JOYY (YY) has released an update.
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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.
