JOYY Inc jumps on Q3 revenue beat, surprise profit

JOYY

18/11/2021 10:28

** Shares of Chinese social media app JOYY Inc  YY.O  rise
8% to $58.70 premarket
    ** Late on Wednesday, company said its Q3 revenue rose 21.7%
to $650.5 mln, helped by strong demand for its live streaming
services  urn:newsml:reuters.com:*:nGNX2Kg165
    ** Analysts on average had expected revenue of $621.4 mln,
according to Refinitiv IBES data
    ** Co reported adjusted profit of 42 cents/shr vs analyst
estimates of a loss of 4 cents/shr
    ** Co said it saw some hit from the Indian government’s
measures to block Chinese-owned apps in its local market
    ** Co forecast Q4 revenue of between $652 mln and $661 mln,
representing a year-over-year growth of 14.7% to 16.3%
    ** Stock down 32.1% YTD, up to the last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))