JOYY Inc. (NASDAQ:YY) Q3 2024 Earnings Conference Call November 26, 2024 9:00 PM ET

Company Participants

Jane Xie - Investor Relations Senior Manager
Ting Li - Chairperson of the Board & CEO
Fuyong Liu - Vice President of Finance

Conference Call Participants

Thomas Chong - Jefferies
Raphael Chen - BOCI Research
Derek Fei - Morgan Stanley
Yiwen Zhang - China Renaissance

Operator

Ladies and gentlemen, thank you for standing by, and welcome to JOYY Inc.'s Third Quarter 2024 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 2024 Earnings Conference Call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; 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 20F and other documents filed with the SEC. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US dollar.

I will now turn the call over to our Chairperson and CEO, Ms. Ting Li. Please go ahead, Ms. Li.

Ting Li

Hello everyone, I'm Li Ting. Welcome to our third quarter 2024 earnings call. Let’s begin with a review of our overall performance during the third quarter. During the third quarter, we effectively executed our strategic priorities, maintaining a strong focus on optimizing our products, deepening our market penetration in Developed Countries, and enhancing our global operational capabilities and efficiencies. These efforts yielded solid results, in the third quarter, our group revenue reached $558.7 million.

Our core business segment, BIGO, recorded revenues of $496 million, delivering a slight year-over-year increase. Our disciplined execution has led to improvements in operational efficiency at both the BIGO segment and Group level. Our group non-GAAP operating profit came in at $34.9 million, up 16.4% quarter-over-quarter. BIGO's non-GAAP operating profit expanded to $72.9 million, up 5.0% quarter-over-quarter, exceeding our expectations. Excluding the impact of FX losses, BIGO’s non-GAAP net profit was also up quarter-over-quarter.