JOYY Inc., a global leading technology company, recently announced its unaudited financial results for Q4 and full year 2023. The company reported revenue of US$570 million in Q4, with its core business segment BIGO contributing US$491 million. For the full year 2023, JOYY’s revenue reached US$2.27 billion, with BIGO generating US$1.92 billion in revenue.
Thanks to operational efficiencies and strong execution, JOYY delivered continued profitability for the third consecutive year. The company reported net profit and non-GAAP net profit of US$302 million and US$293 million for 2023, with net margins of 13.3% and 12.9% respectively. BIGO segment’s operating profit and non-GAAP operating profit reached US$230 million and US$288 million, with operating profit margins of 12.0% and 15.0% respectively.
JOYY remains committed to creating value for its shareholders. In 2023, the company repurchased shares and distributed cash dividends amounting to US$355 million, equivalent to 121.5% of its annual non-GAAP net profit. Since 2020, JOYY has distributed approximately US$1.38 billion in capital returns.
Looking ahead to 2024, JOYY focuses on globalization through localization as a key strategy for global success. The company aims to grow its user community, strengthen its core geographic regions, and explore long-term growth opportunities through innovation in products and operations.
Financial highlights for full year 2023 include net revenues of US$2.27 billion, net income of US$301.8 million, and non-GAAP net income of US$292.5 million. For Q4 2023, net revenues were US$569.8 million, with net income at US$45.8 million.
In Q4 and full year 2023, Bigo Live’s success continued with MAUs increasing by 4.5% year over year. The platform focused on engaging creators and new content creation initiatives, resulting in revenue growth and increased user interactions.
Likee, another platform under JOYY, saw growth in paying users and advertising revenues in 2023. The introduction of new features and enhanced content quality boosted user engagement and monetization opportunities.
Hago, a social app, achieved significant milestones in Indonesia and the Philippines in terms of consumer spending. The platform saw improved user social interactions, with an increase in time spent in social channels and multi-guest voice rooms during Q4.
This growth and success reflect JOYY’s dedication to delivering value to shareholders and users while focusing on innovation and operational excellence for sustainable, long-term growth.
Source link
