Q2 2024 JOYY Inc Earnings Call Transcript
Key Points
- JOYY Inc (YY) reported a year-over-year revenue increase of 3.3% to $565.1 million for Q2 2024.
- The company achieved a non-GAAP net profit of $74 million, up 10.2% quarter-over-quarter.
- Bigo Live's revenue increased by 7.7% year-over-year, marking the fourth consecutive quarter of top-line recovery.
- JOYY Inc (YY) repurchased $71.4 million worth of shares in Q2, demonstrating a commitment to shareholder returns.
- The company continues to generate robust cash flow, with $71.1 million in positive operating cash flow for the quarter.
- Despite revenue growth, the company's GAAP net income attributable to controlling interest dropped to $52.1 million from $155.1 million in the same period of 2023.
- Bigo's gross margin decreased year-over-year due to a higher contribution of network advertising revenue.
- General and administrative expenses increased to $40.7 million from $29 million in the same period of 2023, primarily due to impairment losses of equity investments.
- The company anticipates near-term fluctuations in Bigo's top-line due to adjustments in content costs and non-core audio live streaming products.
- The contribution of new monetization streams remains relatively small, indicating a need for further development to achieve significant impact.
Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc second-quarter 2024 earnings call. (Operator instructions)
I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jim.
Thank you, operator, and hello, everyone. Welcome to JOYY second-quarter 2024 earnings conference call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; Mr. David Xueling Li, Co-Founder and Director; and Mr. Fuyong Liu, Vice President of Finance.
For today's call, management will first provide a review of the quarter and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyycom. A replay of this call will also be available on our website in a few hours.
Before we continue, I'd like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual
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