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JOYY Reports Net Profit of US$60.6 Million, Share Buybacks Surpass US$117.8 Million in Q3

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SINGAPORE, Nov. 26, 2024 /PRNewswire/ — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global leading technology company, announced its unaudited financial results for the third quarter of 2024.

For the third quarter, JOYY’s revenue reached US$558.7 million, while the Company’s core business segment, BIGO, generated revenues of US$496.0 million. JOYY’s GAAP and non-GAAP operating income[1] were US$16.4 million and US$34.9 million, respectively, up by 623.5% and 16.4% on a quarterly basis. JOYY recorded a net profit and non-GAAP net profit[1] of US$60.6 million and US$61.2 million, for a GAAP and non-GAAP net margin[1] of 10.8% and 10.9%, respectively. BIGO’s GAAP and non-GAAP operating income[1] reached US$62.7 million and US$72.9 million, respectively, marking sequential increases of 8.2% and 5.0%. The Company sustained its positive operating cash flows, generating US$61.1 million in the third quarter.

During the third quarter, JOYY actively advanced shareholder returns by buying back an additional US$117.8 million worth of its shares. During the first three quarters of 2024, the Company has repurchased 7.31 million of its ADSs for a total of US$243.7 million, demonstrating confidence in the company’s long-term prospects.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “We continued to execute effectively on our strategic priorities during the third quarter, cultivating our global social and content ecosystem, and enhancing our global operational capabilities and efficiencies, which yielded solid results. Our group’s GAAP and non-GAAP operating income were US$16.4 million and US$34.9 million, respectively, up by 623.5% and 16.4% on a quarterly basis. During the third quarter, we continued to cultivate long-term initiatives that will further diversify our revenue streams. Our Group non-livestreaming revenue grew by 13.1% to US$119.2 million quarter over quarter, contributing 21.3% of total revenues. Looking ahead, we remain focused on enhancing user experiences through product innovation, further diversifying our revenue streams, and advancing operational excellence across our global footprint. Supported by our strong cash flow and healthy financial position, we are well-positioned to deliver sustainable, profitable growth and create enduring value for our shareholders.”

Third Quarter 2024 Financial Highlights

Net revenues in the third quarter of 2024 were US$558.7 million.Net income attributable to controlling interest of JOYY was US$60.6 million in the third quarter.Non-GAAP net income[1] attributable to controlling interest and common shareholders of JOYY was US$61.2 million in the third quarter.

Third Quarter 2024 Business Highlights

In the third quarter, Bigo Live sharpened its operational strategy by prioritizing advertising investments and operational resources toward developed countries and premium users, and simultaneously enhanced its content quality and social experiences to drive long-term user monetization potential. This targeted approach yielded strong results in core developed countries, where MAUs grew 3.4% year over year and 3.7% quarter over quarter, and paying users increased 9.1% year over year. Bigo Live also achieved encouraging momentum in the Middle East, where its revenue increased 5.6% sequentially.

To further enhance its global content and social ecosystem, Bigo Live implemented a series of upgrades to boost the creation, quality, and distribution of content on its platform. For example, Bigo Live fine-tuned its content recommendation algorithms to better facilitate content sharing within same-language regions and expand cross-regional content flow between highly interactive markets. These enhancements streamlined its cross-regional content delivery and better served users’ growing appetite for global content and social connections.

In the last quarter, Bigo Live successfully hosted the third season of “BIGO’s Most Talented”, featuring categories in Music, Dance and Beauty Pageantry. The event attracted outstanding creators from around the world. Building on previous seasons, the third season introduced a more rounded judging system incorporating key audience engagement metrics. This allowed a seamless merger of interactive livestreaming elements with traditional talent show elements. The event resonated strongly with viewers, amassing an impressive 5.79 million audience votes. Bigo Live also strengthened bonds with its business partners and user community through a series of mid-year galas across Saudi Arabia, Vietnam, Thailand, and the Philippines. These gatherings brought together the cornerstone members of Bigo Live’s ecosystem – top creators, users and partners – to celebrate their achievements and vital contributions to the platform’s progress in the first half of the year.

Bigo Live also further developed its social engagement features, prioritizing improvements to Real Match and messaging functionality. These upgrades drove deeper user connections and more efficient follow conversions. Notably, Real Match’s average DAU penetration rate increased significantly to 23.4%, while the number of direct chat messages rose by 15.9% from the previous quarter. Bigo Live also achieved a 4.3% rise in average new follows per user. By directing traffic to premium hosts and upgrading interactive features, Bigo Live boosted creator participation and user engagement in multi-guest rooms. Bigo Live achieved a 3.9% sequential increase in the penetration rate of streamers in multi-guest rooms, alongside a 3.6% sequential increase in the overall rate of users going live as guest speakers.

