JOYY Reports Third Quarter 2023 Results: Profitability Sustains, BIGO Regains Revenue Growth
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During the third quarter of 2023, JOYY's total revenues rose 3.6% sequentially to US
In addition, JOYY maintained its commitment to return value to shareholders, as it repurchased an additional
Mr.
Third Quarter 2023 Business Highlights
Bigo Live further refined its content recommendation algorithms and continued to incentivize BAR creators. It also started to develop a premium content pool on its BAR channel, covering popular genres such as K-pop, pets, and workout. In the third quarter, the number of users sharing videos on BAR surged by 42.8% from the prior quarter, while the average effective views per person for video content rose by 29.3% in the same period. At the same time, Bigo Live fine-tuned features to enhance the appeal and interactivity inside livestreaming rooms. This drove an 8.5% sequential increase in the total number of livestreamers, along with a 3.7% sequential increase in the number of livestreamers in multi-guest rooms. In line with its commitment to fostering social interaction and forging relationships,
In the third quarter, Likee's revenue continued to grow sequentially, and it continued to be profitable at the product level. In September, Likee orchestrated a series of offline community events in celebration of Saudi National Day. These included streamer parties and movie days, accompanied by online discussions designed to deepen connections among users, creators, and the platform. During the quarter, Likee also partnered with a number of popular creators to exhibit at the Asian Culture Festival, an event that captivated fans of anime, K-pop, and more, highlighting the ACG (Anime, Comics, and Games) that is an integral component of Likee's content ecosystem and community. At the product level, Likee remained dedicated to fostering community interaction, driving a 14.7% overall sequential increase in average user time spent. Overall user engagement, as measured by the ratio of DAUs to MAUs, increased by 1% sequentially, while the IM penetration rate rose by 1.5% over the same period.
During the third quarter, Hago maintained sequential revenue growth, and its operating cash flow remained positive during the quarter. Efficient content distribution remained a priority, along with a refined push notification strategy designed to boost participation in multi-guest interactive rooms across regions. Hago also iterated and enhanced its IM and interactive features, helping to drive increased social activity among users. Notably, the average user time spent in social channels reached nearly 95.8 minutes per day, and the average time spent in multi-guest audio livestreaming rooms grew by 1.2% sequentially. Besides Hago 3D Space, Hago is actively exploring alternative social interactive applications and combining livestreaming and interactive gaming experiences powered by AI.
- 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 Third Quarter 2023 Unaudited Financial Results" issued by the Company on
November 30, 2023 .
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SOURCE JOYY Inc.
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