YY - JOYY stock slides 9% on disappointing Q2 revenue guidance
2023-05-31 11:27:12 ET
- JOYY ( NASDAQ: YY ) stock slid as much as ~9% on Wednesday after the video-based social media firm issued Q2 revenue forecast below expectations, despite its Q1 results beat .
- The company expects Q2 revenue of $520M-$541M, compared with $576M consensus , as growing macroeconomic uncertainties impact user spending.
- The guidance reflects seasonality and the firm's plans to streamline some non-core operations so it can concentrate resources towards core global businesses.
- JOYY ( YY ) reported Q1 adjusted EPADS of $0.64 vs. $0.28 in Q1 2022. Revenue fell 6.4% Y/Y to $583.6M.
- Live streaming revenue declined 11.8% Y/Y to $520.4M due to lower average revenue per paying user of BIGO, hurt by macro uncertainties and the U.S. dollar's strength.
- Average revenue per paying user of BIGO (including Bigo Live, Likee and imo) fell to $244.8 from $305.7 in Q1 2022.
- During Q1, JOYY ( YY ) bought back an additional $15.7M of shares and plans to step up share repurchases in Q2, given recent market volatility.
- Now read - JOYY: Consider Both Business Outlook And Corporate Actions
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JOYY stock slides 9% on disappointing Q2 revenue guidance