JOYY Inc. Posts Steady Revenue Amidst Profit Dip
Company Announcements

JOYY Inc. Posts Steady Revenue Amidst Profit Dip

JOYY (YY) has released an update.

JOYY Inc. reported modest revenue growth in Q2 2024, with net revenues increasing to $565.1 million from $547.3 million in the same period last year, but saw a decline in net income to $52.1 million from $155.1 million. The company highlighted a strategic focus on expanding its advertising business and operational efficiency, which contributed to a year-over-year increase in BIGO revenue by 7.7%. Despite a decrease in the average mobile monthly active users (MAUs) for some platforms, the total number of paying BIGO users rose to 1.66 million, with a share repurchase program reflecting confidence in long-term growth.

For further insights into YY stock, check out TipRanks’ Stock Analysis page.

Related Articles
TheFlyJoyy price target raised to $35 from $30 at JPMorgan
Howard KimJoyy, Inc. Reported Earnings. Did it Beat Estimates?
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App