JOYY Reports Fourth Quarter and Full Year 2021 Results, Achieving First Full Year of Non-GAAP Profitability since its Deconsolidation of YY Live

SINGAPORE, March 16, 2022 /PRNewswire/ — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, previously referred to as YY Inc.), a worldwide video-based social media firm, introduced its unaudited monetary outcomes for the fourth quarter and full yr of 2021.JOYY’s whole revenues within the full yr of 2021 elevated by 36.5% yr over yr to US$2.619 billion, as its whole revenues within the fourth quarter of 2021 elevated by 16.8% yr over yr to US$663.7 million. Notably, BIGO’s full yr 2021 revenues grew by 34.1% to $2.324 billion, as its fourth quarter 2021 revenues grew by 13.2% to $576.1 million.At the group degree, JOYY attained full-year non-GAAP profitability for the primary time since the deconsolidation of YY Live, having booked $108.9 million in non-GAAP web revenue[1] with a 4.2% non-GAAP web revenue[1] margin. BIGO additionally achieved full-year profitability for the primary time by producing $182.0 million in non-GAAP web revenue[1] with a corresponding non-GAAP web revenue[1] margin of 7.8%.In 2021, JOYY’s board of administrators approved further share repurchase applications for an combination of $1.2 billion. As of December 31, 2021, JOYY had purchased again a cumulative $393 million of its shares, $235.7 million of which was out of the $1.2 billion newly added repurchase plan. Additionally, JOYY had paid out a complete of $160 million in dividends. These efforts exhibit JOYY’s confidence within the Company’s long-term progress prospects and intention to reward its shareholders for his or her long-term help of the Company.David Xueling Li, Chairman and CEO of JOYY, commented, “In 2021, our enterprise has demonstrated robust resilience regardless of macroeconomic uncertainties and challenges posed by the pandemic. As we continued to execute our globalization technique and strengthen our various social leisure ecosystem, we efficiently enhanced our monetization capabilities throughout a number of merchandise, reaching full-year income progress of 36.5%. The mixture of the elevated monetization of a number of merchandise, proactive changes in advertising methods, and enhanced working effectivity throughout the board, has led us to full-year non-GAAP profitability not only for BIGO however for the entire group.Story continues”As we flip to 2022, we are going to proceed to localize our various world social leisure ecosystems, broaden our market attain, and fortify our management place in core geographic areas. As an innovator and a pioneer, we stay dedicated to our imaginative and prescient of bridging communications amongst folks from across the globe to ship pleasure and youthful expertise to our customers,” Mr. Li added.Fourth Quarter 2021 Financial HighlightsNet revenues elevated by 16.8% to US$663.7 million within the fourth quarter of 2021 from US$568.2 million within the corresponding interval of 2020.Net Income from persevering with operations attributable to controlling curiosity of JOYY was US$73.2 million within the fourth quarter of 2021, in comparison with web loss of US$118.9 million within the corresponding interval of 2020. Net revenue margin was 11.0% within the fourth quarter of 2021, in comparison with web loss margin of 20.9% within the corresponding interval of 2020.Non-GAAP web revenue[1] from persevering with operations attributable to controlling curiosity and widespread shareholders of JOYY was US$98.3 million within the fourth quarter of 2021, in comparison with non-GAAP web loss of US$22.4 million. Non-GAAP web revenue[1] margin was 14.8% within the fourth quarter of 2021, in comparison with non-GAAP web loss[1] margin of 3.9% within the corresponding interval of 2020.As of December 31, 2021, the Company had money and money equivalents, restricted money and money equivalents, short-term deposits, restricted short-term deposits and short-term investments of US$4.685 billion. For the fourth quarter of 2021, web money from working actions was US$150.2 million.Full Year 2021 HighlightsNet revenues for the complete yr of 2021 elevated by 36.5% to US$2.619 billion from US$1.918 billion in 2020.Net loss from persevering with operations attributable to controlling curiosity of JOYY for the complete yr of 2021 was US$115.9 million, in comparison with US$18.7 million in 2020. Net loss margin for the complete yr of 2021 was 4.4%, in contrast with 1.0% in 2020.Net loss and web loss margin had been decrease in 2020, primarily because of the acquire from the partial disposal of investments in Huya in 2020.Non-GAAP web revenue[1] from persevering with operations attributable to controlling curiosity and widespread shareholders of JOYY for the complete yr of 2021 was US$108.9 million, in comparison with non-GAAP web loss[1] of US$164.0 million in 2020. Non-GAAP web revenue[1] margin for the complete yr of 2021 was 4.2%, in comparison with non-GAAP web loss[1] margin of 8.6% in 2020.Fourth Quarter 2021 Business HighlightsBigo LiveIn the fourth quarter, Bigo Live’s livestreaming revenues grew by 12.5% yr over yr because it continued to make headway with its progress trajectory in a number of geographic areas. In explicit, revenues and paying customers from Europe elevated by 42.2% and 14.7% respectively, whereas revenues and paying customers from Southeast Asia and different rising markets elevated by 16.6% and 24.4%, respectively.Bigo Live additionally made further progress in diversifying its content material ecosystem, enriching localized content material choices, rising its provide of premium content material, and enhancing person engagement. The Company’s efforts to domesticate a diversified world content material