JOYY Inc. Q3 net profit down 25% YoY, live streaming revenue down 11% YoY

JOYY Inc. released its 2024 Q3 earnings report. The report showed that JOYY's Q3 revenue was US$558.7 million, down 1.5% YoY from US$567.1 million; the net profit attributable to JOYY Group's controlling interests and common stockholders under non-US GAAP was US$61.2 million, down 24.6% YoY from US$81.2 million; the diluted earnings per ADS was US$1.07, down from US$1.22 in the same period last year. The live streaming revenue was US$439.5 million, down 11.4% YoY from US$495.8 million; the revenue from other businesses was US$119.2 million, up 67.2% YoY. The monthly active users (MAU) of Bigo Live was 36.5 million, down from 40.3 million in the same period last year; the total number of paying users in the Bigo segment was 1.62 million, down from 1.61 million in the same period last year; the average revenue per paying user (ARPPU) in the Bigo segment was US$231.4, down from US$253.4 in the same period last year. During the quarter ended September 30, 2024, the Company repurchased 3.43 million ADSs for a total of US$117.8 million. Under the extended stock repurchase program approved by the Board in August 2024, the Company may repurchase up to US$400 million of its stock before the end of November 2025. JOYY expects its Q4 2024 revenue to be between US$545.6 million and US$563.2 million. JOYY's stock price rose 1.20% after-hours on Tuesday, to US$35.42.