Chinese social entertainment company JOYY Inc (NASDAQ: YY) on May 21 booked USD 1 billion in revenue for the first quarter of 2020, indicating an annual growth of 49.6% while its Non-GAAP net income dropped by 34% year-on-year (YoY) to USD 60.6 million.
The company’s stock is down 4.12% to USD 65.75 per share in pre-market trading following the report.
The growth in net revenues is driven by its live streaming business, which contributed USD 954.2 million in the first quarter, up 50.6% YoY. Non-GAAP net margin was 6%, versus 13.7% from the same period of last year, when JOYY completed its acquisition of livestreaming platform Bigo and gained from the remeasurement of this investment.
In the past quarter, JOYY’s apps, including Bigo Live, social gaming app Hago, game-centric livestreaming platform Huya, and short video app Likee, in total have 520.1 million mobile monthly active users (MAUs), 77% of which were from overseas markets.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.