JOYY Q2 Revenue Surges to $826M

(Source:JOYY)

Video-based social media platform JOYY Inc. on Thursday reported net revenue of 5.84 billion yuan ($826.6 million) in the second quarter of 2020, up 36.3% year-on-year.

According to the company’s unaudited financial results for Q2 2020, the net income from continuing operations attributable to controlling interest of JOYY was 619.4 million yuan, driven primarily by gains in its live streaming business. This represents a stark contrast with the net loss of 6.1 million yuan recorded for the same period of 2019.

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The company claimed that live streaming revenue increased by 40.1% to 5.61 billion yuan, due in large part to its recently-acquired platform Bigo Live contributing “more than half of the total live streaming revenues for the first time ever.”

JOYY reported an average of 457.1 million mobile monthly active users, up 21% year-on-year, including 29.4 million from Bigo Live, which increased by 41.3% from the same period of 2019. The company said 91% of its monthly active users were from markets outside of China.

“To help people cope with the difficulties of COVID-19, we leveraged Bigo Live and our extensive global coverage to launch a series of online charity events, including a 24-hour non-stop global charity concert, to enhance Bigo Live’s brand recognition in various markets and fuel the platform’s robust operating performance.” JOYY Chairman and CEO David Xueling Li said. “We believe that the global landscape for live streaming and short-form videos remains promising, and we plan to uphold our commitment to building a truly world-class video-based social media platform for all.”

Formerly known as YY Inc., the Nasdaq-listed company expects its revenue to swell to between 5.85 and 6 billion yuan in the third quarter, excluding last year’s revenue contribution from Huya.

“We are confident that the underlying strength of our business model, sufficient cash reserves, and strong cash generation capabilities will enable us to sustain our growth momentum going forward,” JOYY CFO Bing Jin said. “As such, our long-term plans remain largely unchanged, and we will continue to invest in cultivating our global live streaming and short-from video ecosystem to empower our dual-growth engine.”