JOYY Reports Steady Profit Growth for 2024, Full-Year Buybacks Exceed US$300 Million
SINGAPORE, March 19, 2025 /PRNewswire/ -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global technology company, announced its unaudited financial results for the fourth quarter and full year of 2024.
In the fourth quarter, JOYY's revenue reached US$549.4 million, with BIGO achieving revenues of US$480.0 million. For the full year 2024, the Company's revenue reached US$2.24 billion. The Company's core business segment BIGO generated revenues of US$1.99 billion, with a year-over-year increase of 3.3%.
Driven by continued enhancement of global operations and strong execution, JOYY achieved steady profit growth in 2024. The Company's non-GAAP[1] net profit for the full year 2024 reached US$298.5 million, a year-over-year increase of 2.0%. Non-GAAP[1] net margin came in at 13.3%. JOYY's full-year non-GAAP[1] operating profit was US$136.1 million, a year-over-year increase of 4.2%. Non-GAAP[1] operating margin came in at 6.1%. The BIGO segment's full-year operating profit and non-GAAP[1] operating profit reached US$240.9 million and US$286.3 million, respectively, which were equivalent to GAAP and non-GAAP[1] operating margin of 12.1% and 14.4%.
As JOYY sets the stage for ongoing growth, shareholder returns remain a high priority for management. In 2024, the Company repurchased 9.21 million ADSs for a total of US$309.2 million, representing 15.1% of its total outstanding shares as of the end of 2023.
JOYY announced a quarterly dividend policy for the following three years commencing immediately. Under such policy, the total cash dividend amount expected to be paid will be approximately US$600 million and quarterly dividend will be set at a fixed amount of approximately US$50 million (US$0.93 per ADS) in each fiscal quarter. Additionally, the company also announced an additional share repurchase program, under which the Company may repurchase up to US$300 million of its shares until December 2027.
Additionally, JOYY announced that the Company's ticker symbol on Nasdaq will be changed from YY to JOYY, effective from March 31, 2025.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "In 2024, we made substantial progress in improving operational efficiency and diversifying our revenue streams. For full year 2024, our group's non-GAAP operating income reached US$136.1 million, improving by 4.2%, year over year. Our group's non-livestreaming revenues grew by 55.9% to US$449.8 million year over year. As we embark on a new chapter following the divestiture of YY Live, we have firmly established ourselves as a global technology company with remarkable international reach. Looking ahead, we remain deeply committed ...
