JOYY Inc (NASDAQ:YY) stock surges 57.77% (As on Mar 16, 12:12:19 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 21 has reported 16.8% increase in net revenues to US$663.7 million in the fourth quarter of 2021 from US$568.2 million in the corresponding period of 2020, primarily driven by the growth of live streaming revenues from BIGO. Live streaming revenues increased by 15.0% to US$620.9 million in the fourth quarter of 2021 from US$539.7 million in the corresponding period of 2020, primarily attributable to the increased number of paying users and average revenue per paying user of BIGO. Other revenues increased by 50.3% to US$42.8 million in the fourth quarter of 2021 from US$28.5 million in the corresponding period of 2020. Average mobile MAUs of Bigo Live increased by 11.9% to 32.2 million from 28.7 million in the corresponding period of 2020. Average mobile MAUs of Likee decreased by 44.2% to 67.0 million from 120.1 million in the corresponding period of 2020, primarily due to reduced spending on user acquisition via advertisement. Average mobile MAUs of Hago decreased by 42.8% to 9.5 million from 16.5 million in the corresponding period of 2020.

Operating expenses decreased by 33.1% to US$168.2 million in the fourth quarter of 2021 from US$251.6 million in the corresponding period of 2020. Among the operating expenses, sales and marketing expenses decreased to US$112.6 million in the fourth quarter of 2021 from US$146.4 million in the corresponding period of 2020, primarily due to the Company’s reduced spending on user acquisition via advertisement for Likee and Hago. Non-GAAP operating income was US$83.5 million in the fourth quarter of 2021, compared to non-GAAP operating loss of US$33.2 million in the corresponding period of 2020. Non-GAAP operating income margin was 12.6% in the fourth quarter of 2021, compared to non-GAAP operating loss margin of 5.8% in the corresponding period of 2020. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$98.3 million in the fourth quarter of 2021, compared to non-GAAP net loss of US$22.4 million in the corresponding period of 2020. Non-GAAP net income margin was 14.8% in the fourth quarter of 2021, compared to non-GAAP net loss margin of 3.9% in the corresponding period of 2020. As of December 31, 2021, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of US$4,685.2 million.