/PRCWT/Guangzhou, May 31, 2023——JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company", formerly known as YY Inc.), a global leading technology internet company, announced its unaudited financial results for the first quarter of 2023.
JOYY's total revenues in the first quarter of 2023 were US$583.6 million, including US$467.9 million of revenue from BIGO. During the first quarter of 2023, JOYY's non-GAAP net profit[1] was US$49.9 million, representing a year-over-year increase of 138.7%, with a non-GAAP net margin[1] of 8.5%. BIGO generated a non-GAAP net profit[1] of US$56.8 million, with a non-GAAP net margin[1] of 12.1%. JOYY recorded a positive operating cash flow of US$67.5 million. JOYY's global average mobile MAUs grew by 1.9% quarter over quarter, with Bigo Live's MAUs increasing by 19.0% year over year. Likee's core user base DAUs grew by 5.2% on a quarterly basis.
Mr. David Xueling Li, Chairman and CEO of JOYY, commented, "Despite near-term macro challenges, we remain committed to our strategic priorities and delivered solid results in the first quarter, as we maintained strong profitability at the group level and achieved accelerated growth in Bigo Live's MAUs. Looking ahead, harnessing our global technological and localized operational capabilities continues to be our top priority and fundamental to our worldwide business success. We will cultivate our global user community and provide exceptional interactive experiences to our users through product innovation, diverse content, and localized offerings. We are confident that we are well-placed to seize long-term growth opportunities and generate sustainable shareholder value."
First Quarter 2023 Financial Highlights
Net revenues were US$583.6 million, compared to US$623.8 million in the corresponding period of 2022.
Net income attributable to controlling interest of JOYY was US$28.0 million, compared to net loss of US$27.5 million in the corresponding period of 2022.
Non-GAAP net income[1] attributable to controlling interest and common shareholders of JOYY was US$49.9 million, compared to US$20.9 million in the corresponding period of 2022.