ecosystem have been fruitful in increasing Bigo Live’s product attain, as Bigo Live’s MAU grew by 11.9% yr over yr to 32.2million within the fourth quarter.To present customers with a refreshing and immersive social expertise, Bigo Live additionally launched new revolutionary product options within the fourth quarter, incorporating laptop imaginative and prescient, digital actuality, augmented actuality, and many different cutting-edge applied sciences. For instance, a brand-new function referred to as “Virtual Live” was launched, enabling customers to create personalized 3D digital avatars as their digital representations. These avatars replicate the reside physique actions and facial expressions of customers through digicam when streaming on Bigo Live. As a consequence, Bigo Live’s common and cumulative period of reside streaming classes elevated yr over yr by 12.1% and 8.3%, respectively within the fourth quarter.LikeeIn the fourth quarter, Likee’s livestreaming revenues grew by 26.5% yr over yr. Its revenues from the Middle East elevated by 59.1% yr over yr. Motivated by a collection of incentive applications, the quantity of licensed content material creators on Likee elevated by 22% sequentially within the fourth quarter. The quantity of licensed creators for the gaming class, that are broadly common amongst GenZ customers, elevated by 173% sequentially, and the typical amount of premium gaming content material produced per day elevated by 97% sequentially.Likee additionally expanded the implementation of its Superlike function to a broader person base. As a consequence, licensed creators obtained practically 6 instances extra in incentives by way of the Superlike function in December than in September. Likee additionally launched one other new function referred to as Superfollow to allow content material creators to publish unique content material for his or her Superfollowers whereas incomes a month-to-month subscription charge. All these new options present extra various monetization channels to content material creators, enrich their interactions with followers, and incentivize them to supply extra individualized and high-quality content material.HagoIn the fourth quarter, Hago continued its monetization progress momentum, as its livestreaming income and paying customers elevated by 32.1% and 33.9% yr over yr, respectively. The improve was primarily pushed by the optimization of a number of fan engagement options and the launch of a brand new “couple” function in dating-themed livestreaming rooms. Hago additionally upgraded its merchandise to higher fulfill person demand for multiplayer social interactions. With consideration for variations in person lifecycles and person origins, Hago applied an up to date suggestion algorithm for customers to simply find their favourite livestreaming rooms. As a consequence, within the fourth quarter, the penetration fee for Hago’s featured channels elevated by 2.2% sequentially.[1] For particulars of the non-GAAP measures, together with the reconciliations of GAAP measures to non-GAAP measures, please consult with the press launch titled “JOYY Reports Fourth Quarter and Full Year 2021 Unaudited Financial Results” issued by the Company on March 15, 2022. About JOYY Inc.JOYY is a number one world social media firm that permits customers to work together with one another in actual time by way of on-line reside media. On a mission to attach folks and enrich their lives by way of video, JOYY presently operates a number of social merchandise, together with Bigo Live for reside streaming, Likee for short-form movies, Hago for multiplayer social interplay and leisure, and instantaneous messaging product and others. The Company has created a extremely partaking and vibrant person group for customers throughout the globe. JOYY was listed on the NASDAQ in November 2012.Safe Harbor StatementThis announcement comprises forward-looking statements. These statements are made beneath the “secure harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements will be recognized by terminology comparable to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and related statements. Among different issues, the enterprise outlook and quotations from administration on this announcement, in addition to JOYY’s strategic and operational plans, include forward-looking statements. JOYY can also make written or oral forward-looking statements in its periodic studies to the U.S. Securities and Exchange Commission (“SEC”), in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or workers to fourth events. Statements that aren’t historic details, together with statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. A quantity of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: JOYY’s targets and methods; JOYY’s future enterprise growth, outcomes of operations and monetary situation; the anticipated progress of the net communication social platform market in China; the expectation relating to the speed at which to achieve lively customers, particularly paying customers; JOYY’s skill to monetize the person base; fluctuations on the whole financial and enterprise circumstances in China; the affect of the COVID-19 to JOYY’s enterprise operations and the financial system in China and elsewhere usually; and assumptions underlying or associated to any of the foregoing. Further info relating to these and different dangers is included in JOYY’s filings with the SEC. All info supplied on this press launch and within the attachments is as of the date of this press launch, and JOYY doesn’t undertake any obligation to replace any forward- wanting assertion, besides as required beneath relevant regulation.SOURCE JOYY Inc

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