JOYY Inc., a Singapore-based company, has reported its fourth-quarter earnings, exceeding expectations. The company recorded a profit of $45.8 million, with a per-share profit of 74 cents. Adjusted earnings were $1.01 per share. Additionally, JOYY reported revenue of $569.8 million for the quarter. For the full year, JOYY reported a profit of $301.8 million, or $4.90 per share, with revenue of $2.27 billion.
The positive earnings report has led StockNews.com to upgrade JOYY from a 'hold' rating to a 'buy' rating. Benchmark has also reissued a 'hold' rating on the stock. JOYY now has a consensus rating of 'Hold' and an average target price of $40.33.
Looking ahead, JOYY expects continued growth in the first quarter of the year, with revenue projected to be in the range of $543 million to $560 million.
However, KBC Group NV, a large investor in JOYY Inc., has recently reduced its stake in the company. KBC Group NV sold 73,522 shares of JOYY Inc., reducing its holdings by 67.0% during the fourth quarter. The firm now owns 36,141 shares of JOYY worth $1,435,000. Other large investors have also adjusted their stakes in YY.
Despite the reduction in stake by KBC Group NV, JOYY Inc. continues to perform well, reporting strong Q4 earnings and exceeding expectations.
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