JOYY (NASDAQ:YY), a global technology leader, has released its unaudited financial figures for the second quarter of 2024, highlighting a slight increase in revenues but a significant dip in net income.
For the quarter ending June 30, 2024, the company posted net revenues of $565.1 million, a modest rise from the $547.3 million reported in the same period last year.
Despite the growth in revenue, net income attributable to controlling interests of JOYY sharply declined to $52.1 million, down from the $155.1 million recorded a year earlier.
While the total number of paying users for JOYY’s BIGO technology suite—which includes Bigo Live, Likee, and imo—rose to 1.66 million from 1.53 million in the prior year, the average revenue per paying user decreased to $233.5 from $248, indicating a drop in user spending.
The company also reported non-GAAP net income figures, which came in at $74 million compared to $97.3 million in the second quarter of 2023.
During the quarter under review, the company's diluted net income per ADS came in significantly lower at $0.83, down from $2.02 in the corresponding quarter of 2023.
On a positive note, JOYY reported a robust balance sheet with cash reserves and short-term investments totalling $3,256.8 million.
Additionally, net cash from operating activities was strong at $71.1 million.
Following the earnings release, JOYY's share price remained steady at $5.06.