Likee remains rooted in the Middle East and European markets, where it continues to build momentum and enhance monetization across both livestreaming and advertising. As a result, Likee’s advertising revenue grew 33.4% year over year in the third quarter, and Likee maintained its profitability.

During the quarter, Likee elevated its user experience across its core markets through enhanced content quality, interactivity, and community engagement. A standout community-building initiative was its August music festival tour across five European cities, which brought together Likee’s top creators, including music bloggers and dance groups, alongside established performers and celebrities. This unique event delivered an unprecedented interactive experience for the Likee community. In September, Likee served as the official media partner for Phygital Games 2024, providing eight days of livestreaming coverage to immerse users in the competitive prowess of top athletes in digital football, basketball, laser shooting, and simulated dance. Likee’s expanded premium content offerings and content diversity drove a 12.3% quarter-over-quarter increase in users’ video time spent.

In the third quarter, Hago’s targeted incentive strategy across different paying user segments drove improved monetization metrics. This strategy resulted in positive momentum in both its paying users and ARPPU, with its revenue growing 6.1% quarter over quarter. Hago maintained a positive operating cash flow in the third quarter, and its operating losses further narrowed. Hago’s social engagement metrics also remained strong, with average time spent in social channels increasing 2.5% quarter over quarter to 105.8 minutes, and next-day retention rates showing sustained improvement.

[1]. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled “JOYY Reports Third Quarter 2024 Unaudited Financial Results” issued by the Company on November 27, 2024.

 

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SOURCE JOYY Inc.

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State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company escorts the migratory birds along their lifeline

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KIZILSU, China, Nov. 27, 2024 /PRNewswire/ — Recently, the State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company visited the Buyamat Primary School in Artush City, Kizilsu, Xinjiang, and carried out a special activity with the theme of “Hand in Hand with Children to Escort the Lifeline of Migratory Birds”, aiming to enhance the understanding of primary school students about birds and environmental protection.

During the event, the staff of the State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company vividly told the students about the touching story of how they found and protected the black stork. The students were not only moved by the spirit of bird protection in the story, but also deeply realized the importance of protecting birds and the ecological environment.

In recent years, State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company has always integrated the concept of green development into all aspects of power grid construction and operation, and is committed to promoting biodiversity conservation and building an environment-friendly power grid. Combined with public welfare brand projects such as “Migratory Bird Lifeline”, “Life Bird’s Nest” and “Green Power Ark”, the company systematically promotes the “bird-line” dual protection work, forming a new situation of harmonious coexistence of “bird-line”.

In the next step, State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company will continue to expand the form and content of science popularization and education, continue to enhance the popularization of ecological civilization knowledge through the combination of humanities and nature education, further raise minors’ awareness of caring for nature and protecting wild animals, and build a beautiful home of harmonious coexistence between man and nature with practical actions.

 

View original content:https://www.prnewswire.com/apac/news-releases/state-grid-kizilsu-kirghiz-autonomous-prefecture-electric-power-supply-company-escorts-the-migratory-birds-along-their-lifeline-302317258.html

SOURCE State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company

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Vietnam Fintech Summit 2024: Official Event of Techfest Vietnam

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HAIPHONG, Vietnam, Nov. 27, 2024 /PRNewswire/ — Vietnam Fintech Summit 2024 (VFS) officially opens today at Pullman Hotel, Haiphong. Co-hosted by VINASA and the Fintech Community – Techfest Vietnam, the event serves as a key gathering for leaders, entrepreneurs, and financial technology experts globally, fostering innovation and sustainable development in the fintech sector.

Fintech Potential in Vietnam

Vietnam stands out as one of the fastest-growing fintech markets in the region, with over $19 billion in electronic transaction value, making it the second-largest fintech market in ASEAN. The market has grown from $0.7 billion in 2016 to $4.5 billion in 2022, now serving over 29 million users. To capitalize on this growth, the Vietnamese fintech community needs a conducive environment, knowledge-sharing platforms, and access to global expertise. VFS provides an ideal opportunity for startups to deepen their understanding of Vietnam’s financial landscape and connect with world-leading fintech experts.

Event Details

Date: November 26, 2024Time: 8:00 AM12:00 PMVenue: Pullman Hotel, 12 Tran Phu, Ngo Quyen District, Haiphong City

Conference Highlights

The event features deep-dive discussions and panel talks covering key fintech topics such as Open Banking trends, Open API collaborations, cashless payment technologies, expanding access to financial services through technology, and AI applications in finance. Speakers will share practical insights and global experiences to drive sustainable growth and foster collaborations in Vietnam’s fintech ecosystem.

