JOYY Inc Times (YY.US) released its unaudited financial results for the fourth quarter and full year of 2018 on March 5, Zhitong Financial APP learned. Net income in the fourth quarter of the JOYY Inc era was 4.6409 billion yuan ($675 million), higher than analysts' expectations of $651 million, up 28.0 percent from 3.6265 billion yuan a year earlier, and net profit was 684 million yuan ($99.5 million), down 8 percent from 740.4 million yuan a year earlier, according to the report. In the fourth quarter of 2018, the net profit attributable to the JOYY Inc era was 836.2 million yuan (US $121.6 million) under non-US GAAP, while the net profit attributed to the JOYY Inc era for the same period in 2017 was RMB 932.1 million.

Total revenue for 2018 was 15.7636 billion yuan ($2.2927 billion), up 36.0 percent from 11.5948 billion yuan in the same period in 2017, according to the financial report. The net profit attributed to the JOYY Inc era in 2018 was 1.642 billion yuan ($238.8 million), while the net profit attributed to the JOYY Inc era in the same period in 2017 was 2.4932 billion yuan. The net profit attributed to the JOYY Inc era under non-US GAAP for 2018 was 3.1964 billion yuan ($464.9 million), up 18.4% from 2.6994 billion yuan in the same period in 2017.

What is noteworthy is that today's JOYY Inc era announced the completion of overseas video social platform BIGO (BIGO Technology Pte. Ltd.) A wholly-owned acquisition. In this transaction, YY acquired approximately 68.3% of the remaining issued and outstanding shares of BIGO held by other shareholders, including BIGO shares held by Mr. Li Xueling, chairman and acting CEO of JOYY Inc era, with a total transaction value of approximately US $1.45 billion.

JOYY Inc's shares rose more than 4% to $72.04 in after-hours trading.