YY - JOYY dips 2% as India ban takes toll on app usage numbers

JOYY (YY) is 2.2% lower in postmarket trading after its first-quarter earnings showed a wider GAAP net loss and user declines spurred by India's block of Chinese-owned apps. Revenues grew by 88% to $643M (as of Jan. 1, the company has changed reporting currency from renminbi to the U.S. dollar, with most of its revenues and expenses now denominated in dollars). Gross profit more than doubled to $200.2M, and gross margin improved to 31.1% from 26.6%. Meanwhile, attributable net loss from continuing operations widened to $87.3M from a year-ago loss of $62.3M. Non-GAAP net loss, by contrast, narrowed to $24.1M from a year-ago loss of $64.5M. As for the impact of India's bans: Global average mobile monthly active users fell by 15% to 339.9M, with the impact softened by gains outside India. By product, average mobile MAUs of Likee fell 12.6% to 115M; average mobile MAUs of Bigo Live rose

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JOYY dips 2% as India ban takes toll on app usage numbers