YY - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s Fourth Quarter and Full Year 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the management’s prepared remarks, there will be a question-and-answer session. I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

Jane Xie

operator. you, Thank Hello, everyone. and quarter year earnings fourth XXXX full call. JOYY's conference to Welcome

[Alex Xueling are Li, and Mr. Manager today us Li, Finance. our the of Mr. and Ting Joining Ms. David Chairman General JOYY; CEO COO; Leo], of

on replay a also conference today's quarter website of at call our a session. are and For and be results A conduct the The will available review financial few first of we webcast a management will hours. will Q&A call, available this provide call then of in ir.joy.com. this

Before safe will we this earnings which to continue, call I'll refer forward-looking to make harbor press you our apply we our statement in as statements. as well release,

dollars. note all Please the otherwise stated, turn that Chairman this call figures over please to conference sir. CEO, ahead, unless Li. will in Xueling I Mr. David our now during Finally, U.S. and go mentioned call are

David Xueling Li

earnings Hello, quarter fourth XXXX everyone. to Welcome call. our

our results. by start million. of grew overview the call year-over-year $XXX.X XX.X% We an Let me with to fourth total our quarter revenues

to and expand BIGO's improved million non-GAAP the quarter. profit net to revenue XX.X% as improved group year-over-year further in million. we previous margin at our Meanwhile, $XXX.X XX% non-GAAP net profitability non-GAAP improved non-GAAP $XX.X profit million, margin non-GAAP XX.X%. our to when by net BIGO's a its net earned exclude while YY level increased from we to Live $XXX.X Specifically, for the X.X%

XX.X% from billion total full Notably, the the BIGO's full to an we for result, XXXX, by XX.X% level. generated at XXXX billion a of XXXX. revenues $X.XX year group revenue, As we $X.XX increase of year in grew

we a the the million time million to non-GAAP corresponding net reached YY strong having for non-GAAP net when first profitability year $XXX.X margin. profit performance business non-GAAP time full another for X.X% full $XXX with generating was profit as attended Our in margin booked a of it profitable X.X%. This major mainly net exclude attributed by Live milestone financial non-GAAP year with non-GAAP in first net turned as global BIGO's the for

by breakthroughs. Looking marked year back, XXXX as strategic a adaptation growth, and

we Consequently, On our full multiple products. XX.X%, the to by by continued XXXX, year to the grew revenue across our in grew LIVE's HAGO's top growth line social the of front, by monetization Likee's enhanced driven contributing for grew entertainment capabilities XX.X%, group XX.X% by revenue growth revenue XXXX, level. all the XX.X% revenue and at expand BIGO

user and under executing quarters sustainability the front, believe we more marketing strategic systems, the elements adjustments growth, health are some strategy, and a in strategies and we improvement and the fundamental product. priorities, prudent experience to On investment and We those we of which made adjustments HAGO's long-term early monetization in After report certain long-term of few efficiency, implemented the of strategic and of products. we products. marketing social these pleased their in are operational health content because to our proactively the Likee significant competitiveness financial our a value adaptation XXXX to a

the profitability enabling few narrowed our growing de-consolidation substantially in Live. YY the marketing adjustment business operation operating us though the enhanced proactive breakthrough, we a the The our products achieve for losses, important board result, to the an of fluctuations. global and first us for our efficiency since our among time the As products, had year led to across full their of of aforementioned even MAUs monetization a synergy strategies, more experienced short-term their combination

have Our demonstrate that healthy cash flows into new phase a entered of development. we sustainable

flow another of third quarter. in the positive cash positive $XX.X Following of flow quarter, operating the cash a generated operating million in $XXX.X million we fourth

products. global of our global our With incubating, growth reinvent innovative we entertainment in healthy are we future record capture cash industry. continue of our the explore our ourselves, we proven to achieve to and track the opportunities confident our global as increase breakthroughs future market evidenced social market flows sustainable growth Looking and existing by continue as market, prospects in momentum, presence, monetization share back, and developing

Next, share made product the progress greater our in quarter. lines each let of me the during details of fourth we

Let's start with BIGO LIVE.

