JOYY Reports First Quarter 2020 Unaudited Financial Results

GUANGZHOU, China, May 21, 2020 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (a??JOYYa?? or the a??Company,a?? formerly known as YY Inc.), a global video-based social media platform, today announced its unaudited financial results for the first quarter of 2020.A First Quarter 2020 Financial Highlights

Net revenues increased by 49.6% to RMB7,149.4 million (US$1,009.7 million) from RMB4,780.6 million in the corresponding period of 2019.

Net income attributable to controlling interest of JOYY Inc.1 was RMB386.7 million (US$54.6 million), compared to RMB3,120.4 million in the corresponding period of 20192.

Non-GAAP net income attributable to controlling interest of JOYY Inc.3 was RMB428.9 million (US$60.6 million), compared to RMB653.5 million in the corresponding period of 2019, primarily due to the impact of the consolidation of Bigo Inc (a??Bigoa??).

First Quarter 2020 Operational Highlights

Global average mobile MAUs4 reached 520.1 million, among that 77.0% were from markets outside of China.

Average mobile MAUs of Likee (formerly known as Like) increased by 121.9% to 131.6 million from 59.3 million in the corresponding period of 2019.

Average mobile MAUs of global live streaming services increased by 33.4% to 177.6 million from 133.1 million in the corresponding period of 2019, among that (i) 119.8 million were from China, including 45.1 million from YY, which increased by 21.7% year over year, and 74.7 million from Huya, which increased by 38.6% year over year; and (ii) 57.7 million were from outside of China, including 26.7 million from Bigo Live, which increased by 37.8% year over year, and 31.0 million from HAGO, which increased by 36.3% year over year.

Average mobile MAUs of imo was 211.0 million.

Total number of paying users5 of YY decreased by 3.6% to 4.0 million from 4.1 million in the corresponding period of 2019, primarily due to the impact of COVID-19.

Total number of paying users of Huya increased by 13.0% to 6.1 million from 5.4 million in the corresponding period of 2019.

Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, a??First and foremost, we would like to extend our sincere gratitude to our global teams. Your resilience, ingenuity, and dedication have enabled us to continue delivering strong operating and financial results despite the global challenging macro environment due to the COVID-19 pandemic.a??Mr. Li continued, a??During the first quarter, our dual-engine growth strategy of combining living streaming with short-form videos continued to produce good results across all of our business segments. Bigo Live, our global live streaming platform, achieved 37.8% year-over-year MAU growth with our continuous global expansion. Driven by the rapid growth of Bigo Live in the developed market, the live streaming revenues of Bigo segment increased 92.4% to RMB1,972.3 million (US$278.5 million) in the first quarter. 6 Also, Likee, our global short-form video platform, grew its MAUs by 121.9% year over year as it accelerated its expansion in developed markets and further strengthened its leading position in the key developing markets. In addition, Hago is entering into a new growth phase to become a vibrant social network platform for young generation with solid progress in monetization. Meanwhile, YY Live further cemented its domestic market leadership in China by launching innovative virtual entertainment events and upgrading its live streaming content. Looking ahead, as the consumption of live streaming and short-form video services becomes increasingly prevalent around the globe, we aim to stay at the forefront of this growth surge as we continue to build technology platforms, connect users, offer more diverse and tailored content, and bring joyful and youthful experiences to people everywhere.a??
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