JOYY Reports Fourth Quarter and Full Year 2022 Financial Results: Second Consecutive Year of Profitability.

SINGAPORE: JOYY Inc. (NASDAQ: YY) ("JOYY" or the "Company", formerly known as YY Inc.), a global video-based social media company, today announced its unaudited financial results for the fourth quarter and full year of 2022.

JOYY's total revenues for the full year of 2022 were US$2.412 billion, with total revenues for the fourth quarter of 2022 reaching US$604.9 million. BIGO's full year 2022 revenues reached US$1.997 billion, with total revenues for the fourth quarter of 2022 reaching US$476.5 million.

JOYY reported its second consecutive year of profitability in 2022. For the full year of 2022, JOYY recorded net income of US$128.9 million and booked non-GAAP net income[1] (excluding YY Live) of US$199.3 million, increasing by 83% year over year, with a corresponding non-GAAP net income margin[1] of 8.3%. Non-GAAP net income[1] from BIGO increased by 58.3% year over year to US$288 million, with net income margin[1] expanding to 14.4%.

JOYY continued to return value to its shareholders, demonstrating management's confidence in the Company's long-term prospects. In 2022, JOYY repurchased a total of US$138.1 million of its shares and paid cash dividends in an aggregate amount of US$145.9 million.

Mr. David Xueling Li, Chairman and CEO of JOYY, commented, "Despite the macro challenges, JOYY delivered solid financial performance and reported a second consecutive year of profits at the group level. We also achieved an acceleration in user growth for Bigo Live. Heading into 2023, we remain committed to enriching our users' lives and improving their online experiences through our diverse and innovative products and services. We will remain adaptive to the macro environment, and in the meantime, we will prioritize resources allocation to businesses that align with our long-term strategies. With our proven resilient business model and strong cash position, we believe we will be better positioned to capture long-term growth opportunities and generate sustainable shareholder value."

Full Year 2022 Financial Highlights

Net revenues for the full year of 2022 were US$2,411.5 million, compared to US$2,619.1 million in 2021.

Net income from continuing operations attributable to controlling interest of JOYY for the full year of 2022 was US$128.9 million, compared to net loss of US$115.9 million in 2021. Net income margin for the full year of 2022 was 5.3%, compared to net loss margin of 4.4% in 2021.

Non-GAAP net income[1] from continuing operations...