macroeconomic efforts $XX.X in MAU posted LIVE's year-over-year uncertainties, content product million and momentum. the resurgence ecosystem of by quarter, growth cultivating including against COVID-XX our fruitful offset XX.X% in U.S. that partially some Our as our dollar, depreciation and a the been diversified the to certain by BIGO have global grew expanding fourth reach despite of currencies challenges

in a super by our and live in user the content the paying emerging hosted Our fourth in additional make and users increased fourth to In and series Asia XX.X% multiple live In users launched top December the user popular which user XXXX, paying increasing Europe continuously and the XX.X% artists, when revenues addition as virtual ecosystem and and and feature user incorporating Live, users users on supply introduced BIGO as local our we East. BIGO made features reality LIVE's diversifying and facial and computer trajectory events in reaching and immersive singers many provide other Southeast regional markets and and engagement. dancers, boosting quarter, enable expressions the the in region's technologies. offerings, product a body continued to avatars via online live we quarter growth regions In such Virtual and movements increased in geographic increase XX.X%, users January and engagement. musicians, respectively. custom-made December, by we XXXX the to with create revenues content interactions augmented from We enhance virtual called paying experience, across future with reality, other plan of vision, improving our on many respectively; Europe and we their our events revenue Virtual content business refreshing headway globe, streaming quarter, XX.X% camera feature multiple progress brand-new fourth digital mirror regions. streamers. that cutting-edge demonstrated XX.X%, a XX.X%, XD To as to the in from respectively, streaming LIVE's Middle to premium in of representations resilience LIVE. featured live In their Those year-over-year we BIGO basis. upgrade while particular, increased innovative social by Live and personalization,

of rooms LIVE in innovations system results encouraging these Beyond background have introduced user a by that, single multiuser technology in BIGO for the enhance rooms. feature tiered leveraging virtual fourth continue X.X%, we streaming respectively, into sessions signature international quarter. localized year-over-year streaming by operational our events XX.X% for and brand influence, implemented as average To All and live extensive cumulative ranking talent. duration user, produced we privileges also of live organize special streaming our experience a the live and increased a to

experience of grand through LIVE Thai physical of XD in gala gala, global singer. and hosted front LIVE feed annual realities. recently a annual BIGO we with seamless fans avatar during cultural perform around of through integration variety example, Toys, this brand-new year, streamers of debut a collaboration the video our the BIGO feature view XXX through The launched delivered For Live in inviting virtual from their the in January background to a Virtual

of for at Time the on influential famous York advertisement year the As more. is many including featured we selected Square world, billboards tradition the New and event, BIGO around landmarks annual this them LIVE's and streamers in most

their while continue its forward, Eastern dance, focus social world. industry ecosystem Going America, the comedy, on as markets. will the localize, LIVE in enhance and focus in further further across on habits its elevate increase communities LIVE'S engagement. growth. pan-entertainment fulfilling our and games of and the and to ultimately Middle executing strategy expansion platform and will streaming will users' content help globalization the innovation and on establish LIVE We to also will the attract the a users content the on categories entertainment enrich BIGO on its It cultivate BIGO social that proportion drive accelerating more continue emerging interest-based will to BIGO regions continue and to content leadership social North construct key like e-commerce, music, social BIGO to LIVE platform. East Pacific content product diversify diversified online social position premium localized investments community, through monetization seek operations, more believe spending Meanwhile, live experience, connections user users to to such its our and content with relationships Europe and positive

Next, updates share me Likee. recent let on some

talented the per its of fine-tuning our With result content fourth community, on million. marketing quantity comprehensive Likee's by and day creator calls, investment our Likee with As program, from certified are the the and Also, in Middle gaming downward consequently XXXX quarter. a The XXX% the the quarter, quarter of and to creation experienced fourth creators during incentive among The of Likee's by in increasing to generation as identifying of widely continued moderated Likee cultivating some motivated Middle streaming $XX number in efforts which relevant since our region. friendly strategy short-term programs. fourth the and the fourth fostering increased in previous the content on MAU Likee's increased creators states during popular XX% increased overall its revenue live fluctuations have year-over-year. on social quarter, by we for gaming a grow series year-over-year. And in discussed increased XX% focus prioritizing content category, users, premium XX.X% Gulf East ecosystem. especially been number continues XX.X% a by average Its revenue by support reached produced The efforts and earnings certified creators the by of of further East Z change content consequently. consequently.

