The shares of JOYY Inc. (NASDAQ: YY) garnered notable momentum in the preceding trading session, experiencing a 3.44% upswing to settle at $33.37, a move catalyzed by the unveiling of its quarterly financial outcomes.

JOYY (YY) disclosed its unaudited fiscal performance for the fourth quarter and entirety of 2023. Throughout the fourth quarter, JOYY accumulated revenues totaling US$570 million. Notably, the firm's principal operational division, BIGO, generated revenues of US$491 million, marking a 3.1% augmentation compared to the previous year. The fiscal year 2023 saw JOYY's revenues culminate at US$2.27 billion, with BIGO constituting a significant portion at US$1.92 billion.

The steadfast commitment to generating value for its stakeholders remains a paramount objective for JOYY. Throughout 2023, JOYY engaged in share repurchases and disbursed cash dividends amounting to US$355 million collectively, representing 121.5% of its annual non-GAAP net profit. Over the period spanning from 2020 to 2023, JOYY has disbursed approximately US$1.38 billion in capital returns.

The year was characterized by substantial progress. Notably, the global average mobile Monthly Active Users (MAUs) demonstrated consecutive year-over-year growth for three successive quarters. YY's relentless pursuit of operational efficiencies resulted in sustained profitability for the third consecutive year. In the fourth quarter, BIGO sustained its upward revenue trajectory, recording a 3.1% annual increase, driven by a consistent 7.9% year-over-year expansion in its paying user base.

During the fourth quarter, Bigo Live maintained its momentum in user growth, with MAUs increasing by 4.5% compared to the previous year, totaling 38.4 million. This growth was observable across several key regions, with year-over-year MAU surges of 10.9% in Europe, 8.4% in the Eastern Pacific Region, and 12.6% in the Middle East.

Throughout 2023, Likee adhered to its strategic focus on core markets in the Middle East and Europe, implementing targeted operational and product enhancements to drive user recovery and stimulate monetization growth.

In the fourth quarter, Hago's innovative year-end initiatives and introduction of compelling operational features contributed to sequential revenue growth. The average time spent per user in social channels escalated by 4% sequentially, surpassing 99 minutes, while the average time spent per user in multi-guest voice rooms exhibited a similar trend, increasing by 4.9% over the same duration.