(Yicai Global) May 21 -- Chinese short video content and livestream platform operator JOYY posted a 49.6 percent jump in first-quarter revenue from a year earlier driven by growth at its global platform Bigo Live.
Revenue was CNY7.15 billion (USD1 billion) in the three months ended March, the Guangzhou-based company said in its latest earnings report. Non-GAAP net profit fell 34.5 percent to CNY428 million (USD60.3 million) mainly due to its acquisition ofSingapore’s Bigo Technology, which also owns popular video app Likee, for USD1.45 billion in March last year.
Bigo Live’s revenue wasCNY2.1 billionin the first quarter.Nearly 34 percent of that came from developed markets such as the US, Europe, and Japan, which saw an increase of more than 10 percentage points from the same period last year.
The overseas market has become the focus of JOYY’s business. In the quarter, the number of its global mobile monthly active users reached 520.1 million, with overseas users accounting for 77 percent.
Compared with the Chinese market, demand from overseas streaming users is stronger. Bigo Live users’ daily streaming ratio reached 13 percent in the first quarter, much higher than that of domestic platforms.
Of JOYY’s social media platforms, Bigo Live’s global mobile MAUs hit 26.7 million, up 37.8 percent year on year. YY Live’s MAUs totaled 45.1 million, up 21.7 percent. Casual gaming social media platform Hago had 31 million mobile MAUs, a gain of 36.3 percent. Likee’s mobile short video MAUs more than doubled to 131.6 million.
Chief Financial Officer Jin Bing said that the global spread of Covid-19 had a relatively small impact on the company’s operations, and that demand for online entertainment content and social media networks remained strong in the first quarter.
According to data from App Annie, China’s TikTok ranked first worldwide, excluding mainland China, for non-gaming app downloads, with Bigo Technology’s Likee hard on its heels.
Shares of JOYY [Nasdaq: YY] rose to a three-month high yesterday, closing at USD65.75, a gain of 4.1 percent.
Editors: Tang Shihua, Peter Thomas