creators, to Likee product of and out effort our features. series cultivate of upgrades part its of support a As rolled

implementation creators icon become users December feature endorse user publicly quarter, Superlike to During premium content. incentives Superlike support September. future received Meanwhile, of more a Xx creators to to the the unique and through in than base, their favorite a Likee fourth certified nearly the expanded leading Superlike broader for

their we to with monthly these creators, creators. on to to enrich interactions content Likee. their subscription invest resources fans creators XXXX, identifying content. we nurturing and to and will called continue All another In channels talented feature introduced high-quality fee Superfollow by incentive them diverse more In earning produce and features in more individualized publish monetization enable new provide exclusive addition, to for more Superfollowers

will abundant for professional these We community changing diverse Likee's trend fans future. our content teams monetization content fundamental Likee's creation various interactions operation likely growth user and creators the and provide and localized in to and with sufficient sustaining traffic downward creators verticals support, user through between support are across

are via revenue further and to business live addition advertising brand Likee's steering also monetization diversifying of streaming, we rules steadily In its the stream.

narrow further gradually Going forward, that a operation be able expansion confident will loss of user Likee on maintain trajectory, and its are period over top long time. growth its to Last we HAGO. line resume

XX.X% During live user monetization revenue several quarter, rooms. its streaming paying HAGO features the to a engagement momentum respectively, optimizing mainly and its dating-themed continued of in driven couple by increased growth by of and launch XX.X% the year-over-year, the features fourth as new live and streaming

We we algorithms implement and for to in players' also interactions. rooms. upgraded easily live favorite product difference the and to satisfy user live update user the recommendation multiple users demand regions, better Considering for circles locate HAGO's their streaming social user

was and enhancing interactions drive year Board As HAGO multiplayers' XX.X%. features, year The the progress capability to additional channels monetization products, marketing for increased through X.X% program XXXX. of better not across result, products interactive HAGO's combination increased profitability, our enhanced The towards In loss the for proactive operation full continue billion. the user feature the entertainment synergy breakeven we monetization multi by but quarter, matching the penetration efficiency share better BIGO us also in year, led year our us its in a JOYY. increased entertainment In of XXXX, for achieve provide across Directors We strategies, with and only users will On user community. in operation sequentially. purchase its for adjustment experience HAGO's the monetization its an from has further that a capabilities rates among fourth authorized to and helped of multiple group. aforementioned enhanced growth aggregate capital continue optimizing further narrow growth, product diversifying on will path XXXX and believe culture fruitful summary, make social return revenue to whole full full for front, of board $X.X for by products

As a of billion our of we XXX XXXX, have cumulative of which XX, plan. purchase XXX million shares, of December bought newly added was million the back out $X.X

demonstrate to the of total $XXX out efforts confidence long-term our growth reward These a of our dividends. for and paid long-term million shareholders support have company. we in their perspectives in Additionally, are company's the to

Looking our localize geographic market diversified our ecosystem, regions. global social fortify reach our entertainment ahead, will core and position to we continue in leadership expand

committed and Finance, This results. As among of I concludes globe of a vision [Alex youthful experience. will explanation bring innovator and an people pioneer, from communications turn General bridging around to Leo] my to more now and we detailed of them the remarks. call our a prepared Manager financial remain the for our our joyful

Unidentified Company Representative

Thanks, David. Hello, everyone.

unless is release financial basis, As on JOYY's better and and to currency operational in Finance specifically expenses will results. non-GAAP January we dollar information Manager, of X, disclosed majority financial continuing our from Since U.S. to renminbi a our financial I USD our that our note operations from reporting otherwise Please about the press starting the have talk information revenues in stated. denominated XXXX, are changed General illustrate presented now a earnings results.

[sale] with matters reflected February be discontinued the near of the in the accordingly, substantially the completed statements company's LIVE historical in financial YY X, customer operations, of future, the consolidated of XXXX. YY from certain starting quarter As fourth on completed was LIVE are as financial to results XXXX,

fourth and dollar certain of and partially quarter despite growth COVID-XX XXXX, of depreciation against U.S. the that volatility uncertainty our remains business the to environment in due macro recent the growth During the offset our resilient. momentum, some currencies increased

