SINGAPORE, May 28, 2024 /PRNewswire/ -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global leading technology company, announced its unaudited financial results for the first quarter of 2024. During the first quarter, JOYY's revenue came in at US$564.6 million. The Company's core business segment BIGO continued its topline recovery trend, generating revenues of US$505.2 million, a year-over-year increase of 8.0%. JOYY recorded net profit and non-GAAP net profit1 of US$ 45.3 million and US$67.2 million, with GAAP and non-GAAP net margins1 of 8.0% and 11.9%, respectively. The BIGO segment's net profit and non-GAAP net profit1 reached US$61.0 million and US$71.2 million, with GAAP and non-GAAP net profit margins1 of 12.1% and 14.1%, respectively. JOYY sustained its positive operating cash flows, generating US$75.0 million in the first quarter. Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, "We are off to a good start in 2024, executing on our strategic priorities and delivering results that exceeded our expectations. During the quarter, BIGO maintained its topline recovery momentum, with its revenues increasing by 8.0% year over year, driven by a steady 6.9% increase in paying users. In addition, as we continued to strategically expand and diversify our revenue streams, BIGO's non-livestreaming revenues grew substantially year over year. Ongoing cost discipline and efficiency improvement contributed to year-over-year increases of 61.8% and 34.8% in GAAP and non-GAAP net profits at the group level, respectively. Backed by our robust cash flow and strong financial position, we remain committed to returning value to our shareholders. In the first quarter of 2024, we repurchased an additional US$54.5 million worth of our shares, reflecting our confidence in the company's long-term prospects. Looking ahead, we will continue to enhance our product experience and drive operational innovations to generate a sustainable and profitable growth for our global business." First Quarter 2024 Financial Highlights Net revenues for the first quarter of 2024 were US$564.6 million. Net income attributable to controlling interest of JOYY in the first quarter was US$45.3 million, compared to US$28.0 million in the corresponding period of 2023. Non-GAAP net income1 attributable to controlling interest and common shareholders of JOYY in the first quarter was US$67.2 million, compared to US$49.9 million in the corresponding period of 2023. First Quarter 2024 ...