JOYY Unleashes $200M Share Buyback

Video-based social media company JOYY Inc's (NASDAQ:YY) board has authorized a new share buyback plan enabling it to repurchase up to $200 million of its shares over the next 12 months.
JOYY's Q2 Non-GAAP loss per ADS was $(0.01) beat the consensus loss of $(0.7).
JOYY held $4.9 billion in cash and equivalents as of Q2. It expects to fund repurchases under this plan from its existing funds.
The company's principal shareholders recently disclosed plans of privatizing the company.
Price Action: YY shares traded lower by 2.03% at $63.25 in the premarket session on the last check Thursday.