YY - JOYY gains on earnings as more paying users drive swing to profit

JOYY (NASDAQ:YY) is up 2.3% after hours following fourth-quarter earnings where it showed strong monetization and profits while it shed some overall users. Revenues rose by 16.8% to $663.7 million, driven by live-streaming revenues from Bigo. Overall, live-streaming revenues rose 15% to $620.9 million. Other revenues rose 50.3% to $42.8 million. Gross profit rose 34.2% to $223.5 million, with margins improving to 33.7% from a prior-year 29.3%. And with operating expenses dropping by a third, operating income swung to a gain of $60.6 million from a year-ago loss of $83.8 million. The company swung to a net gain of $98.3 million from a year-ago loss of $22.4 million (non-GAAP), primarily due to Bigo's profitability, the company says. While profitability measures improved, and the company saw more paying users, overall users dropped. Global average mobile monthly active users fell 20.4% to 280 million: Though average mobile MAUs for Bigo Live grew

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JOYY gains on earnings as more paying users drive swing to profit