Why JOYY Stock Rose Today
Shares of JOYY (NASDAQ: YY) have risen today, up by 2% as of 12:45 p.m. EDT, after the company reported second-quarter earnings. The stock had gained as much as 12% in morning trading.
Revenue in the second quarter jumped 36% to 5.8 billion yuan ($826.6 million), which resulted in adjusted net income of 493.6 million yuan ($69.9 million), or 5.57 yuan ($0.79) per share. Analysts had been looking for $729.9 million in sales and adjusted earnings per share of $0.72. Global average mobile monthly active users (MAUs) grew 21% to 457.1 million, and total paying users declined modestly by 2.2% to 4.1 million due to impacts from the COVID-19 pandemic.
Image source: Getty Images.
Source Fool.com
