JOYY Inc. (JOYY), a Singapore -based technology company, late Monday reported sharply lower profit for the first quarter of 2026, due to the absence of a hefty gain on the disposal of YY Live in the previous year. on a continuing operations basis, the company recorded higher net income with growth in revenues.
In addition, the company issued second-quarter revenue outlook, and announced a share repurchasing program of up to $600 million, as well as a quarterly dividend program.
In pre-market activity on the Nasdaq, the shares were gaining around 12.1 percent, trading at $61.00, after closing Friday's regular trading 2.9 percent lower.
In the first quarter, net income attributable to attributable to shareholders went down to $50.32 million or $1.00 per ADS from $1.92 billion or $35.72 per ADS in the same quarter of 2025.
The prior year's results included a gain on on disposal of YY Live of $1.88 billion. On a continuing operations basis, the prior year's income was $45.06 million or $0.84 oer ADS.
Adjusted net income from continuing operations was $55.94 million or $1.11 per ADS in the first quarter, compared with $70.3 million or $1.18 last year.
The adjusted EBITDA rose to $45.7 million from previous year's EBITDA of $40.4 million.
The net revenue for the first quarter was $555.70 million, an increase of 12.4 percent from $494.35 million last year. The result was driven by higher revenue generated through the sectors of Social Entertainment, BIGO ads, and SHOPLINE.
Looking ahead for the second quarter, the company expects a net revenue to be between $562 million and $581 million.
In addition, on May 22, the company's Board of Directors authorized a new share repurchase program of up to $600 million worth of shares until the end of 2028. The new program replaces a pre-existing share repurchase program to repurchase up to $300 million of its shares until the end of 2027.
Further, the Board authorized a new quarterly dividend program, under which a total of approximately $900 million in cash will be distributed on a quarterly basis between 2026 and 2028.
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