JOYY Q2 Income Surges to $826M

Video-based social media platform JOYY Inc. on Thursday reported net revenue of 5.84 billion yuan ($826.6 million) within the second quarter of 2020, up 36.3% year-on-year.

In keeping with the corporate’s unaudited monetary outcomes for Q2 2020, the online earnings from persevering with operations attributable to controlling curiosity of JOYY was 619.4 million yuan, pushed primarily by features in its stay streaming enterprise. This represents a stark distinction with the online lack of 6.1 million yuan recorded for a similar interval of 2019.

SEE ALSO: Overseas Livestreaming Drives Huya Parent JOYY’s First Quarter Revenue Growth

The corporate claimed that stay streaming income elevated by 40.1% to 5.61 billion yuan, due largely to its recently-acquired platform Bigo Stay contributing “more than half of the total live streaming revenues for the first time ever.”

JOYY reported a median of 457.1 million cellular month-to-month lively customers, up 21% year-on-year, together with 29.4 million from Bigo Stay, which elevated by 41.3% from the identical interval of 2019. The corporate stated 91% of its month-to-month lively customers have been from markets exterior of China.

“To help people cope with the difficulties of COVID-19, we leveraged Bigo Live and our extensive global coverage to launch a series of online charity events, including a 24-hour non-stop global charity concert, to enhance Bigo Live’s brand recognition in various markets and fuel the platform’s robust operating performance.” JOYY Chairman and CEO David Xueling Li stated. “We believe that the global landscape for live streaming and short-form videos remains promising, and we plan to uphold our commitment to building a truly world-class video-based social media platform for all.”

Previously often called YY Inc., the Nasdaq-listed firm expects its income to swell to between 5.85 and 6 billion yuan within the third quarter, excluding final 12 months’s income contribution from Huya.

“We are confident that the underlying strength of our business model, sufficient cash reserves, and strong cash generation capabilities will enable us to sustain our growth momentum going forward,” JOYY CFO Bing Jin stated. “As such, our long-term plans remain largely unchanged, and we will continue to invest in cultivating our global live streaming and short-from video ecosystem to empower our dual-growth engine.”

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