SINGAPORE, Aug. 29, 2022 /PRNewswire/ — JOYY Inc. (NASDAQ:YY) (“JOYY” or the “Company”, formerly known as YY Inc.), a global video-based social media company, announced its unaudited financial results for the second quarter of 2022.
JOYY’s total revenues in the second quarter of 2022 were US$596.1 millionwith BIGO’s revenues reaching US$502.6 million. In the second quarter of 2022, JOYY’s non-GAAP net income (excluding YY Live) was US$51.5 million with a corresponding non-GAAP net income margin of 8.6% (compared to -0.1% in the corresponding period in 2021). BIGO generated US$86.3 million in net income with a corresponding net income margin of 17.2% (compared to 3.3% in the corresponding period in 2021). In the second quarter of 2022, JOYY recorded positive net operating cash flow of US$61.7 million.
David Xueling Li, Chairman and CEO of JOYY, commented, “The steady expansion in our profitability in the second quarter amidst current market conditions demonstrated improved efficiency and resilience of our business. We saw positive outcomes from continued iteration of our product features and cultivation of our user community , as Bigo Live’s MAU maintained its solid growth momentum, increasing by 10.6% year over year to 32.6 million. The current macro environment has not undermined our proven capabilities in capturing growth potential in the social entertainment sector nor our long-term outlook on the industry . We view the current market fluctuations as opportunities to deepen our focus and plan for the future. By continuing to cultivate diversified, premium content, innovate interactive features, and organize tailored local activities, we will further improve our user experience, and ultimately drive the growth of our user community and global business. We remain committed to generating value for o ur users and creators while improving efficiency and enhancing resilience. As we continue to invest in building our long-term capabilities, we firmly believe that JOYY will emerge from the current uncertainties as a more focused and productive company, and be well positioned to capture long -term growth and generate sustainable shareholder value.”
Second Quarter 2022 Financial Highlights
- Net revenues for the second quarter of 2022 were US$596.1 million.
- Net income from continuing operations attributable to controlling interest of JOYY for the second quarter of 2022 were US$18.7 millioncompared with net loss of US$109.3 million in the second quarter of 2021. Net income margin for the second quarter of 2022 was 3.1%, compared with net loss margin of 16.5% in the second quarter of 2021.
- Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY for the second quarter of 2022 was US$51.5 millioncompared to non-GAAP net loss of US$0.5 million in the second quarter of 2021. …