YY - JOYY falls 6% as users revenues see declines in first quarter

JOYY (NASDAQ:YY) has slipped 5.7% postmarket following its first-quarter earnings report, where revenues declined (but still topped expectations), and the company saw key user declines year-over-year. Revenues fell 3% to $623.8 million, beating expectations (for $607.4 million) as usual. And net operating loss fell to $27.5 million from a year-ago operating loss of $87.3 million, thanks to Bigo turning profits since Q2 2021. On a non-GAAP basis, operating income swung to a gain of $20.9 million from a loss of $24.1 million. While Bigo continued to add users, overall, global average mobile monthly active users slid 19.2% to 274.7 million. Average mobile MAUs of Bigo Live rose 8.8% to 31.7 million. But average mobile MAUs of Likee tumbled 46.3% to 61.8 million and mobile MAUs of Hago fell 28.8% to 9.3 million, each amid reduced spending on ads to acquire users. Meanwhile, paying users of Bigo (including Bigo Live, Likee,

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JOYY falls 6% as users, revenues see declines in first quarter