JOYY Inc. (NASDAQ:YY) Q3 2023 Earnings Conference Call November 29, 2023 9:00 PM ET

Company Participants

Jane Xie - Senior Manager, Investor Relations

David Xueling Li - Chairman and CEO’

Ting Li - Chief Operating Officer

Alex Liu - Vice President, Finance

Conference Call Participants

Thomas Chong - Jefferies

Brian Gong - Citi

Yiwen Zhang - China Renaissance

Lei Zhang - Bank of America Securities

Operator

Ladies and gentlemen, thank you for standing by. And welcome to the JOYY Incorporates’ Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the management’s prepared remarks, there will be a question-and-answer session.

I’d now like to hand the conference over to your host today, Jane Xie, the company’s Senior Manager of Investor Relations. Please go ahead, Jane.

Jane Xie

Thank you, Operator. Hello, everyone. Welcome to JOYY’s third quarter 2023 earnings conference call. Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY; Ms. Ting Li, our COO; and Mr. Alex Liu, the Vice President of Finance.

For today’s call, management will first provide a review of the quarter and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours.

Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC.

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollar.

I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li. Please go ahead, sir.

David Xueling Li

Hello, everyone. Welcome to our third quarter 2023 earnings call. First, we will provide a quick snapshot of our performance for the quarter. During the third quarter, we once again delivered a strong performance.

Our group revenue came in at $567.1 million, a 3.6% sequential increase, approaching the high end of our guidance. We hit a non-GAAP net profit of $81.2 million, a 5.5% year-over-year increase, with a non-GAAP net margin of 14.3%.

Our core business segment BIGO maintained its recovery momentum and recorded revenues of $494.1 million, a sequential increase of 4.9% and a year-over-year increase of 2.2%, the first year-over-year topline growth for BIGO in six quarters.