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JOYY Turns To Profit In Q4

(RTTNews) - JOYY Inc. (YY) reported that its fourth quarter net income attributable to controlling interest of company was US$45.8 million or US$0.74 per ADS compared to net loss of US$377.5 million or US$5.38 per ADS in the corresponding period of 2022. The net loss in the fourth quarter of 2022 was primarily due to an impairment loss from an equity method investment recognized in that quarter.

Non-GAAP net income per ADS was US$1.01 in the fourth quarter of 2023, compared to US$0.65 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net revenues for the fourth quarter declined to US$569.8 million from US$604.9 million last year. Analysts expected revenue of $558.3 million for the quarter.

Live streaming revenues were US$486.2 million in the fourth quarter of 2023, compared to US$527.4 million in the corresponding period of 2022, primarily due to proactive adjustments to certain non-core products, partially offset by the increase in the live streaming revenues of BIGO.

For the first quarter of 2024, the company expects net revenues to be between US$543 million and US$560 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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