attributable advertisement the USD USD spending improved acquisition products, XXX.X fourth base XXX.X operating profit certain in margin increased via for for the period expansion to of continued usage, period fourth the XX.X% bandwidth Our same live enhanced period XXXX. the revenues. from the BIGO million year-over-year USD from LIVE, period our increased XX% particular, operating from year-over-year including total for USD XXXX, same a in HAGO. million user by USD result streaming of company's primarily increased capabilities to in USD decreased to sharing marketing and by million. fourth XX.X% the same same of XXX.X by USD continued for from entire the in based the Likee the in the HAGO. fourth to XX XXX.X to USD live due for emphasis of Bandwidth including due offset XXX.X we segment revenues XX.X% million the quarter and fourth XXX.X usage to Likee in of to by million X.X% bandwidth quarter by quarter the increased across XXX.X which of million same partially leverage quarter quarter and Cost of as content products, to to USD for fourth steady XXX.X expenses expenses million. disciplined of the increased the XXX.X multiple XXX.X monetization to USD XXXX, XXXX, Gross Among expansion a costs user in and and both in revenues million, XXXX. in the the to revenues million to line, million XXX.X Gross achieve million. and Operating USD period BIGO LIVE. expenses, of increased million and on of sales the million, streaming XXXX group. In marketing year-over-year revenues synergy from improved fourth to year-over-year strategy, Revenue million decreased the primarily fees USD XX.X decreased by Through multiple in profitability prudent quarter BIGO the combination to increased was XX.X% USD from costs increase other XX.X in in among enhanced improved for USD XX.X% quarter products,

fourth for of USD for XXXX. compared quarter million of XX.X% USD margin Our margin operating income GAAP XXXX. quarter period to to operating operating same the loss was of million period same XX.X the the the XX.X X.X% of compared was in fourth loss in income Operating

and was for share-based million on income period operating operating quarter same well compensation non-GAAP impairment amortization Our intangible compared assets million of of of which and XX.X business acquisitions loss the of USD goodwill XX.X USD gain non-GAAP as investments subsidiaries the to as quarter from XXXX. business, in of disposal the expenses, and excludes in fourth

improved XXXX. quarter, net the a in USD of quarter, to of non-GAAP period non-GAAP in same JOYY with million BIGO loss million of to to fourth Group X.X% the with X.X% of loss positive net million income Our period. non-GAAP $XXX.X XX.X compared operating of XX.X% was non-GAAP non-GAAP in period income income fourth the period compared in margin At continued same to the quarter year of non-GAAP continued we interest was of USD non-GAAP XXXX. net quarter net in loss in fourth USD in the non-GAAP to XXX.X in year in net period. of corresponding as XX.X% non-GAAP positive level, from achieve USD the GAAP JOYY of million of net of same attributable quarter compared of loss quarter from to net in XXXX margin period margin net fourth loss Net million loss a X.X% income operations non-GAAP non-GAAP XX.X the to the net to the compared compared the was XX.X the XXXX interest group of controlling continuing XX.X% the also net expanded margin net of of operations XX% was income achieve for income its prior XX% operating margin income margin XXXX XXXX. net prior in to fourth income controlling to income fourth to continued Notably, a attributable from XXXX. of margin the margin

to XXXX. the our full year results for turning of Now

year-over-year revenues increased XX.X% net billion. to X.XX Our USD by total

of year controlling USD million in XXX.X to interest million to attributable USD XXXX. compared loss for net the JOYY XXXX Our XX.X full was

We since have group YY the first de-consolidated changed LIVE. the at non-GAAP profitability full year level

income XXX interest Our million compared to JOYY margin in of for X.X% X.X% the to million was non-GAAP full of in USD year the XXXX. controlling shareholders of net net compared full to of income USD attributable non-GAAP XXXX. non-GAAP of XXXX XXX.X XXXX Non-GAAP for year net was and common net margin loss loss

per dividend with In distributing XXXX, as of XX, paid our on we dividend accordance shareholders be and quarter XXXX, on April expected is USD of addition, X.XX plan business which November on a the April of XX, record close will for August to in fourth on XXXX, XXXX, approved be of quarterly to ADS of XXXX. the XX, XX,

Next, of the in XXXX, November execution plan billion total. in of X.X shares and company September an which In has our update on repurchase Directors additional repurchase to Board up of the authorized share repurchase USD our program. share may

cumulative this As company of the million that had December This XX, program. a XXXX, XXX.X efforts to approximately repurchased of growth of means and of USD XXX its the under million prospects support company's XXXX, our of confidence sincerity shareholders our our reward company. long-term we in bought long-term USD their shares for for full year back demonstrate the shares. our These the

