Exhibit 99.1

JOYY Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results

Singapore, March 16, 2023 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company,” formerly known as YY Inc.), a global video-based social media company, today announced its unaudited financial results for the fourth quarter and full year of 2022.

Fourth Quarter 2022 Financial Highlights¹

Full Year 2022 Highlights

Fourth Quarter 2022 Operational Highlights

Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, “2022 marked a year of uncertainty for global companies, as we continued to navigate a complex macro environment. Despite these short-term challenges, we have taken actions to remain focused on the cultivation of our user community, improve content quality, deepen user engagement on our products, and prioritize sustainable, high-quality growth. By concentrating on the factors that we can control, and backed by our strong execution capabilities, our efforts yielded meaningful results. Specifically, we continued our path to sustainable profitability at the group level for the second consecutive year. Bigo Live's MAUs grew by 14.3% year over year in the quarter, continuing the trajectory of accelerating growth. We also remained committed to returning value to shareholders in 2022, as we paid cash dividends in an aggregate amount of US$145.9 million in accordance with our quarterly dividend policy and repurchased a total of US$138.1 million of shares under the authorized share repurchase program.”

“Looking ahead, although we still expect to face certain near-term macro uncertainties, we are confident that long-term opportunities in global markets remain enormous. We will remain adaptive to the macro environment, and in the meantime, we will prioritize resources allocation to businesses that align with our long-term strategies and are expected to shape our core capabilities. With our proven resilient business model and strong cash position, we believe we will be better positioned to capture long-term growth opportunities and generate sustainable shareholder value.”

Fourth Quarter 2022 Financial Results

NET REVENUES

Net revenues were US$604.9 million in the fourth quarter of 2022, compared to US$663.7 million in the corresponding period of 2021.

Live streaming revenues were US$527.4 million in the fourth quarter of 2022, compared to US$620.9 million in the corresponding period of 2021, primarily due to the decrease in the average revenue per paying user of BIGO, as global macroeconomic uncertainties and the appreciation of U.S. dollars against certain other local currencies negatively affected users’ paying activities.

Other revenues increased by 80.9% to US$77.5 million in the fourth quarter of 2022 from US$42.8 million in the corresponding period of 2021.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 10.8% to US$392.6 million in the fourth quarter of 2022 from US$440.2 million in the corresponding period of 2021. Revenue-sharing fees and content costs were US$247.5 million in the fourth quarter of 2022, compared to US$297.3 million in the corresponding period of 2021.

Gross profit was US$212.3 million in the fourth quarter of 2022, compared to US$223.5 million in the corresponding period of 2021. Gross margin improved to 35.1% in the fourth quarter of 2022 from 33.7% in the corresponding period of 2021, primarily due to optimization of revenue sharing cost and other operational costs.

OPERATING INCOME

Operating expenses were US$231.2 million in the fourth quarter of 2022, compared to US$168.2 million in the corresponding period of 2021. Among the operating expenses, sales and marketing expenses decreased to US$100.8 million in the fourth quarter of 2022 from US$112.6 million in the corresponding period of 2021, primarily due to the Company’s reduced spending on user acquisition via advertisement for Likee and Hago. Research and development expenses increased to US$73.6 million in the fourth quarter of 2022 from US$29.3 million in the corresponding period of 2021, primarily due to increased personnel-related expenses of BIGO and the recent consolidation of an investee.

Operating loss was US$14.2 million in the fourth quarter of 2022, compared to operating income of US$60.6 million in the corresponding period of 2021. Operating loss margin was 2.3% in the fourth quarter of 2022, compared to operating income margin of 9.1% in the corresponding period of 2021.

Non-GAAP operating income⁷ was US$27.8 million in the fourth quarter of 2022, compared to US$83.5 million in the corresponding period of 2021. Non-GAAP operating income margin⁸ was 4.6% in the fourth quarter of 2022, compared to 12.6% in the corresponding period of 2021.

NET INCOME

Net loss from continuing operations attributable to controlling interest of JOYY was US$377.5 million in the fourth quarter of 2022, compared to net income of US$73.2 million in the corresponding period of 2021, primarily due to an impairment loss of US$417.2 million from an equity method investment recognized in share of loss in equity method investments during the quarter.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$50.0 million in the fourth quarter of 2022, compared to US$98.3 million in the corresponding period of 2021. Non-GAAP net income margin⁹ was 8.3% in the fourth quarter of 2022, compared to non-GAAP net income margin of 14.8% in the corresponding period of 2021.

NET INCOME PER ADS

Diluted net loss from continuing operations per ADS¹⁰ was US$5.38 in the fourth quarter of 2022, compared to diluted net income of US$0.85 in the corresponding period of 2021.

Non-GAAP diluted net income from continuing operations per ADS¹¹ was US$0.65 in the fourth quarter of 2022, compared to US$1.15 in the corresponding period of 2021.

BALANCE SHEET AND CASH FLOWS

As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of US$4,288.7 million. For the fourth quarter of 2022, net cash from operating activities was US$75.6 million.

SHARES OUTSTANDING

As of December 31, 2022, the Company had a total of 1,392.7 million common shares outstanding, representing the equivalent of 69.6 million ADSs assuming the conversion of all ordinary shares into ADSs.

Full Year 2022 Financial Results

Net revenues for the full year of 2022 were US$2,411.5 million, compared to US$2,619.1 million in 2021.

