JOYY Inc Surpasses Expectations With Q4 & 2023 Full Year Financial Results

JOYY Inc, a leading video-based social platform company, has released its Q4 and full-year financial results for 2023. Notably, Bigo Live ranked #2 globally for consumer spending, showcasing significant growth along with Likee and Hago.

The global technology powerhouse’s recently unveiled unaudited financial results showcase remarkable growth and profitability.

In Q4 2023, JOYY reported a robust revenue of US$570 million, with Bigo Live contributing US$491 million, a commendable 3.1% year-over-year increase. For the full year, JOYY’s revenue surged to US$2.27 billion, largely driven by Bigo Live, which accounted for US$1.92 billion.

Maintaining profitability for the third consecutive year, JOYY reported a net profit of US$302 million and a non-GAAP net profit of US$293 million for 2023.

Bigo Live achieved an operating profit of US$230 million and a non-GAAP operating profit of US$288 million for the full year.

Furthermore, JOYY remains dedicated to creating value for its shareholders, which is evident through its capital returns totaling US$355 million in 2023, equivalent to 121.5% of its annual non-GAAP net profit. From 2020 to 2023, JOYY has distributed approximately US$1.38 billion in capital returns.

Chairman and CEO Mr. David Xueling Li emphasized the company’s focus on globalization through localization and innovation for long-term sustainable growth in 2024.

“By driving innovations in both our products and operations, we expect to further diversify our revenue streams and capture long-term sustainable growth” added Xueling Li on the company’s 2024 goals.

Other key highlights include Bigo Live’s success as the world’s #2 social app by consumer spend, with notable growth in MAUs across key regions.

Likee achieved significant growth in paying users and advertising revenues, leading to its first full-year profitability in 2023.

Hago also secured top positions in consumer spending and achieved its first full-year operating cash flow break-even.

For those in the social app industry, JOYY’s success offers valuable insights into content ecosystems and user engagement strategies.

Overall, JOYY Inc’s impressive financial results underscore its resilience, innovation, and commitment to shareholder value.

Read the full announcement of JOYY Inc’s Q4 and 2023 financial year results here.