JOYY Reports Fourth Quarter and Full Year 2022 Financial Results: Second Consecutive Year of Profitability

SINGAPORE, March 16, 2023 -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company", formerly known as YY Inc.), a global video-based social media company, today announced its unaudited financial results for the fourth quarter and full year of 2022.

JOYY's total revenues for the full year of 2022 were US$2.412 billion, with total revenues for the fourth quarter of 2022 reaching US$604.9 million. BIGO's full year 2022 revenues reached US$1.997 billion, with total revenues for the fourth quarter of 2022 reaching US$476.5 million.

JOYY reported its second consecutive year of profitability in 2022. For the full year of 2022, JOYY recorded net income of US$128.9 million and booked non-GAAP net income[1] (excluding YY Live) of US$199.3 million, increasing by 83% year over year, with a corresponding non-GAAP net income margin[1] of 8.3%. Non-GAAP net income[1] from BIGO increased by 58.3% year over year to US$288 million, with net income margin[1] expanding to 14.4%. 

JOYY continued to return value to its shareholders, demonstrating management's confidence in the Company's long-term prospects. In 2022, JOYY repurchased a total of US$138.1 million of its shares and paid cash dividends in an aggregate amount of US$145.9 million.

Mr. David Xueling Li, Chairman and CEO of JOYY, commented, "Despite the macro challenges, JOYY delivered solid financial performance and reported a second consecutive year of profits at the group level. We also achieved an acceleration in user growth for Bigo Live. Heading into 2023, we remain committed to enriching our users' lives and improving their online experiences through our diverse and innovative products and services. We will remain adaptive to the macro environment, and in the meantime, we will prioritize resources allocation to businesses that align with our long-term strategies. With our proven resilient business model and strong cash position, we believe we will be better positioned to capture long-term growth opportunities and generate sustainable shareholder value."

Full Year 2022 Financial Highlights

Net revenues for the full year of 2022 wereUS$2,411.5 million, compared toUS$2,619.1 millionin 2021.Net income from continuing operations attributable to controlling interest of JOYY for the full year of 2022 wasUS$128.9 million, compared to net loss ofUS$115.9 millionin 2021. Net income margin for the full year of 2022 was 5.3%, compared to net loss margin of 4.4% in 2021.Non-GAAP net income[1]from continuing operations attributable to controlling interest and common shareholders of JOYY for the full year of 2022 increased by 83% toUS$199.3 millionfromUS$108.9 millionin 2021. Non-GAAP net income margin[1] for the full year of 2022 was 8.3%, compared to 4.2% in 2021.

Fourth Quarter 2022 Financial Highlights

Net revenues wereUS$604.9 millionin the fourth quarter of 2022, compared toUS$663.7 millionin the corresponding period of 2021.Operating loss wasUS$14.2 millionin the fourth quarter of 2022, compared to operating income ofUS$60.6 millionin the corresponding period of 2021. Operating loss margin was 2.3% in the fourth quarter of 2022, compared to operating income margin of 9.1% in the corresponding period of 2021.Non-GAAP operating income[1] wasUS$27.8 millionin the fourth quarter of 2022, compared toUS$83.5 millionin the corresponding period of 2021. Non-GAAP operating income margin[1] was 4.6% in the fourth quarter of 2022, compared to 12.6% in the corresponding period of 2021.

Fourth Quarter 2022 Operational Highlights

In the fourth quarter, Bigo Live sustained its strong user growth trajectory, with MAUs increasing by 14.3% year over year to 36.8 million. Notably, MAUs in Southeast Asia and other emerging markets increased by 21.6% year over year. Following a full upgrade of its livestreaming tools and multiuser rooms in the fourth quarter, Bigo Live achieved a steady improvement in user activities and interactions. On a sequential basis, the number of livestreamers on Bigo Live increased by 3.3%, and average duration per live session increased by 4.5% in the fourth quarter. During the 2022 World Cup, Bigo Live rolled out a one-month Match Day Program designed to engage football players and fans around the globe. The program highlights Bigo Live's diverse, localized content, which resonates with local communities. In addition, the 2023 BIGO Awards Gala, held at Singapore's historic Capitol Theatre, honored over 270 Bigo Live creators and about 100 Bigo Live families for their contributions to the community during the past year. The Gala featured captivating performances from top talents across the globe, with approximately 4 million viewers tuning in to watch.

Meanwhile, Likee achieved increases in user interaction quality and user stickiness, as a result of its refined offerings. In the fourth quarter, the penetration rate for Likee's in-app instant messaging feature increased by 14.5%, average user time spent grew by 13.4%, and 30-day user retention rate improved by 6.3% over the previous quarter. To further cultivate its interest-based communities, Likee has expanded its collaborations with companies from a variety of industry verticals. Take the gaming community, one of the largest interest groups on Likee, as an example. In the fourth quarter, Likee partnered with various popular games to offer game-lovers a shared space to interact with each other. In December 2022, Likee became the official streaming partner of The Game Awards 2022, an annual awards ceremony honoring achievements in the video game industry. Millions of viewers from all over the world watched the event live and interacted with each other on Likee's platform.

Hago continued its strategic upgrades in the fourth quarter, optimizing its recommendation algorithm to help users more efficiently locate social rooms. This initiative drove sequential increases in the social channels' next-day user retention rate, which grew by 1.5%, and user time spent, which grew by 5.3%. Hago Space also introduced a new 3D camping scene and launched a series of optimizations, including a beginner's guide. As a result, new user time spent on Hago Space improved by 6.5%, and revenues from Hago Space virtual items increased by 13.4% over the previous quarter.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com

ICR, LLC
Robin Yang
Tel: (+1) 646 915-1611
Email: joyy@icrinc.com

1. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled "JOYY Reports Fourth Quarter & Full Year 2022 Unaudited Financial Results" issued by the Company on March 16, 2023.

Source: JOYY Inc