JOYY Inc. Reports 2024 Financial Results Amid Challenges

Joyy, Inc. ( (YY) ) has released its Q4 earnings. Here is a breakdown of the information Joyy, Inc. presented to its investors.

JOYY Inc. is a global technology company that operates various social products, including live streaming and short-form video platforms, primarily in the technology sector. The company is known for its vibrant user community and international reach.

In its latest earnings report, JOYY Inc. announced a net revenue of $549.4 million for the fourth quarter of 2024, a slight decrease from the previous year. The company faced a significant net loss due to a non-cash goodwill impairment charge, but adjusted figures showed a positive net income. The full-year results also reflected a net loss, impacted by the same impairment charge, but non-GAAP figures indicated stable profitability.

Key financial highlights include a decrease in net revenues for both the quarter and the full year compared to 2023. The company reported a net loss of $304.1 million for the fourth quarter, primarily due to a $454.9 million goodwill impairment. However, when adjusted for this charge, the net income was $71.1 million. Non-GAAP net income for the quarter was $96.1 million, an increase from the previous year. The company also noted a reduction in operating expenses and an improvement in gross profit margin.

Despite the challenges, JOYY Inc. has made strides in operational efficiency and revenue diversification. The company repurchased a significant number of shares, reflecting its commitment to shareholder value. Looking forward, JOYY remains focused on driving growth through AI-driven innovation and expanding its presence in key markets.

The management of JOYY Inc. remains optimistic about the future, emphasizing sustainable growth and long-term value creation for shareholders. The company plans to continue enhancing its operational efficiency and diversifying its revenue streams to navigate the evolving market landscape.