On August 30th, YY(NASDAQ: YY), a global social media platform, released its financial report for the second quarter of 2023. In the second quarter, the operating profit of its core product: Bigo Live, a live streaming platform, reached USD 75.5 million.
The report reveals that in the second quarter, YY generated revenues of USD 547.3 million, with the Bigo segment contributing USD 471.1 million in revenue. Under non-GAAP accounting standards, the Company's net profit for the quarter increased by 89.1% year-on-year to USD 97.3 million, with a net profit margin of 17.8%, up by 9.2 percentage points year-on-year. The BIGO segment reported an operating profit of USD 75.5 million, with an operating profit margin of 16.0%. Furthermore, during this quarter, the Company repurchased USD 214.3 million worth of its own stock, bringing the total shareholder return for the first half of 2023 to USD 299.7 million, demonstrating its confidence in its long-term business prospects.
The report also showcases the performance of several key social applications under YY's umbrella in the second quarter.
Bigo Live experienced rapid global user growth in the second quarter, with MAU (Monthly Active Users) increasing by 18.0% year-on-year to 38.5 million. This marks the fifth consecutive quarter of double-digit growth. Specifically, there was a 10.3% year-on-year growth in the European region, a 14.9% year-on-year growth in the Middle East region, and a 20.8% year-on-year growth in Southeast Asia and other regions.
Likee, a short video platform, continued to see overall DAU (Daily Active Users) growth in this quarter, with some core regions achieving double-digit growth in DAU. Additionally, Likee's revenue increased by 11.2% compared to the previous quarter, and it remained profitable. This marks the second consecutive half-year of profitability for Likee after achieving a balance between revenue and expenses in the second half of the previous year. Furthermore, in the second quarter, the gaming social platform Hago saw a 6.4% increase in revenue, indicating a positive outlook for its operations.
"In the second quarter, the Group's global social entertainment user base continued to grow, with MAU reaching 275.6 million." Li Xueling, Chairman and CEO of YY, stated.