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home / news releases / YY - JOYY Inc. drops after double downgrade to sell at Goldman Sachs

YY - JOYY Inc. drops after double downgrade to sell at Goldman Sachs

JOYY Inc.
Joyy Inc. (NASDAQ:YY) fell 4% in premarket trading after Goldman Sachs double downgraded the Chinese live streaming company to sell from buy. The company's BIGO Live growth rate is expected to fall "sharply" into low "double digits" starting 3Q21E, according to a Goldman note. The BIGO Live slowdown likely caused by relaxation of Covid restrictions and competition from TikTok. YY PT cut to $57 from $99 Goldman also notes that the sale of YY Live for $3.6B to Baidu (NASDAQ:BIDU) announced a year ago is still under Chinese antitrust review as of Sept. 2021. See late September, Baidu seen getting thumbs down from China on JOYY Live deal--report.

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JOYY Inc. drops after double downgrade to sell at Goldman Sachs
Stock Information
Company Name: JOYY Inc.
Stock Symbol: YY
Market: NASDAQ
Website: ir.joyy.sg
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