Esteemed Partners and Experts

Vietnam Fintech Summit 2024 is proud to collaborate with esteemed financial and tech organizations, including APAC DAO and Tech Vietnam Advocates. Community partners include the African Fintech Network, Digital Finance Associations, Fintech Associations from Indonesia, Cambodia, and the Philippines, Cyberport Hong Kong, Digital Pilipinas, the Global Fintech Institute, and more.

With strong media support from PRNewsWire, TechSauce, VnEconomy, and others, VFS brings together top experts and thought leaders to share their vision, expertise, and collaborations, contributing to a robust financial technology ecosystem in Vietnam and the APAC region.

Introducing the Organizers and Collaborators of Vietnam Fintech Summit 2024

Co-Organizers

Vietnam Software and IT Services Association (VINASA):

VINASA is a non-governmental, non-profit organization representing over 600 companies in Vietnam’s software and IT services sector. Its members, including prominent names like VNPT, Mobifone, Viettel, FPT, and TMA Solutions, contribute to 70% of the country’s IT workforce and software output. VINASA organizes flagship IT events such as the Vietnam Digital Transformation Summit and Smart City Summit. It is a key player in fostering Vietnam’s digital economy and a member of leading international IT organizations like ASOCIO, APICTA, and WITSA.

Fintech Community – Techfest Vietnam:

The Fintech Community serves as a platform connecting innovative startups in financial technology. It focuses on expanding access to global knowledge and resources while fostering innovation-driven solutions for sustainable economic growth in Vietnam. The community draws talent and expertise from local and overseas Vietnamese professionals.

Supporting Partners

APAC DAO:

A leading B2B tech community in the Asia-Pacific region, APAC DAO boasts over 3,000 members and 800+ projects across 15 countries. Its extensive network reaches more than 4 million tech enthusiasts, contributing significantly to the region’s technology ecosystem.

Tech Vietnam Advocates:

As part of the Global Tech Advocates network with over 40,000 members across 40 countries, Tech Vietnam Advocates fosters global collaboration in tech innovation. With roots in initiatives like London Tech Week, it supports knowledge-sharing and technological advancements worldwide.

Vietnam Fintech Summit 2024 aims to connect domestic and international experts while fostering growth and collaboration in Vietnam’s fintech ecosystem. The event takes place on November 26, 2024, in Haiphong and features expert-led panels and in-depth discussions on industry trends.

Agenda

Time

Sessions

Speakers

Position

8h30 – 8h40

Opening Doors

8h40 – 8h50

Introduction of Distinguished Guests and Opening Remarks

Introducing guests

8h50 – 8h55

Opening Remark

Mr. Nguyen Dinh Thang

President of Vina Fintech Club – VINASA

Head of Advisory committee to Fintech Community, Techfest Vietnam 2024

8h50 – 9h00

Welcome Speech

Dr. Pham Hong Quat

Head of General Department, National Agency for Technology Entrepreneurship and Commercialization Development, Ministry of Science and Technology

9h00 – 9h20

Keynote: Fintech adoption landscape in Vietnam

Mr. Truong Gia Bao

President of DTS Group

Steering Committee of Fintech Community, Techfest Vietnam 2024

9h20 – 10h00

Panel: Growth drivers of Fintech in the region and the role of Open Finance

Aries Setiadi

Executive Director, Indonesia Fintech Association (AFTECH)

Mr. Nguyen Dinh Thang

President of Vina Fintech Club – VINASA

Head of Advisory committee to Fintech Community, Techfest Vietnam 2024

Mr. Hoang Van Quang

Hai Phong branch director, Military Commercial Jointstock Company (MBBank)

Andrew Lee

CEO, Credos Partners Ltd.

Nicole Nguyen (moderator)

Co-founder, APAC DAO

Organizing Committee of Vietnam Fintech Summit

10h00-10h10

Fintech Startup Awarding Ceremony

Asso.Prof. Dr. Pham Thi Tuyet

Head of Fintech Community, TechFest Vietnam 2024

Hana Ngo

Founder & CEO, HanaGold

10h10 – 10h45

Panel 2: Roadmap for Financial Technology to reach mass adoption in Vietnam and the region

Hana Ngo

Founder & CEO, HanaGold

Vincent Le

Chief Risk Office, EzyRemit

Nhan Huynh

CEO, AthenaFS

Dang Thanh Phong

Director, OnePay

Chinh Nguyen (moderator)

Partner, PENTAIP Founder Fund

10h45 – 11h00

Keynote 3: Fintech x AI: The Future of Insurance

Ian JianLiang Low

AI Lab Program Head, Prudential

11h00 – 11h40

Panel 3:Fintech x AI – What’s next after GenAI and Conversational AI?