We will for value repurchases create to actively shareholders. share utilize continue to our

certain expand highly activities market on we negative impact online enhance from Going the users' social of our lockdowns entertainment will offerings. community anticipated in engaged some gradual countries. continue the and Beginning rates, high-quality second quarter lift in of XXXX, cultivate to pandemic-related our forward, content user we have our further global

in current and this our same the COVID-XX preliminary business are from up currently forecast net concludes visibility for Therefore, operational our remarks. only in views revenue Operator, operate. the we market to quarter change. like call average contribution the the long-term to be XXX which uncertainties the reflects the on XXXX million USD We we to our geopolitical market USD and business to prepared now open last which subject questions. would impacts and revenues That pandemic's Thanks. excluding We of period and between on have the year. million, LIVE of surrounding first YY limited XXX and expect

Operator

[Operator Instructions].

question Poon first Alex Stanley. from Morgan comes Our at

Alex Poon

continue XXXX, question is major which taking regarding and Thanks my My countries' growth of what's are our the we much. the have is you XXXX? for question. in any YY the last quarters And an break-even performance cost a related can my see revenue on we very been from our uptrend. core few for how Margin onwards, first for margins. to outlook management Thank second to the do? can savings point? outlook here in segment, And question doing And when

David Xueling Li

question. Thank you, Alex, for the

the has enters we post-pandemic macroenvironment increased world volatility. of become the and that uncertainty the As area, encounter

impact users' the behavior. the for the diversified our that negative regions various year Despite one uncertainty resurgence resilience. and which paying in negative which multiple entertainment products, social multiple impact global high lifting social the been confidence have ongoing numbers our have regions, has businesses to XXXX, effective, by achieved have growth, on bans, on strategy, that the see increased focused And certain empowered of across lockdown hand, engines, multiple different gradually greater diversified together above across with entertainment growth on the the we On other countries activity. weakened both potential revenue you are with and globalization do XX.X% of see on our COVID-XX areas users' enabling growth the inflation there pressure hand, a macroenvironment, which we consumer world; complex online economic and capacity, indicates on

'XX, looking execute to we forward continue the above-mentioned strategy. to So, will

Hago, our we Live, the Likee, remind quarter like first fluctuation do of But our some and We seasonality reflect Asia; America, driven for Pacific, multiple XXXX and business. key related steady Bigo to including and to growth, expect Europe, East, outlook resilient products, multiple have to Southeast growth Middle by and monetization also East top-line a North regions, by products. current you that including across other

to our gradually 'XX. second in So, growth expect the of business half accelerate we

good you. And business to diversified XXXX, also key Japan, East in we we growth expect the So, regions. our be for regions, continue region, including trends in Southeast to in do trends to promising Asia latest Europe, like the countries in see terms of QX. among Thank the Zealand, Korea, New and above-mentioned be Pacific, South the Australia,

Unidentified Company Representative

this Thank you. And [Alex question. I your Leo]. will is take second

just mentioned, global X.X% net non-GAAP profitability of non-GAAP margin profit for and profit year proved As also for group whole segment the net achieving X.X% the BIGO margin our for the in David for the -- a full a we XXXX. business by

the that invest and into officially continue the steadily growth XXXX, on entered one opportunity, of we improve stage. of to we means growth the to In hand, that to And share have a increase and we level will So, continue sustainable the influence the and markets, want market and our explore balance the profit. hand, other and we means global this seize our remain products. profitable And on to business. profitability expect this

And BIGO net the to the specifically So, improve achieved the year steadily of we full while continuing year in losses assumption for maintain continue are operating of of 'XX. expect to top lines this a the year non-GAAP is BIGO's narrow. to product Likee on profitability, other 'XX, in stable that we such based for that the segment, relatively on to of Live the level profitability continues margin as non-GAAP Bigo

year across margins, happen the of expect we year that to full its across narrowed the and cost XX% for further 'XX, savings the operational by the expense the we products that losses other this in and narrowed cost items. the efficiencies, increased the of of successfully 'XX. terms monetization In In of improvement segment year as non-GAAP the we 'XX. believe various be products, and net Thank with have enhanced could continue segment, Hago expense And pick loss of monetization up, also non-GAAP multiple you. in to other

question. Next

Operator

Our next Please question comes from go Jefferies. Thomas ahead. at Chong

Thomas Chong

can And as transaction. that second How the is landscape taking competitive contingency changes about envision YY question about we year should is management my we this or share My first overseas Live question as think in progress, Thanks well Can market. for how shared? be the plan management you. seasonality? the any questions. any about in my Thank and the about strategies the should

