Joyy, a China-headquartered video-focused social media platform, said its revenue for the third quarter surged 21% year-on-year to US$650 million, thanks largely to a robust performance from its livestreaming arm, Bigo Live.
Photo credit: Joyy
Posting US$35.1 million in adjusted net income for the quarter, Joyy also hit profitability at a non-GAAP (generally accepted accounting principles) level for the first time since it sold livestreaming service YY Live to Baidu in November 2020.
Bigo’s net revenue came in at US$568.7 million in the quarter – a 16% increase from last year – helping Joyy reach the milestone. The livestreaming app’s quarterly non-GAAP net income hit US$49.6 million, while its profit margin improved to 8.7%. Meanwhile, the unit’s monthly average users climbed 10% from a year ago to hit 31 million in the quarter.
Joyy had reported a US$109.3 million net loss for the second quarter, narrowly missing profitability at a non-GAAP level despite a strong showing from Bigo.
The social media site expects its net revenue for the last quarter of 2021 to be somewhere between US$652 million and US$661 million, with a growth of at least 14.7%, year-on-year.
Editing by Miguel Cordon
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