By Sam Boughedda
Investing.com -- JOYY (NASDAQ:YY) shares rose 53.52% on Wednesday after the company announced its fourth-quarter and full-year earnings.
The Singapore-based video social media platform posted fourth-quarter revenue of $663.7 million. This was an increase of 16.8% compared to the same period of 2020.
Live streaming revenues also increased 15% to $620.9 million, an increase attributed to a growing number of paying users and average revenue per paying user of BIGO.
Full-year revenue climbed to $2.6 billion in 2021. After a fourth-quarter increase in average mobile monthly active users of Bigo Live, Likee, and Hago, revenue grew.
"In 2021, our business has demonstrated strong resilience despite the macroeconomic uncertainties and challenges posed by the pandemic," commented David Xueling Li, Chairman and CEO of JOYY.
He further stated, "As we continued to execute our globalization strategy and strengthen our diverse social entertainment ecosystem, we successfully enhanced our monetization capabilities across multiple product lines, achieving full-year revenue growth of 36.5%."
The company sees revenue for the first quarter of 2022 between $601 million and $616 million.
JOYY also declared a dividend payment of 25.5 cents per share.