JOYY Inc. (NASDAQ:YY), the video based social media company has reported its unaudited financial results for the 2nd quarter of its financial year 2022.
Second Quarter 2022 Financial Highlights
- Net revenues during the quarter were US$596.1 million
- Net income during the quarter were US$18.7 million, compared to the net loss of $109.3 million during the same quarter of previous year
- Net income margin remained 3.1% as compared to net loss margin of 16.5% during 2nd quarter of previous year
- Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$51.5 million as compared to non-GAAP net loss of US$0.5 million during 2nd quarter of previous year
- Non-GAAP net income margin was 8.6% as compared to non-GAAP net loss margin of 0.1% during 2nd quarter of previous year
- Cash and cash equivalents including restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments remained US$4,289.2 million
- Net cash inflow from operating activities during 2nd quarter recorded as US$61.7 million
Statement of JOYY CEO
David Xueling Li Chairman and CEO of JOYY said, “By continuing to cultivate diversified, premium content, innovate interactive features, and organize tailored local activities, we will further improve our user experience, and ultimately drive the growth of our user community and global business. We remain committed to generating value for our users and creators while improving efficiency and enhancing resilience.”
Details on Financial Results
JOYY reported total revenue of $596.1 million with revenue of its BIGO’s business as $502.6 million. Net income remained $51.5 million with non-GAAP net income margin of 8.6%. BIGO net income surged to $86.3 million with non-GAAP net income margin of 17.2%.
The company had net operating cash flow of $61.7 million during the 2nd quarter of 2022.
The company achieved slight profitability with some resilience in business during 2nd quarter with difficult market conditions. Positive outcomes were result of the continuous demonstration of product features and direct connection with community. Bigo Live’s feature gained the growth of 10.6% year over year to 32.6 million.
JOYY captured growth potential during the current macro environment in the social entertainment sector.
Bigo Live Business Update
Bigo Live worked innovation of product features an effective local operations and gained increase in MAU to 32.6 million by 10.6% year over year. Bigo Live MAU in Southeast Asia and other regions has increased by 18.6%. While MAU in Europe increased by 8.7% during the second quarter of fiscal year 2022.
JOYY Long-term Approach
JOYY aims to invest in building long-term capabilities and it has chances to emerge from the current uncertainties productive and one of the most sustainable company of the industry. It is working on achieving long-term growth and also for setting up a sustainable shareholder value