Joyy Inc. Releases Earnings on Tuesday

Joyy Inc. will release its latest earnings after the market closes on Tuesday. 

JOYY – Daily Chart

JOYY – Daily Chart 

The YY adr was trading at $32.54 and is testing support at $11.79, which is another level below. 

During the fourth quarter, group revenue was $570 million. The core business segment BIGO posted revenues of $491 million, marking a year-over-year increase of 3.1%. For the full year of 2023, group revenue reached $2.27 billion, with around $1.92 billion coming from BIGO.  

Analysts will now be looking for another solid quarter of profitability. Joyy’s first-quarter revenue is expected to be between $543 million and $560 million. The consensus estimate for first-quarter earnings is around 84 cents per share, up from 64 cents in the year-ago quarter. 

JOYY’s first-quarter performance is expected to have benefited again from the BIGO segment, with additional revenue from Likee and Hago. BIGO reported an uptick in total paying users, which increased by 7.9% to 1.67 million. 

BIGO Live maintained user growth over the year, with a 4.5% increase in monthly active users in the fourth quarter of 2023. There were also positive trends in Europe, and the segment should support the company’s performance. 

JOYY has been exploring new monetization avenues beyond live streaming. In 2023, its non-livestreaming businesses contributed 12.7% to total revenue. The company must find new income streams to please analysts over the coming quarters. 

According to Data AI’s State of Mobile report from January 2024, Bigo Live retained its position as the world’s second-largest social media app based on consumer spending in 2023. Bigo Live ranked among the Top 5 social apps in 18 countries and regions. 

The company said that BIGO’s Average Revenue Per User was still down year over year, primarily due to high inflation. Some adjustments to spending within the company also occurred.

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