YY - JOYY beats Q2 top and bottom line estimates; initiates Q3 outlook

2023-08-30 01:33:37 ET

• JOYY press release ( NASDAQ: YY ): Q2 Non-GAAP EPADS of $1.29 beats by $0.86 .
• Revenue of $547.3M (-8.2% Y/Y) beats by $3.5M .
• Average mobile MAUs of Bigo Live increased by 18.0% to 38.5 million from 32.6 million in the corresponding period of 2022.
• Average mobile MAUs of Likee was 43.2 million, compared to 57.7 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement.
• Average mobile MAUs of Hago was 5.5 million, compared to 8.5 million in the corresponding period of 2022, primarily due to reduced spending on user acquisition via advertisement.
• Global average mobile MAUs increased by 0.9% to 275.6 million from 273.1 million in the corresponding period of 2022.
• Total number of paying users of BIGO increased by 5.4% to 1.53 million from 1.45 million in the corresponding period of 2022.
• Average revenue per paying user of BIGO was US$248.0, compared to US$285.0 in the corresponding period of 2022.

• Business Outlook: For the third quarter of 2023, the Company expects net revenues to be between US$537 million and US$567 million vs. consensus of $586.00 million.

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