JOYY Q4 Revenue Declines

(RTTNews) - Technology company JOYY Inc. (YY) reported net loss for its fourth quarter, that reflected the impact of impairment charges. The company's revenues dropped from last year. It also provided revenue outlook for the first quarter.

The company posted net loss of $304.50 million in the fourth quarter of 2024, compared to a profit of $45.49 million in the same period last year. On an ADS basis, loss was $5.67 in the three-month period, in contrast to profit of $0.70 a year ago.

Adjusted for certain items, it reported profit of $71.08 million in the quarter, compared to $45.84 million in the previous-year period. On an ADS basis, income was $1.77, in contrast to $0.97 recorded a year ago.

This results included the impact of a US$454.9 million non-cash goodwill impairment charges.

During the three months, total net revenues declined to $549.45 million from $569.84 million in the previous-year period.

Looking ahead, in the first quarter of 2025, the company expects net revenues to be between $482 million and $490 million.

In the quarter, the company repurchased 1.90 million of its ADSs for $65.5 million on the open market. JOYY also said it may buy back up to $400 million of its shares until the end of November this year.

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