David Xueling Li

Thank you, Thomas.

landscape, on shared as the our competitive I've Regarding multiple your previous question my views earnings first in well. times calls

turned year growth So, 'XX, we into I've stage. the our profitable business just that entered mentioned officially global have and a sustainable in

makes under means the business -- localized extensive this gain this allow us also our to operational more that advantages capacity. of presence macroenvironment, already on and competitive existing So, proven complex our our current resilient global global additional increasingly and top complex business and

more our we turning think development plan space from and a business profits time So, into losses and to perspective. means have longer-term that

half as the when of update, still of to our of business current be seasonality And year. the to our our And said increase cash accelerate is be will disrupted business lower we further our pandemic the resurgence outbreak seasonality, seize is your the a market and quarter is season, usually multiple with XXXX growth Live, growth a global year fluctuation, to the market. in our potential by regarding the the believe that pattern the trends there and according further our products. to influence before, abundant have disclosed past, 'XX. that positioned if will lot As limited we information observation first half sale And our second about first for such gradually half reflects there's and the outlook required regarding we the applicable healthy opportunity has the still Thank model, you. second and time. share expect of and our social accelarate of ongoing, usually second of in the of have of and for law. question with in also We YY deal we flow the The normal entertainment admit support of growth any to actually market time better and business the business from

question. Next

Operator

comes Please ahead. go question Yiwen Renaissance. next China from Zhang Our at

Yiwen Zhang

management Thanks taking my question. for

So couple of questions. I have a

regarding Likee. Firstly,

trend? monetization for what's Likee acceleration is user also And live for what's year? controlling mobile our your Secondly, this So the Thank what plan our you. monetization streaming pace loss expectation for marketing year? additionally, target and this

David Xueling Li

to adjust identification Regarding 'XX, just remarks, in took creators. mentioned and Likee's your the the some -- marketing changes as we the content in focus Likee's Likee, prepared cultivation of on strategy question proactive and about first year I to

significantly some MAU much year, also As executing nearly Likee the adjustments, although growth year past of by product's by compared that In a after and the Likee's its healthier. several loss has see the suffer results. fluctuation, meaning year operating increased marketing several overall of to key result, model achieved quarters we become did full livestreaming has the XX% Likee's revenue XXX%, was has the narrowed that XXXX, more for

also will continue believe for the we creators. to fans growth that interaction and and and content more Likee's the monetization, the community to user Likee sustaining penetration growth efficiency and We Likee And trend rate of downward in Likee of So, fundamental nurturing increase 'XX. in improve and will in believe to XXXX, in a the the that invest its expect monetization content creators the identifying reversing the lively future. year vibrant continue so to are 'XX, between year monetization the monetization into Likee's livestreaming maintain resources terms steady

the in year, one year our non-livestreaming year revenue, markets. operating accounting total advertising consider membership we'll on our its content markets, At and acquisition, also Middle and of and the in multiple observe performance X.X% of user In step your engagement narrowed including also question expect mainly but in for progress Asia, core our second to the Likee strategy, East Likee's full XX% these revenues. our its closer about throughout do of be and have non-livestreaming its we terms time, increasing continue And retention, subscription investment regarding increased to opportunity 'XX we will might to user the marketing the toward right revenue by self-sustainability. from Southeast and for loss be revenue, level further the

So, and primary their are as provide additional monetization contribution the launched our very, is SuperFollow at to still such as KOL stage small, recently very Likee's features from SuperLike still focus this support pool. to

base. So, user quarters, revenue the related growth as mentioned is and pool in content our to also of before, of the scale our the closely our advertising previous

demonstrated have -- diversified of content product toward our latest So, and at product plan. efforts we stage, newly the this Thank you. pool that cultivation our the will steadily experience, also our direction. advancing introduced this prioritize monetization I features the believe our and

Jane Xie

end Q&A. the of that's And our

Operator

I'll back to comments. management. for you, it you closing hand Thank

Jane Xie

forward joining We for you Thanks. to thank our everyone speaking quarter. next with call. So, look

JOYY (YY) 16 Mar 222021 Q4 Earnings call transcript