred revenue
12,932
13,397
Deferred tax liabilities
53,955
49,095
Total non-current liabilities
85,309
77,595
Total liabilities
3,171,716
2,771,411
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
December 31,
June 30,
2023
2024
US$
US$
Mezzanine equity
22,133
22,933
Shareholders' equity
Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 890,843,639 shares outstanding as of December 31, 2023; 1,317,840,464 shares issued and 815,693,731 shares outstanding as of June 30, 2024, respectively)
9
8
Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2023 and June 30, 2024, respectively)
3
3
Treasury shares (US$0.00001 par value; 426,996,825 and 502,146,733 shares held as of December 31, 2023 and June 30, 2024, respectively)
(913,939
)
(1,039,866
)
Additional paid-in capital
3,282,754
3,336,280
Statutory reserves
37,709
37,686
Retained earnings
2,947,160
3,043,841
Accumulated other comprehensive loss
(197,010
)
(205,757
)
Total JOYY Inc.'s shareholders' equity
5,156,686
5,172,195
Non-controlling interests
133,330
133,303
Total shareholders' equity
5,290,016
5,305,498
Total liabilities, mezzanine equity and shareholders' equity
8,483,865
8,099,842
(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities.
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
Three Months Ended
Six Months Ended
June 30,
March 31,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
US$
US$
US$
US$
US$
Net revenues
Live streaming(1)
476,981
466,391
459,730
997,374
926,121
Others
70,353
98,169
105,398
133,588
203,567
Total net revenues
547,334
564,560
565,128
1,130,962
1,129,688
Cost of revenues(2)
(349,566
)
(369,197
)
(366,189
)
(728,568
)
(735,386
)
Gross profit
197,768
195,363
198,939
402,394
394,302
Operating expenses(2)
Research and development expenses
(75,540
)
(69,039
)
(69,856
)
(151,315
)
(138,895
)
Sales and marketing expenses
(87,205
)
(94,638
)
(88,132
)
(184,804
)
(182,770
)
General and administrative expenses
(28,966
)
(31,743
)
(40,686
)
(60,935
)
(72,429
)
Total operating expenses
(191,711
)
(195,420
)
(198,674
)
(397,054
)
(394,094
)
Gain on disposal of subsidiary
-
-
1,643
-
1,643
Other income
3,382
3,600
361
6,630
3,961
Operating income
9,439
3,543
2,269
11,970
5,812
Interest expenses
(3,057
)
(2,136
)
(1,864
)
(6,166
)
(4,000
)
Interest income and investment income
46,602
48,927
46,702
90,737
95,629
Foreign currency exchange gains, net
20,316
768
1,125
10,395
1,893
Gain on disposal and deemed disposal of investments
77,737
-
-
77,524
-
(Loss) gain on fair value change of investments
(2,235
)
985
(619
)
(950
)
366
Income before income tax expenses
148,802
52,087
47,613
183,510
99,700
Income tax expenses
(5,382
)
(4,537
)
(2,628
)
(13,540
)
(7,165
)
Income before share of income (loss) in equity method investments, net of income taxes
143,420
47,550
44,985
169,970
92,535
Share of income (loss) in equity method investments, net of income taxes
3,885
(7,395
)
2,805
(2,721
)
(4,590
)
Net income
147,305
40,155
47,790
167,249
87,945
Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders
7,798
5,131
4,276
15,840
9,407
Net income attributable to controlling interest of JOYY Inc.
155,103
45,286
52,066
183,089
97,352
