JOYY Inc. (YY, Financial) has released its financial results for the fourth quarter and full year of 2024. The company reported a Q4 revenue of $549.4 million, contributing to a total annual revenue of $2.24 billion. The BIGO segment generated $480 million in Q4 and $1.99 billion for the year, marking a 3.3% year-over-year increase.
Under non-GAAP measures, JOYY's operating profit for 2024 reached $136.1 million, a 4.2% increase from the previous year. Net profit for the year was $298.5 million, up 2%, marking the fourth consecutive year of profitability growth.
In 2024, JOYY invested $309.2 million in share repurchases, buying back 9.21 million ADS shares, which accounted for 15.1% of its total share capital at the end of 2023. The company also announced a new quarterly dividend plan, distributing $50 million in cash dividends per quarter from 2025 to 2027, amounting to $0.93 per ADS, with a total of $600 million in cash dividends planned.
Additionally, JOYY has introduced a new $300 million stock buyback plan, effective through December 2027. Following the completion of the YY Live transaction, JOYY will change its Nasdaq trading symbol from "YY" to "JOYY," starting March 31, 2025.
