Guangzhou, November 27th (Xinhua) - Joyful Group released its financial report for the third quarter of 2024 on the 27th. In the third quarter, the revenue of Joyful Group was 558.7 million US dollars, and the revenue of BIGO sector was 496 million US dollars. Under non GAAP accounting standards, the group's operating profit reached $34.9 million, a month on month increase of 16.4%, and the group's net profit reached $61.2 million, with a net profit margin of 10.9%. Among them, under non US GAAP, BIGO's operating profit reached 72.9 million US dollars, an increase of 5% compared to the previous period. The group continued to record a healthy positive operating cash flow of $61.1 million.
In the third quarter, the MAU of Bigo Live's core developed countries increased by 3.4% year-on-year and 3.7% month on month, while the number of paying users increased by 9.1% year-on-year; Likee's advertising revenue increased by 33.4% year-on-year, and the product line remained profitable; Hago continues to increase user social activity, with a 6.1% month on month increase in revenue and positive operating cash flow.
Joyful Group actively expands diversified monetization channels. In the third quarter, the group's non live streaming revenue maintained a good growth trend, with a month on month increase of 13.1% to 119.2 million US dollars, contributing 21.3% to the group's revenue.
Li Ting, Chairman and CEO of Joyful Group, stated that in the future, the group will continue to optimize user social and content experiences, continuously improve operational efficiency and profitability, actively explore and deepen new monetization models, continuously enhance business competitiveness through diversified engines, and promote long-term sustainable growth of the group's business.