Operating income was US$50.7 million for the full year of 2022, compared to operating loss of US$106.7 million in 2021. Operating income margin was 2.1 % in 2022, compared to operating loss margin of 4.1% in 2021.

Non-GAAP operating income for the full year of 2022 increased by 127.3% to US$164.0 million from US$72.1 million in 2021. Non-GAAP operating income margin was 6.8 % in 2022, compared to 2.8% in 2021.

Net income from continuing operations attributable to controlling interest of JOYY for the full year of 2022 was US$128.9 million, compared to net loss of US$115.9 million in 2021. Net income margin for the full year of 2022 was 5.3%, compared to net loss margin of 4.4% in 2021.

Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY for the full year of 2022 increased by 83.0% to US$199.3 million from US$108.9 million in 2021. Non-GAAP net income margin for the full year of 2022 was 8.3%, compared to 4.2% in 2021.

Diluted net income from continuing operations per ADS for the full year of 2022 was US$1.59, compared to diluted net loss of US$1.60 in 2021. Non-GAAP diluted net income from continuing operations per ADS was US$2.54 in 2022, compared to US$1.32 in the corresponding period of 2021.

Business Outlook

For the first quarter of 2023, the Company expects net revenues to be between US$552 million and US$570 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.

Quarterly Dividend

The Company’s board of directors approved a quarterly dividend policy in 2020, taking the policies adopted on August 11, 2020 and November 16, 2020, respectively, as a whole, for three years commencing in the fourth quarter of 2020. Pursuant to this quarterly dividend policy, the board of directors has accordingly declared a dividend of US$0.51 per ADS, or US$0.0255 per common share, for the fourth quarter of 2022, which is expected to be paid on April 28, 2023 to shareholders of record as of the close of business on April 13, 2023. The ex-dividend date will be April 12, 2023. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular quarter, depending on the Company’s operations and earnings, cash flow, financial condition and other relevant factors.

Recent Developments

Share Repurchase Program

In November 2021, the Company announced that its board of directors has authorized an additional share repurchase plan under which the Company may repurchase up to US$1 billion of its shares between November 2021 and November 2022 (the “2021 Share Repurchase Program”). In November 2022, the Company’s board of directors authorized the continued usage of the unutilized quota under the 2021 Share Repurchase Program, which amounted to US$800 million then, for another 12-month period beginning from the end of November 2022. In the fourth quarter of 2022, the Company had repurchased US$31.8 million of its shares, bringing the cumulative repurchases in the full year of 2022 to approximately US$138.1 million. As of December 31, 2022, the Company had repurchased approximately US$173.8 million of its shares pursuant to the 2021 Share Repurchase Program, as amended.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Wednesday, March 15, 2023 (9:00 AM Singapore/Hong Kong Time on Thursday, March 16, 2023). Details for the conference call are as follows:

Event Title: JOYY Inc. Fourth Quarter and Full Year 2022 Earnings Conference Call

Conference ID: #10029496

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email.

PRE-REGISTER LINK: 

https://s1.c-conf.com/diamondpass/10029496-oiro78.html

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.joyy.com.

The replay will be accessible through March 23, 2023, by dialing the following numbers:

About JOYY Inc.

JOYY is a leading global social media company that enables users to interact with each other in real time through online live media. On a mission to connect people and enrich their lives through video, JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social interaction and entertainment, and instant messaging product and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in global economic and business conditions; the impact of the COVID-19 to JOYY’s business operations and the global economy; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments(refers to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of above non-GAAP reconciling items. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP reconciliation, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, and accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

Investor Relations Contact

JOYY Inc. 

Jane Xie/Maggie Yan 

Email: joyy-ir@joyy.com

ICR, Inc. 

Robin Yang 

Email: joyy@icrinc.com

¹            On November 16, 2020, the Company entered into definitive agreements with Baidu, Inc. (“Baidu”). Pursuant to the agreements, Baidu would acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed on February 8, 2021, with certain customary matters remaining to be completed in the future, including necessary regulatory approvals from government authorities. As a result, the historical financial results of YY Live are reflected in the Company’s consolidated financial statements as discontinued operations and the Company ceased consolidation of YY Live business since February 8, 2021. On August 22, 2022, the Company announced that it has entered into a share subscription agreement with Shopline Corporation Limited (“Shopline”). As a result of and upon the closing of the proposed financing transaction, the financial results of Shopline have been fully consolidated by the Company since September 6, 2022. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.

For the avoidance of confusion, the continuing operations for the three months ended December 31, 2021, September 30, 2022 and December 31, 2022, the twelve months ended December 31, 2021 and December 31, 2022 as presented in this press release primarily consisted of BIGO, excluding YY Live.

²          Net income (loss) from continuing operations attributable to controlling interest of JOYY, is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.

³            Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net loss from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investment, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects on non-GAAP adjustments and non-GAAP adjustments for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$427.6 million and US$25.0 million in the fourth quarter of 2022 and 2021, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁴            Refers to mobile average monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

⁵            The paying users are calculated by number of paying users during a given period as the cumulative number of registered user accounts that have purchased virtual items or other products and services on platforms including Bigo Live, Likee and imo at least once during the relevant period.

⁶            Average revenue per user is calculated by dividing our total revenues from live streaming on platforms including Bigo Live, Likee and imo during a given period by the number of paying users for our live streaming services on these platforms for that period.

⁷ Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain on disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁸            Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁹            Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.

¹⁰            ADS is American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

¹¹            Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

JOYY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC. 

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT 

(All amounts in thousands, except share, ADS and per ADS data)