YY - JOYY beats Q1 top and bottom line estimates; initiates Q2 outlook

2023-05-31 03:49:45 ET

• JOYY press release ( NASDAQ: YY ): Q1 Non-GAAP EPADS of $0.64 beats by $0.22 .
• Revenue of $583.6M (-6.4% Y/Y) beats by $22M .
• Average mobile MAUs of Bigo Live increased by 19.0% to 37.7 million from 31.7 million in the corresponding period of 2022.
• Average mobile MAUs of Likee decreased by 27.4% to 44.9 million from 61.8 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement.
• Average mobile MAUs of Hago decreased by 36.5% to 5.9 million from 9.3 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement.
• Global average mobile MAUs ⁴ decreased by 0.7% to 272.9 million from 274.7 million in the corresponding period of 2022, primarily due to the decrease in average mobile MAUs of Likee and Hago, partially offset by the continued MAUs growth of Bigo Live.
• Total number of paying users of BIGO (including Bigo Live, Likee and imo) increased by 7.8% to 1.57 million from 1.45 million in the corresponding period of 2022.
• Average revenue per paying user of BIGO (including Bigo Live, Likee and imo) decreased to US$244.8 from US$305.7 in the corresponding period of 2022.
• Outlook: For the second quarter of 2023, the Company expects net revenues to be between $520M and $541M vs. consensus of $576.0M.

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