Revenue rose 8% year-over-year to $1.19 billion, topping the analyst consensus forecast of $1.16 billion. Adjusted earnings per ADS came in at 28 cents, topping the analyst consensus estimate of 17 cents. The Chinese video-sharing platform also saw continued momentum in user engagement with average daily active users climbing 10% Y/Y to 113 million during the quarter.
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.