JOYY Unleashes $200M Share Buyback

JOYY Unleashes $200M Share Buyback
  • Video-based social media company JOYY Inc's 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.

Posted In: BriefsNewsBuybacksTech