Live streaming platform and BIGO owner JOYY announced its unaudited financial results for the second quarter of 2021 on Thursday, showing revenue reaching $662 million, up 39.7% year-on-year.
The increase in live streaming business revenue during the second quarter of 2021 is due to the continuous growth of BIGO’s paying users and the improvement of liquidity. The firm’s other income increased by 40.3% year-on-year to reach $32.1 million, compared with $22.9 million in the same period of 2020.
After divesting from its YY Live business, JOYY basically broke even at the group level for the first time in this quarter (under non-GAAP). Among its subsidiaries, BIGO’s revenue increased from $432 million to $598 million, up 38.4% year-on-year, while its profits further improved also. The adjusted net interest rate increased from 1.6% in the first quarter to 3.3%, achieving adjusted net profits of $19.44 million.
JOYY’s global average monthly active mobile users fell by 26.0% year-on-year to 307.5 million, mainly due to the impact of the Indian government blocking some Chinese applications including BIGO Live, Likee and Hago. The figure was 415.8 million in the same period of 2020.
The firm predicts that revenue in the third quarter of this year will fall between $608 million and $635 million, which would mark growth of between 13.7% and 18.7% year-on-year.
Founded in April 2005, JOYY is a global social media company. Its business mainly covers live streaming, short video, social networking, e-commerce, education and financing. The firm’s core products include BIGO Live, Likee and Hago.
The company was listed on the Nasdaq on November 21, 2012. Later, its Huya Live was listed on the NYSE on May 11, 2018, becoming the first listed company within the Group. In March 2019, JOYY acquired overseas video social platform BIGO with a valuation of about $2.2 billion. It then sold Huya Live and YY Live to Tencent and Baidu in April and November 2020, respectively.