12:40 AM EDT, 03/20/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

JOYY ( YY ) reported 2024 adjusted earnings which were ahead of our expectations, despite revenues declining 1.3% Y/Y to $2.24B, with non-livestreaming revenue growing 55.9% Y/Y to $449.8M. Adjusted net income fell 24% Y/Y to $229M, impacted by a $454.9M goodwill impairment charge, though operating margin ex-impairment improved to 2.2% from 1.3% in 2023. We are concerned about accelerating declines in BIGO's key metrics, with Q4 showing worsening trends in MAUs (-3.4% Q/Q), paying users (-4.9% Q/Q), and ARPPU (-2.9% Q/Q). Management's Q1 2025 revenue guidance of $482-$490M suggests continued weakness, which is a negative, but the completion of YY Live's divestment to Baidu and the reinstatement of quarterly dividends are positive developments. While we expect continued earnings growth from non-livestreaming segments and AI-driven monetization, we believe valuation upside is limited given the +47% share price rise, pending stabilization in user metrics and acceleration in high-margin revenue streams.