JOYY (JOYY) Q4 2024 earnings summary

Executive summary

• Completed sale of Mainland China live streaming business (YY Live) for $2.1B, marking a strategic shift to global markets and a new Nasdaq ticker symbol effective March 31, 2025.

• Global revenue (excluding China) comprised 89.6% of total, with developed countries' revenue up 24.6% year-over-year, now 53.9% of group revenue.

• Q4 2024 net loss was $304.1M due to a $454.9M non-cash goodwill impairment; excluding this, net income was $71.1M.

• Non-GAAP net income for Q4 2024 was $96.1M, up 57.1% quarter-over-quarter and 49.7% year-over-year; full year non-GAAP net income was $298.5M, up 2.1%.

• Focused on operational efficiency, AI-driven innovation, and platform safety to drive sustainable growth and user engagement.

Financial highlights

• Q4 2024 group revenue was $549.4M; non-GAAP net profit reached $96.1M.

• Q4 2024 live streaming revenues were $422.4M, down from $486.2M year-over-year; non-live streaming revenue grew 55.9% year-over-year to $449.8M, now 20.1% of total revenue.

• Q4 gross profit was $203.8M (gross margin 37.1%), up from $201.5M (35.4%) year-over-year.

• Full-year 2024 group revenue was $2.24B; non-GAAP net profit $298.5M, up 2% year-over-year.

• Net cash position at year-end was $3.3B; Q4 operating cash flow was $110.5M.

Outlook and guidance

• Q1 2025 net revenue guidance: $482M–$490M, reflecting seasonality from Lunar New Year, Ramadan, and macroeconomic uncertainties.

• Expect double-digit year-over-year growth in non-live streaming revenue for 2025.

• Anticipate sequential recovery in BIGO paying users and MAU in H2 2025.

• Group non-GAAP operating profit expected to improve in 2025.