JOYY Reports Q4 Loss, Plans $400M Share Buyback

JOYY Inc. reported a net loss of $304.5 million for Q4 2024, significantly down from a profit of $45.5 million in the same quarter last year, primarily due to a $454.9 million non-cash goodwill impairment charge. Total net revenues for the quarter were $549.4 million, a decrease from $569.8 million year-over-year, while the company's core segment, BIGO, generated $480 million in revenue. Despite the loss, JOYY achieved a non-GAAP net profit of $298.5 million for the full year, marking a 2% increase from 2023. The company repurchased 9.21 million ADS shares for $309.2 million in 2024 and announced a new quarterly dividend plan of $50 million starting in 2025, totaling approximately $600 million over three years. JOYY's average mobile MAUs declined to 263.1 million from 274.9 million year-over-year, reflecting a strategic shift towards more disciplined spending. Management expressed commitment to enhancing operational efficiency and diversifying revenue streams moving forward.