Baltimore, Maryland: JOYY, Inc., a leading tech company, recently held its Q1 2024 Earnings Conference Call on May 28, 2024, at 9:00 PM ET. The call featured key company executives, including Jane Xie, IR Senior Manager; David Li, Co-Founder, Chairman, and CEO; and Alex Liu, VP of Finance. Participants from notable firms like JPMorgan Chase & Co., Morgan Stanley, Bank of America Merrill Lynch, and China Renaissance Securities were also present.

During the call, the company highlighted its financial performance for the first quarter of 2024. Notably, JOYY’s revenue for the quarter reached $565 million, with its core business segment contributing $505 million. The company also saw a significant increase in non-GAAP net profit, reaching $67 million, exceeding expectations. BIGO, a key subsidiary, experienced 8% year-over-year growth, with live streaming revenues from global products increasing by 28%.

Moreover, JOYY outlined its strategic initiatives to optimize advertising spend, enhance operational resources, and focus on premium users. The company’s non-live streaming revenues, primarily from advertising, showed substantial growth. Cost optimization and enhanced operational efficiency at both group and product levels contributed to improved profitability and narrowed operational losses.

Looking ahead, JOYY remains committed to returning value to shareholders through share repurchases and maintaining stable profitability. Despite global macroeconomic uncertainties, the company aims to drive healthy and sustainable growth while adapting strategies to changing market dynamics.

Additionally, JOYY discussed its regional strategies, emphasizing product features, diverse content, and innovative marketing activities to enhance user experiences. The company’s initiatives to promote corporate social responsibility and sustainable development were also highlighted, showcasing its commitment to giving back to communities globally.

In conclusion, JOYY’s Q1 2024 Earnings Conference Call provided insights into the company’s financial performance, strategic priorities, and future outlook. With a focus on operational efficiency, revenue diversification, and user engagement, JOYY aims to navigate market uncertainties and drive long-term growth in the tech industry.