Sean Wolfman

General Director, Beryl8

Cuong Bui

Head of Fintech Center, TMA Solutions

Ian JianLiang Low

AI Lab Program Head, Prudential

Nguyen The Duy

CEO, ADT Global

Abynprima Rizky (moderator)

Director of Marketing Communication & Community Development, AFTech

11h40 – 11h45

Closing Remark

Asso.Prof. Dr. Pham Thi Tuyet

Head of Fintech Community, TechFest Vietnam 2024

For further details, please contact:

Ms. Nicole Nguyen, Representative of the Organizing Committee

Phone: +84 943 378 452Email: vnfintechfestival@gmail.comEvent Registration: Register Here

PR Newswire is the Official Press Release Distribution – Partner of Vietnam Fintech Summit

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/vietnam-fintech-summit-2024-official-event-of-techfest-vietnam-302317261.html

SOURCE Vietnam Fintech Summit & APAC DAO

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Global initiative launched to train scientists to safely test cosmetics, chemicals without painful and archaic animal experiments

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BRUSSELS, Nov. 27, 2024 /PRNewswire/ — A new online Master Class course to train scientists in testing cosmetics and chemicals without using animals is being hailed as a game-changer for cruelty-free testing worldwide. Featuring real-world case studies to walk scientists through animal-free testing step by step, the curriculum launched by the Animal-Free Safety Assessment Collaboration (AFSA) has attracted over 1,200 participants from nearly 70 countries since its debut in 2023, highlighting a global interest in innovative, ethical testing methods. Its final module is now open for registration, completing the ten-module course.

Created with input from industry, method developers, regulatory and animal protection experts, the course guides users through every stage of “next-generation risk assessment” culminating in advanced techniques like data integration to ensure robust consumer safety conclusions. These cutting-edge methodologies not only eliminate the need for painful animal-based testing but also provide more valid and reliable results concerning the safety of chemicals and products.

A result of wide-ranging contributions from global experts in animal-free safety science, the AFSA Master Class aims to provide the educational building blocks for lasting change, encouraging kinder scientific practices that will also better ensure human safety. Regulators, product developers, contract research organizations, and academic professionals from across the globe are all active in development of the course, illustrating the truly collaborative nature of animal-free safety science worldwide.

Dr. Catherine Willett, senior director of science and regulatory affairs at Humane Society International and principal coordinator of the AFSA Master Class, said, “Consumers and companies alike want to move away from painful and outdated animal tests, but learning more about the cutting-edge tools available in the animal-free toolbox, and how to use them to make safety decisions, can be challenging. The AFSA Master Class demystifies animal-free safety assessment, making it easier for companies to replace rats, rabbits and guinea pigs with advanced non-animal models and computer simulations.”

Course participant Mark Broussard, managing partner of Desert in Bloom Cosmetics Lab, said, “The AFSA Master Class really helped me understand the entire process of determining the safety of a novel cosmetic ingredient using non-animal methods, since I am working with a novel plant extract that has not before been safety tested or used in cosmetic/therapeutic products for human use. I think the new approach methodologies will yield more valid, more reliable results on the safety of cosmetic ingredients without subjecting animals to the painful animal-based testing procedures.”

“The safety of the cosmetics and personal care products that consumers use and trust every day is of the utmost importance,” said Dr. Julia H Fentem, EVP safety, environmental & regulatory science at Unilever. “Our unique AFSA Master Class program is focused on the safety assessment of cosmetic products and ingredients without generating new animal data and covers all aspects of using non-animal tools and data for internal company decisions-making as well as regulatory safety assessments.”

The AFSA Master Class will help equip key stakeholders with the right tools and knowledge to better explore animal-free methods of safety testing and contribute to the wider shift towards the cruelty-free future of cosmetic and chemical safety science.

The full AFSA Master Class is freely available online at AFSAcollaboration.org/masterclass.

Notes to editor:

The AFSA Master Class is a product of in-kind contributions from the following member organizations: Avon Products Inc., Crème, Delphic HSE, DSM-Firmenich, Givaudan, Humane Society International, Institute for In Vitro Sciences, International Flavors & Fragrances, Inc., Lhasa Ltd., L’Oréal, Lush Fresh Handmade Cosmetics, Procter & Gamble, Symrise, Unilever.

Photo – https://mma.prnewswire.com/media/2568080/Humane_Society_International_AFSA_Master_Class.jpg
Logo – https://mma.prnewswire.com/media/2568079/AFSA_collab_purple_PNG_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/global-initiative-launched-to-train-scientists-to-safely-test-cosmetics-chemicals-without-painful-and-archaic-animal-experiments-302317184.html

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