"The company's net revenue was $540 million, down from $559 million in the same period a year ago. Yet it was high enough to top the consensus analyst estimate of $531 million and change. On the bottom line, net income in accordance with generally accepted accounting practices ( GAAP) was 2% higher at $62 million, or $1.15 per ADS. This easily topped the $1.05 collectively expected by the pundits tracking Joyy stock."
"Although the company suffered a 12% decline in its foundational livestreaming revenue (to under $389 million), this was partially mitigated by a very encouraging 29% rise in advertising revenue -- this came in at almost $113 million. Its monthly average user (MAU) count in the mobile segment decreased to 266 million in the quarter, down from 272 million in the same period last year."
Joyy reported third-quarter net revenue of $540 million, down from $559 million year-over-year but above the $531 million analyst consensus. GAAP net income rose 2% to $62 million, or $1.15 per ADS, outperforming the $1.05 expected. Livestreaming revenue declined 12% to under $389 million, while advertising revenue increased 29% to almost $113 million. Mobile monthly average users fell to 266 million from 272 million a year earlier. Guidance for the fourth quarter targets $563 million to $578 million, exceeding the $548 million consensus. Revenue and user metric declines and greater reliance on advertising suggest elevated volatility and warrant caution.
Read at The Motley Fool
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