SINGAPORE , Aug. 27, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the second quarter of 2024.
During the second quarter, JOYY's revenue came in at US$565.1 million , a year-over-year increase of 3.3%.
The Company's core business segment BIGO continued its topline recovery trend for the fourth consecutive quarter, generating revenues of US$507 .2 million, a year-over-year increase of 7.7%.
JOYY recorded net profit and non-GAAP net profit [1] of US$52.1 million and US$74 .0 million, representing sequential increases of 15.
0% and 10.2%, respectively. The Company sustained its positive operating cash flows, generating US$71.
1 million in the second quarter. JOYY continued to advance shareholder returns in the second quarter by repurchasing an additional 2.3 million ADS for a total consideration of US$71.
4 million . Ms. Ting Li , Chairperson and Chief Executive Officer of JOYY, commented, "In the second quarter, we continued to build on our growth momentum, delivering solid results.
BIGO revenue reached US$507 .2 million, a 7.7% year-over-year increase, marking the fourth consecutive quarter of recovery.
By consistently expanding and diversifying our revenue streams, BIGO's advertising business maintained rapid growth, emerging as a key driver behind our topline recovery. Our focus on operational refinements and cost optimizations across our business has led to improved effi.